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Understanding Supply and Its Curve

Lesson 9 focuses on the concept of supply, defining it as the willingness and ability of producers to offer goods at various prices over time. The lesson includes creating a supply curve based on a supply schedule and discusses the relationship between price and quantity supplied, highlighting movements along the supply curve due to price changes. Students are encouraged to engage in discussions and extensions related to the law of supply and its exceptions.

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aaravlodha2010
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83 views10 pages

Understanding Supply and Its Curve

Lesson 9 focuses on the concept of supply, defining it as the willingness and ability of producers to offer goods at various prices over time. The lesson includes creating a supply curve based on a supply schedule and discusses the relationship between price and quantity supplied, highlighting movements along the supply curve due to price changes. Students are encouraged to engage in discussions and extensions related to the law of supply and its exceptions.

Uploaded by

aaravlodha2010
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd

Lesson 9: Supply Learning Objective: Be able to define what

supply is and create a supply curve

DO NOW: PREDICTING

INSTRUCTIONS:
Explain what relationship you think
would exist between price and
quantity supplied.
Justify your reasoning by considering
what producers/suppliers are likely to Extension
do when prices change. Represent this
relationship graphically.
LESSON 9:
SUPPLY

Learning
Objectives
• Be able to define what
supply is
• Be able to create a
supply curve
WHAT IS SUPPLY?

• Congratulations on your success as


owner of the Red Baron frozen pizza
company!
• Supermarkets are lining up to sell
Price (yen) Quantity
your product. (cases)
• This table shows how many frozen
350 4,400
pizzas you are willing to offer for sale
INSTRUCTIONS
at the different supermarkets. 300 4,000

Based on the table, draw a diagram of 250 3,500


the supply curve. 200 2,750
Lesson 9: Supply Learning Objective: Be able to define what
supply is and create a supply curve

Supply of Frozen Pizzas


WHAT IS SUPPLY?
Supply is the amount that producers
are willing to offer for sale at
different prices in a given period of
time.
• What type of relationship do you
notice between price and quantity
supplied?
• Why is there movement along the
supply curve?
NOTE: The table of data is known
as the “supply schedule.”
Lesson 9: Supply Learning Objective: Be able to define what
supply is and create a supply curve

WHAT IS SUPPLY?

Supply is the willingness and ability of producers to produce


a quantity of a good or service at a given price in a given time
period.

INSTURCTIONS:
• Copy the heading and notes above.
• As a class, discuss what is meant by ‘willingness’ and ‘ability.’
Lesson 9: Supply Learning Objective: Be able to define what
supply is and create a supply curve

SIMPLE SUPPLY CURVE

INSTRUCTIONS:
• Copy the heading.
• Follow the instructions of your
teacher in creating a supply
curve.
ECONOMIC TERMINOLOGY

A supply schedule is a table A supply curve is a diagram


showing different prices and the showing the same information. This
quantity that producers are model is useful for demonstrating
willing and able to supply at the relationship between price and
quantity supplied.
those prices.
Lesson 9: Supply Learning Objective: Be able to define what
supply is and create a supply curve

M OV E M E N T S A LO N G T H E S U P P LY
C U RV E

INSTRUCTIONS: Copy the heading


and notes.
• When there is a change in price,
there will be a movement along
the curve.
• A decrease in price is called a
contraction along the supply
curve as the quantity supplied is
decreasing.
• An increase in price is called an
expansion (or extension) along
SUPPLY

INSTRUCTIONS:
• Copy the heading.
• Read through the section The Law of
Supply on page 13.
• Write a definition for the law of supply
in your unit workbook.
• Take notes from this section, at least
three bullet-points.

Extension: Can you think of any


goods/services where the regular law of
supply does not apply. Write examples and
explain why.
EXIT SLIP

INSTRUCTIONS: As a class,
discuss the questions below.

1. What is the law of supply?


2. What relationship does it
show?

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