Provide Two Examples of Events That Can Cause a Shift

question 29

Essay

Provide two examples of events that can cause a shift in industry supply. Draw a graph to illustrate your answer.

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Definitions:

Balance Of Trade

The difference in value between a country's exports and imports over a certain period.

Trade Deficit

A situation where a country's imports of goods and services exceed its exports, indicating a negative balance of trade.

GDP

Gross Domestic Product, the total value of all goods and services produced within a country over a specific time period, reflecting the overall economic health of the country.

Gold Standard

A financial regime where the national currency or banknotes are directly pegged to the value of gold.