Introduction
In the last lesson, you were introduced to the concept of supply. In this lesson you will learn more about supply and specifically about why producers might offer more or less of a good or service even when the price remains constant. Moreover, this lesson will illustrate the differences between supply and quantity supplied.
Also, in this lesson, you will learn how to take the information you have learned about supply and represent it on a graph. Graphs are one method economists use to understand the sometimes complicated elements of supply.
Following successful completion of this lesson, students will be able to...
- understand the difference between supply and quantity supplied.
- explain the factors that cause a change in supply.
- analyze why supply may increase or decrease.
- illustrate on a graph the shift of the supply curve and why it occurs.
The above objectives correspond with the Alabama Course of Study: Economics standards: 6.3, 6.5, 6.6, 6.7.