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Chapter 3 Concept of Supply

Chapter 3 Concept of Supply

Author: Matthew Lonn

Students will define, draw and demonstrate the concept of supply and supply curves.

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The Law of Supply

Law of Supply

Use slides #27-35 to take notes over the law of supply. View the short video clips after taking notes to reinforce the concept.

Questions you should be able to answer after the lesson.

1. Define the law of supply.

2. Draw a supply curve and a supply schedule.

3. Explain the difference between a movement along the supply curve and a shift of the supply curve.

4. Provide examples of determinants that would shift the supply curve either to the left or to the right.

Chapter 3 Notes

Law of Supply

Source: You Tube

Determinants of Supply

Source: You Tube