5.1 What is Supply?
Unit 2 Lesson 4: What is Supply
Main Idea
For almost any good or service, the higher the price, the larger the quantity that will be offered for sale. The Law of Supply states that suppliers will normally offer more for sale at high prices and less at lower prices. A supply curve will have an upward slope.
Lesson Objectives
By the end of this lesson, students should be able to:
For almost any good or service, the higher the price, the larger the quantity that will be offered for sale. The Law of Supply states that suppliers will normally offer more for sale at high prices and less at lower prices. A supply curve will have an upward slope.
Lesson Objectives
By the end of this lesson, students should be able to:
- Describe the difference between the supply schedule and the supply curve.
- Describe how market supply curves are delivered.
- Describe the reasons for a change in supply.
Reading Assignment
Read pages 113 - 120 in Economics: Principles & Practices. Complete the Guided Reading Activity (print it) as you read. Turn it in after you have completed it.