Law of Supply Bellringer Chapter 5 Lesson 1 What is Supply? Be - PowerPoint PPT Presentation

Lesson 1: The Chapter 5 Supply Law of Supply

Bellringer Chapter 5 Lesson 1 What is Supply?

Be Bell llrin inger • According to the Law of Supply, is the relationship between price and quantity supplied direct or indirect? • There is a direct relationship between price and quantity demanded. • Why do you think producers supply greater quantities of a good or a service when prices rise? • The hope for high profits makes suppliers willing to offer higher quantities at higher prices.

Supply Schedule and Curve Chapter 5 Lesson 1 What is Supply?

In Individual Supply Curve Plot the price and quantity for individual supply graph.

In Individual Supply Curve The graph shows a change in quantity supplied

In Individual and Market Curve Chapter 5 Lesson 1 What is Supply?

In Individual and Market Supply Curves

Change in Supply Chapter 5 Lesson 1 What is Supply?

5-1 Guided Reading Notes Chapter 5 Lesson 1 What is Supply?

5-1: : What is Supply? A. An Introduction to Supply 1. more; less o Main Idea: Supply is the amount 2. quantities; prices of a produce available for sale at 3. product; all all possible prices. Many factors affect product supply. 4. price

5-1: : What is Supply? B. Change in Supply 1. resources; technology o Main Idea: Various factors cause 2. workers; productivity the supply of a product to 3. taxes; cost change. 4. subsidy; supply 5. regulations; safety

5-1: : What is Supply? C. Elasticity of Supply 1. measure; price o Main Idea: Supply elasticity 2. elastic refers to how much the amount 3. inelastic of a product supply responds to changes in the price of that 4. unit; proportional product. 5. elastic; quickly 6. limited; inelastic

5-1: : Three Foldables Chapter 5 Lesson 1 What is Supply?

UNDERSTANDING SUPPLY

CHANGES IN IN SUPPLY

SUPPLY ELASTICITY