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Bell Work Objective: Bell Question:

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Presentation on theme: "Bell Work Objective: Bell Question:"— Presentation transcript:

1 Bell Work Objective: Bell Question:
Explain the law of supply and create a supply schedule. Bell Question: What is supply?

2 Supply

3 Supply – The quantity of a product that would be produced and offered for sale.

4 Price Quantity supplied
Supply Schedule – A chart showing the quantity produced at each possible price in the market. $ $ $ $

5 Law of Supply – As price increases, quantities supplied increases.
More will be supplied at a higher price than at a lower price OR

6 Shifts in Supply S2 S1 $ S1 $ S2 Q Q Shift to the left indicates
a decrease in supply Shift to the right indicates an increase in supply

7 Causes for a shift in supply
Change in the cost of production - gas prices go up/down -price of materials or labor increases/decreases Change in the number of sellers or producers -Computers, VCR’s Expectations Foresee what will be popular This Fall – Twilight

8 Time - How quickly can you make more
Elasticity of supply - How a producer reacts to a change in price Factor: Time - How quickly can you make more

9 Which is more Elastic??? Chickens T-Shirt Inelastic Elastic
Takes longer to Produce more Can produce more quickly

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