Unit 2Demand and Supply law
1.2 Supply
For this unit it´s important to
- Revise key concepts
- Understand the meaning of market
- Think allways as a seller
What is a Market Economy?
A market economy is an economic system in which decisions and pricing of goods and services are guided by the interactions of buyers and sellers
SUPPLY
QUANTITY SUPPLIED
vs
Relationship between a range of prices and the quantities supplied at those prices—a relationship that can be illustrated with a supply curve or a supply schedule.
A certain point on the supply curve, or one quantity on the supply schedule.
The law of supply states that a higher price leads to a higher quantity supplied and that a lower price leads to a lower quantity supplied.
THE DEMAND SUPPLY
Being all other factors equal, there is an inverse relationship between a good’s price and the quantity consumers demand
SUPPLY SCHEDULE
a table describing all of the quantities of a good or service; the supply schedule is the data on price and quantities supplied that can be used to create a supply curve
determinants in supply
Write a subtitle here
PRACTICE
Link
VIDEO REVISION
Suppy law
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Transcript
Unit 2Demand and Supply law
1.2 Supply
For this unit it´s important to
What is a Market Economy?
A market economy is an economic system in which decisions and pricing of goods and services are guided by the interactions of buyers and sellers
SUPPLY
QUANTITY SUPPLIED
vs
Relationship between a range of prices and the quantities supplied at those prices—a relationship that can be illustrated with a supply curve or a supply schedule.
A certain point on the supply curve, or one quantity on the supply schedule.
The law of supply states that a higher price leads to a higher quantity supplied and that a lower price leads to a lower quantity supplied.
THE DEMAND SUPPLY
Being all other factors equal, there is an inverse relationship between a good’s price and the quantity consumers demand
SUPPLY SCHEDULE
a table describing all of the quantities of a good or service; the supply schedule is the data on price and quantities supplied that can be used to create a supply curve
determinants in supply
Write a subtitle here
PRACTICE
Link
VIDEO REVISION