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Demand. Supply. The desire and ability to produce and sell a product or service. The desire to buy and the ability to pay for a good or service. Morel Mushrooms. Grow in wild, nearly impossible to farm. Found in the Spring, near dead deciduous trees. Supply Schedule. “Meat”

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Demand

Supply

The desire and ability to produce and sell a product or service.

The desire to buy and the ability to pay for a good or service.


Morel Mushrooms

Grow in wild, nearly impossible to farm.

Found in the Spring, near dead deciduous trees


Supply Schedule

  • “Meat”

  • Outdoorsman

  • Fisherman

  • Camperman(?)

  • Full-time Manager

  • Part-time Morel Hunter


Supply Curve

Supply Schedule


The Law of Supply

As Prices Rise…

Quantity Supplied Rises


The Law of Supply

As Prices Fall…

Quantity Supplied Falls


Objective: Learn about what factors affect supply


Guess what!?!

You own a Juice Stop now!

Yay!


What happens if the price of Fruit Smoothies goes up?

Quantity increases!

This is called a

change in quantity supplied.


Change in Quantity Supplied

ΔQS

Movement along the supply curve because of a price change.


Thinking of the entire Fruit Smoothie industry in Lincoln, NE…

What factors affect the supply of Fruit Smoothies?

(other than price)


Change in Supply NE…

ΔS

A shift of the supply curve. Happens when something changes in the marketplace


Input Costs NE…

The resources needed to produce a good or service.


Labor Productivity NE…

The amount of goods or services that a person can produce in a given time.


Technology NE…

Applying scientific methods and innovation to production


Government Action NE…

Regulation: A set of rules or laws designed to control business behavior

Put away the pineapple, chump.


Government Action NE…

Excise Tax: A tax on the making or selling of certain goods or services

That banana shake is gonna cost you, chump.


Producer Expectations NE…

Example: High school basketball championships


Number of Producers NE…

Example: High school basketball championships


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