Essential Question: Changes in Supply SECTION 2

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Presentation transcript:

Essential Question: Changes in Supply SECTION 2 Identify the two factors that affect producer’s ability to make profit, List and briefly describe the 6 non-price determinants of supply, and evaluate whether a tax or a subsidy is more preferable to a producer and explain why

The role of Profit Changes in Supply SECTION 2 Profit is the key motivator behind increase and decrease in profit. There are two key ways to increase profit Profit can be increased by generating higher revenues Selling greater quantity of products Selling products for higher prices Profit can be increased by lowering costs of production

Determinants of supply: SECTION 2 Changes in Supply Determinants of supply: We will be doing a collaborative group effort for this segment of the notes In your groups, record the book supplied definition of your groups assigned D.O.S. Using information from the book explain how your DOS affects supply

SECTION 2 Changes in Supply Resource Prices: Definition:

SECTION 2 Changes in Supply Technology: Definition

SECTION 2 Changes in Supply Competition: Definition

Price of related goods: SECTION 2 Changes in Supply Price of related goods: Definition

Producer Expectations: SECTION 2 Changes in Supply Producer Expectations: Definition

Government Tools: Changes in Supply SECTION 2 For this DOS, identify and define each of the 3 types, and explain whether they will likely cause supply to increase or decrease