Supply and Demand The Heart & Soul of Market Economics.

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Presentation transcript:

Supply and Demand The Heart & Soul of Market Economics

Supply The quantity of a product or service that a firm is willing and able to sell at various prices Law of Supply Positive Relationship Price increasesQty Supplied increases

Supply and Demand in Action The Motion of a “Free Market”

Supply Changes There are also 2 types of Supply changes: 1) Change in Quantity Supplied or 2) Change in Supply

Change in Quantity Supplied When price changes => Qty Supplied Changes A shift along the existing supply curve

Change in Supply A Change in Supply leads to a SHIFT in Supply Curve (new supply curve) A shift occurs whenever a Determinant of Supply changes

Determinants of Supply (TIN) Technology Input Costs Number of Sellers

Change in Supply Input Costs Rise Change in (TIN)

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