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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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Presentation Transcript
slide1
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.

slide2

Morel Mushrooms

Grow in wild, nearly impossible to farm.

Found in the Spring, near dead deciduous trees

slide3

Supply Schedule

  • “Meat”
  • Outdoorsman
  • Fisherman
  • Camperman(?)
  • Full-time Manager
  • Part-time Morel Hunter
slide4

Supply Curve

Supply Schedule

slide5

The Law of Supply

As Prices Rise…

Quantity Supplied Rises

slide6

The Law of Supply

As Prices Fall…

Quantity Supplied Falls

slide8

Guess what!?!

You own a Juice Stop now!

Yay!

slide10

What happens if the price of Fruit Smoothies goes up?

Quantity increases!

This is called a

change in quantity supplied.

slide11

Change in Quantity Supplied

ΔQS

Movement along the supply curve because of a price change.

slide12

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

What factors affect the supply of Fruit Smoothies?

(other than price)

slide13

Change in Supply

ΔS

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

slide14

Input Costs

The resources needed to produce a good or service.

slide15

Labor Productivity

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

slide16

Technology

Applying scientific methods and innovation to production

slide17

Government Action

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

Put away the pineapple, chump.

slide18

Government Action

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

That banana shake is gonna cost you, chump.

slide19

Producer Expectations

Example: High school basketball championships

slide20

Number of Producers

Example: High school basketball championships

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