This saying will be used for 4 different definitions. All you will have to do is fill in the blanks!! THE AMOUNT OF A GOOD OR SERVICE THAT ___1____ ARE WILLING TO ____2_____AT _____3______ PRICE(S) 1)CONSUMERS OR PRODUCERS 2) BUY OR PRODUCE 3) EACH SPECIFIC (PRICE) OR VARIOUS(PRICES)

AND THAT IS IMPORTANT BECAUSE???? You will have to be able to identify each of those 4 definitions on a graph. – It could be a DIVING LINE, A SOARING LINE, OR JUST A DOT Like this OR THIS

Consumers or Producers? Consumers will determine – A LINE – AND PRODUCERS WILL DETERMINE – SUPPLY – AND QUANTITY SUPPLIED PRICE QUANTITY

AND EVENTUALLY LIKE THIS PUT BOTH CONCEPTS ONTO ONE GRAPH AND HOW DO YOU GET THESE LINES??????

USE A DEMAND SCHEDULE TO GET A DEMAND CURVE USE A “DEMAND SCHEDULE TO GET A DEMAND CURVE Price per apple Quantity Demanded $420,000 $340,000 $260,000 $180,000 PRICE IN $ D1 QD

USE A SUPPLY SCHEDULE TO GET SUPPLY PRICE QUANTITY SUPPLIED $480,000 $360,000 $240,000 $120,000 TO GET A SUPPLY CURVE USE THIS SUPPLY SCHEDULE

SUPPLY AND DEMAND SCHEDULE Price per apple Quantity Demanded QUANTITY SUPPLIED $420,00080,000 $340,00060,000 $260,00040,000 $180,00020,000 AND THIS IS THE RESULT D1 S1