Homework for Monday, October 19th

The Importance of Supply and Demand - Lesson #2 What is Supply?

Reading pages 47-52 will help you answer these questions.Copy this and paste to a word document. Make enough space so you can get all the important information in.

1. When looking at supply, economists are looking at the ___________________________.
2. How do producers know how much of a good to make?
3. In your best words define what supply is?
4, Like the Law of Demand there is a law for supply. In your own words what is the Law of Supply?
5. What are producers most motivated by?
     Please explain why this is so...
6. The amount a producer is willing to supply also depends upon _________.
7.     please explain the following below:
         Production Costs                                                                  Fixed Costs
8. Can the level of supply ever be changed?
    -please explain, write your reponses - discuss three important ways.
9. What are shortages and surpluses! Explain!