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Supply and Demand The Heart & Soul of Market Economics.

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Presentation on theme: "Supply and Demand The Heart & Soul of Market Economics."— Presentation transcript:

1 Supply and Demand The Heart & Soul of Market Economics

2 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

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

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

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

6 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

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

8 Change in Supply Input Costs Rise Change in (TIN)

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