Understanding Supply.

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Presentation transcript:

Understanding Supply

SUPPLY The amount of a good or service that producers are willing & able to supply at each price

LAW OF SUPPLY Producers offer more of a good when its price is high and less when its price is low OPPOSITE OF DEMAND!

Quantity Supplied Term used to describe how much of a good is offered at a specific price

The goal of producers is… REMEMBER The goal of producers is… PROFIT

Supply Schedule Supply Schedule – shows relationship between price & quantity supplied for a specific good

Market Supply Schedule Market Supply Schedule – same as for supply schedule but for all firms in a market

Graphical Representation Supply Curve – graphical representation of the supply schedule - same as demand, except the horizontal (X) axis is quantity supplied not demanded. - Slopes up from left to right - OPPOSITE OF DEMAND!

Graphical Representation Supply Curve – graphical representation of the supply schedule - same as demand, except the horizontal (X) axis is quantity supplied not demanded.

The End