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Competitive Supply
Goods or services in Competitive Supply are alternate use of resources of each other where they compete for the use of the same resources.
Factors of production
All resources or inputs used to produce goods and services.
Indirect taxes
Taxes levied on spending on goods and services. They are called indirect because while consumers contribute to part or all of the tax, it is the suppliers (firms) who collect and transfer these taxes to the government authorities (consumers pay the taxes indirectly).
Joint Supply
Goods or Services in Joint Supply are consequences of each other and derived from a single process or product.
Non-Price Determinants of Supply
Factors, other than price, that can affect the supply of a firm (or multiple firms) and shift (change position) the supply curve.
Subsidy
Monetary help (direct or indirect payment) offered by the government to firms (sometimes households) to aid in lowering costs of production.
Taxes
Mandatory payments made by households and firms, collected by governments.