By: Bryce Hamelwright

What is supply? In economics, the law of supply is the amount of some product producers are willing and able to sell at a given price all other factors being held constant. Usually, supply is plotted as a supply curve showing the relationship of price to the amount of product businesses are willing to sell. In economics, the law of supply is the amount of some product producers are willing and able to sell at a given price all other factors being held constant. Usually, supply is plotted as a supply curve showing the relationship of price to the amount of product businesses are willing to sell.

Vocab Supply-the amount of goods available Supply-the amount of goods available Law of supply-tendency of suppliers to offer more of a good at a higher price Law of supply-tendency of suppliers to offer more of a good at a higher price Quantity supplied-the amount a supplier is willing and able to supply at a certain price Quantity supplied-the amount a supplier is willing and able to supply at a certain price Supply Schedule-a chart that lists how much of a good a supplier will offer at different prices Supply Schedule-a chart that lists how much of a good a supplier will offer at different prices Variable-a factor that can change Variable-a factor that can change

Vocab Market supply schedule-a chart that list how much of a good all suppliers will offer at different prices Market supply schedule-a chart that list how much of a good all suppliers will offer at different prices Supply curve-a graph of the quantity supplied of a good at different prices Supply curve-a graph of the quantity supplied of a good at different prices Market supply curve-a graph of the quantity supplied of a good by all suppliers at different prices Market supply curve-a graph of the quantity supplied of a good by all suppliers at different prices Elasticity of supply-a measure of the way quantity supplied reacts to a change in price Elasticity of supply-a measure of the way quantity supplied reacts to a change in price

Supply Curve

Example If the price of a slice of pizza is low then your going to make and sell less pizza and more of other foods. However if the price goes up then you are going to sell as many slices of pizza as you can and less of the other food. If the price of a slice of pizza is low then your going to make and sell less pizza and more of other foods. However if the price goes up then you are going to sell as many slices of pizza as you can and less of the other food.

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Open Note Quiz 1. What is the law of supply? 1. What is the law of supply? 2. What is a variable? 2. What is a variable? 3. What does elasticity of supply measure? 3. What does elasticity of supply measure? 4. What is supply? 4. What is supply? 5. What graphs the quantity supplied of a good at different prices? 5. What graphs the quantity supplied of a good at different prices?