1. 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

2. 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

3. 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

4. SECTION 2
Changes in Supply
Resource Prices:
Definition:

5. SECTION 2
Changes in Supply
Technology:
Definition

6. SECTION 2
Changes in Supply
Competition:
Definition

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

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

9. 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