Husserl-s Concept of the -Transcendental Person-- Another Look At
Supply (The Business Point of View) Another Key Economic Concept.
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Transcript of Supply (The Business Point of View) Another Key Economic Concept.
![Page 1: Supply (The Business Point of View) Another Key Economic Concept.](https://reader036.fdocuments.in/reader036/viewer/2022082610/56649f3f5503460f94c5faa5/html5/thumbnails/1.jpg)
SupplySupply(The Business Point of View)(The Business Point of View)
SupplySupply(The Business Point of View)(The Business Point of View)
Another Key Economic Concept Another Key Economic Concept
![Page 2: Supply (The Business Point of View) Another Key Economic Concept.](https://reader036.fdocuments.in/reader036/viewer/2022082610/56649f3f5503460f94c5faa5/html5/thumbnails/2.jpg)
The Profit Motive• The main reason, or motive,
businesses produce goods and services is to make a profit.
• Profit is the money a business makes after all its costs have been paid.
• Profits are used in a variety of ways.
![Page 3: Supply (The Business Point of View) Another Key Economic Concept.](https://reader036.fdocuments.in/reader036/viewer/2022082610/56649f3f5503460f94c5faa5/html5/thumbnails/3.jpg)
What is supply?• Supply is the quantities of a good
or service that producers are willing to sell at all possible market prices.
• Supply and demand interact to determine price and the quantities of products/services that are bought and sold.
![Page 4: Supply (The Business Point of View) Another Key Economic Concept.](https://reader036.fdocuments.in/reader036/viewer/2022082610/56649f3f5503460f94c5faa5/html5/thumbnails/4.jpg)
The Law of Supply• The Law of Supply states that as the
price of a good rises, the quantity supplied also rises. If the price of a good falls, the quantity supplied also falls.
In other words, price and quantity supplied move in the SAME direction.
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Supply Schedule• The Law of Supply
can be represented with numbers, just like the Law of Demand
• This is an example of a Supply Schedule
Quantity Supplied
Price per video game
100 $50
90 $40
70 $30
30 $20
10 $10
1 $5
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Graph the Supply Curve
• X-axis quantity supplied
• Y-axis price per video game
Y
X
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Supply Curve• A Supply Curve is a graph that
shows the amount of a product that would be supplied at all possible prices.
![Page 8: Supply (The Business Point of View) Another Key Economic Concept.](https://reader036.fdocuments.in/reader036/viewer/2022082610/56649f3f5503460f94c5faa5/html5/thumbnails/8.jpg)
The Supply CurveSoftware Supply Curve
$0
$10
$20
$30
$40
$50
$60
0 50 100 150
Quantity
Pri
ce p
er
Vid
eo
Gam
e
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Supply Curve Shift
• What happens when the supply curve shifts to the right?
• What happens when the supply curve shifts to the left?
• Why does it shift?
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The Supply Curve• What is
happening when the supply curve shifts to the right?
• The supply has increased.
![Page 11: Supply (The Business Point of View) Another Key Economic Concept.](https://reader036.fdocuments.in/reader036/viewer/2022082610/56649f3f5503460f94c5faa5/html5/thumbnails/11.jpg)
The Supply Curve• What is
happening when the supply curve shifts to the left?
• The supply has decreased.
![Page 12: Supply (The Business Point of View) Another Key Economic Concept.](https://reader036.fdocuments.in/reader036/viewer/2022082610/56649f3f5503460f94c5faa5/html5/thumbnails/12.jpg)
Factors That Affect Supply• Price is #1
– How much money can they make? This won’t cause a shift!
Other factors include: Other factors include: (choose ANY FOUR)• Cost of Resources• Productivity of Workers• Technology• Government Policies• Taxes• Subsidies – a government payment• Expectations• Number of Suppliers
What is it? How does it increase supply? How does it decrease supply?
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STOP!!!!!!
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for Understanding
1. The Law of Supply states that as the price of a good rises, the quantity supplied _________. If the price of a good falls, the quantity supplied __________.
2. What is the #1 factor that affects supply of a product?
3. What are some other factors that affect the supply of a product?
4. _____________ _____________is a measure of how the quantity supplied changes in response to changes in price.
5. Give an example of a good that is (supply) elastic.
6. Give an example of a good that is (supply) inelastic.
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Supply Elasticity• Supply Elasticity is a measure of
how the quantity supplied changes in response to changes in price.
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Supply Elasticity• If the quantity supplied changes a
lot in response to price shifts, the product is supply elastic.
• If the quantity supplied changes very little, the product is supply inelastic.
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Supply Elasticity• Supply Elasticity depends on how
quickly a company can change the quantity of a product it makes in response to a price change.
• Oil- inelastic• Candy-elastic