1. Understanding
Supply

2. SUPPLY
The amount of a good or service that producers are willing & able to supply at each price

3. LAW OF SUPPLY
Producers offer more of a good when its price is high and less when its price is low
OPPOSITE OF DEMAND!

4. Quantity Supplied
Term used to describe how much of a good is offered at a specific price

5. The goal of producers is…
REMEMBER
The goal of producers is…
PROFIT

6. Supply Schedule
Supply Schedule – shows relationship between price & quantity supplied for a specific good

7. Market Supply Schedule
Market Supply Schedule – same as for supply schedule but for all firms in a market

8. Graphical Representation
Supply Curve – graphical representation of the supply schedule
- same as demand, except the horizontal (X) axis is quantity supplied not demanded.
- Slopes up from left to right
- OPPOSITE OF DEMAND!

9. Graphical Representation
Supply Curve – graphical representation of the supply schedule
- same as demand, except the horizontal (X) axis is quantity supplied not demanded.

10. The End