Here are the directions (NOTE - if you want, you can wait to do this because we won't go over this until Monday, okay, just don't forget. I gave it today so you don't have any homework over the weekend.
The Importance of Supply and Demand - Lesson #2 What is Supply?
Reading pages 46-52 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!
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