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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

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.


Demand

Morel Mushrooms

Grow in wild, nearly impossible to farm.

Found in the Spring, near dead deciduous trees


Demand

Supply Schedule

  • “Meat”

  • Outdoorsman

  • Fisherman

  • Camperman(?)

  • Full-time Manager

  • Part-time Morel Hunter


Demand

Supply Curve

Supply Schedule


Demand

The Law of Supply

As Prices Rise…

Quantity Supplied Rises


Demand

The Law of Supply

As Prices Fall…

Quantity Supplied Falls


Demand

Objective: Learn about what factors affect supply


Demand

Guess what!?!

You own a Juice Stop now!

Yay!


Demand

What happens if the price of Fruit Smoothies goes up?

Quantity increases!

This is called a

change in quantity supplied.


Demand

Change in Quantity Supplied

ΔQS

Movement along the supply curve because of a price change.


Demand

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

What factors affect the supply of Fruit Smoothies?

(other than price)


Demand

Change in Supply NE…

ΔS

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


Demand

Input Costs NE…

The resources needed to produce a good or service.


Demand

Labor Productivity NE…

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


Demand

Technology NE…

Applying scientific methods and innovation to production


Demand

Government Action NE…

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

Put away the pineapple, chump.


Demand

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.


Demand

Producer Expectations NE…

Example: High school basketball championships


Demand

Number of Producers NE…

Example: High school basketball championships