Law of Supply

Greetings!  Today you did a great job graphing the demand curve for important news headlines.  Tomorrow we will be shifting our focus from Demand to Supply. 

What factors affect a shift in Supply? 

Check out the link below from you tube.  See if you can find something from this video that you can use in class.

http://www.youtube.com/watch?v=3xCzhdVtdMI



Demand and Supply

What are demand and supply, and what factors influence them?

Demand refers to_____________________________________________________?

Supply represents____________________________________________________? 

The supply schedule is a table that shows the relationship between the price of the good and the quantity supplied.

The demand schedule is a table
that shows the relationship
between the price of the good
and the quantity demanded.

With that being said, answer the following.

If the price of leather sandals were to rise, consumers might decide they don't need them after all if a cheaper substitute is available. This would cause the quanity of leather sandals demanded to  __________________.