Period 5 Daily Writing Prompt What is the income effect?

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Presentation transcript:

Period 5 Daily Writing Prompt What is the income effect?

Supply Law of supply – the higher the price, the larger the quantity supplied. Quantity supplied – how much of a good is offered for sale at a specific price

Supply Supply Schedule – shows the relationship between price & quantity supplied

Supply Supply curve – graphic representation of a supply schedule

Elasticity of Supply Measures how businesses will respond to changes in price by producing more or less goods. Key factor is time – how quickly can suppliers change how much they produce?

Factors that Change Supply Production costs Technology Government taxes & subsidies Government Regulation – intervention in a market that affects price, quantity, or quality of goods.

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