Supply

Concepts

  • Supply Curve
  • Law of Supply
  • Movement Along Existing Supply Curve vs. Shifting the Supply Curve
    • Change in Quantity Supplied
    • Change in Supply
  • Determinants of Supply
    • Change in Production Costs
    • Change in Technology
    • Change in the Number of Sellers
    • Change in Government Regulation
      • Tariff
      • Quota
      • Subsidy
      • Tax
  • Shift Supply or Demand
  • Producer Surplus
    • Identifying on Graph
    • Calculating Producer Surplus

Overview

Supply represents the producer/business’s point of view in the market dynamic.  As we go through this lesson I want you to think like a business owner, not like a consumer.  The first concept we address is the supply curve and what it represents.  Then, we learn about the law of supply which illustrates the direct relationship between price and quantity supplied. After that, we move on to the very important difference between Supply (S) and Quantity Supplied (Qs).  We learn how to distinguish between them conceptually and how to illustrate each change on a graph.  Next, we talk about the determinants of supply which are the outside influences that cause the supply curve to shift. Then, we observe the differences between when to shift Demand vs. when to shift Supply. We conclude our lesson by learning about producer surplus.  How to identify it on a graph and how to calculate it.

Materials

Lecture

Supply 1 Video

 

Supply 2 Video

 

Producer Surplus Video

 

Producer Surplus and Determinants of Supply Lecture Video

 

Supply Lecture Video

 

Quiz

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