Supply

​Learning Objectives

• ​Explain the Law of Supply

• What is a supply schedule and supply curve ?​

• When do we have supply elasticity ?​

• When do we have supply inelasticity ?​

• Explain the shifters of supply ​

• What is ​Equillibrium Price ?

• Explain shortages and Surpluses​

​Law of Supply Intro

Watch the following video and think about the ways supply has impacted your life and give examples​ on the next slide

Open Ended

What are some of the ways supply has impacted your life ?

Multiple Choice

If the price drops then the producer will produce

• More

• Less

Multiple Choice

The amount a producer is willing and able to sell at a certain price is

• Quantity Demanded

• Quantity Supplied

Multiple Choice

Producers will supply ___________ of a good or servoce if price rises

• Less

• More

Open Ended

What drives the supplier's decision ?

Open Ended

What also effects the # of suppliers in the market ?

Open Ended

What can high rpices cause more people and companies to do ?

Open Ended

Attach a pic of your supply curve below based on the supply schedule of the Pic

Multiple Choice

Supply Elasticity measures how producers will respond to a

• change in demand

• change in price

• change in the weather

Multiple Choice

If the price change causes a drastic change in the amount supplied then it is

• Elastic

• Inelastic

Multiple Choice

If the amount supplied does not change much when the price changes then it is

• Elastic

• Inelastic

Open Ended

What is the biggest factor of supply elasticity ?

Multiple Choice

Companies that take a long time to produce a good or service will have more of an

• Elastic Reaction

• Inelastic Reaction

Multiple Choice

Companies that can change their output (The amount they produce) quickly will have an

• Inelastic reaction

• Elastic Reaction

Open Ended

When do we get shifts in supply ?

Open Ended

What are some of the shifters of Supply ?

Open Ended

What is the equillibrium ?

Open Ended

What are the results of disequillibrium ?

Open Ended

When do we have a surplus ?

Open Ended

When do we have shortage ?

Open Ended

How do we get back to equillibrium in a surplus ?

Open Ended

How do we get back to equillibrium in a shortage ?

Open Ended

In your own words explain the lesson

Open Ended

Research a currnet event article online addressing supply and show how it relates to this lesson