An acronym used by economists to remember the six main determinants that shift supply curves; R = Resource prices; O = Other related goods' prices; T = Technology; T = Taxes and subsidies; E = Expectations of future prices; N = Number of sellers.
Related terms
Resource prices: The cost of inputs used in production, such as wages for labor or prices of raw materials.
Other related goods' prices: The price of alternative products that producers could choose to produce instead.
Expectations of future prices: Anticipated changes in the price levels expected by producers, which can influence their current supply decisions.