Do Now If the price of their product/service goes up, will a business make more of that product or less? Explain

Supply Standard 1.3.1

The Law of Supply Law of Supply: Businesses will offer more of a good at a higher prices (want to make more $$) Price As price increases… Supply Quantity supplied increases Price As price falls… Supply Quantity supplied falls 4

h h The Higher the Price The more suppliers will make of it Law of Supply Definition: Price and Quantity supplied move in the same direction. Price Quantity Goes Supplied h h The Higher the Price The more suppliers will make of it

i i The Lower the Price The Less suppliers will make of it Law of Supply Definition: Price and Quantity supplied move in the same direction. Price Quantity Goes Supplied i i The Lower the Price The Less suppliers will make of it

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Supply Supply: the quantity of goods and services that producers are willing to offer at different prices Quantity Supplied: Amount of good or service that a producer is willing to sell at each price

Define the law of supply and law of demand DO NOW Define the law of supply and law of demand What economic system is about government control?

Determinants of Supply

Determinates of Supply Just like Demand, Supply also has Determinates. The Curve moves Right if Supply Increases and Left if Supply Decreases Businesses use this following info to make decisions about what to make

1. Cost of Production The cost of inputs needed to make a product. (Raw Materials & Labor) Costs $ go up = Supply Goes Down Costs $ go down = Supply Goes Up

2. NUMBER OF SELLERS IN THE INDUSTRY The Number of suppliers/sellers in a given Industry More Suppliers = More Supply Less Suppliers = Less Supply

3.Taxes/Government Regulation Government imposed taxes on Goods or Services can make the production of goods more expensive. More Taxes = Less Supply Less Taxes = More Supply

4. Technology Technology can help make goods faster and cheaper Better Technology = More Supply Worse Technology = Less Supply

Which direction does the Supply Curve Move? Situation: Due to the recent down turn of the Economy, a number of car manufacturers are no longer in business anymore. What effect will this have on the supply of Cars? What determinate are we using? NUMBER OF SELLERS What direction will the Supply Curve move?: LEFT

Which direction does the Supply Curve Move? Situation: The Government has just decided to lower the taxes on the purchase of all electric cars. What effect will this have on the supply of electric Cars? What determinate are we using?: TAXES What direction will the Supply Curve move?: RIGHT

Do Now What are the determinants of supply? Describe how they work

http://thecolbertreport.cc.com/videos/w3uorg/obamacare-jobs-debate

WRITING TRACKER HELP Thesis: Statement of Purpose Body Paragraph with intro Topic Sentence Reiterating your main idea Evidence: Back up your argument with facts and “DATA” Counter Argument: What the other side might say and why they are wrong Conclusion: Restate Thesis

Is Obamacare a good idea or a bad idea?

Do Now Describe your opinions on government regulation and rules. What exactly should the government be telling us to do or not to do? Are they going to far? Or are they a force for good? Explain