Prices of Resources Common determinate that shifts supply curve:
Also know as factors of production
Resouces are anything used in the producton of a good When the price of a resource falls costs fall at the same rate.The lower the production cost the more of the product can be produced. When prices of a resource rise costs rise at the same rate. The higher the production cost the lower the amount of the product that can be produced M.K Hubbert in 1956 created and curve that accuratly predicted that the United States oil production would peak between the years of 1965 and 1970
After the year 2000
in the year 2004 oil prices were t $50 a barrel and dramtically jumped to $100 a barrel After the year 2000
since recycling has been a mayjor part of society it has reduced the cost of plastic Before the year 2000 the price of steel dropped so the war production could produce more
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Prices of Resources
How prices of resources and how they affect supply
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