1. How do factors of production affect supply models?
2. What is the difference between a schedule and a curve in supply and demand models?
3. Explain how the universal problem of limited resources and unlimited wants creates the problem of scarcity. Explain how supply can be scarce.
4. Understand and explain any of the following factors which influence supply:

Does supply increase or decrease? Does the original supply line shift? Mention price and quantity supplied here.

production costs,

technological change,

psychology of producers,

weather, and

prices of alternative products that a producer may be able to produce.