Economics - 0455 CIE

Supply

Gbogbo ọrọ náà

Behind every price tag sits a decision by firms about how much to make. Supply is the seller's side of the market: the quantities producers are willing and able to offer at each price. Get supply right and you can explain why petrol stations pump more when prices rise, why a good harvest lowers food prices, and why a new tax pushes prices up.

In this lesson you will define supply, build the market supply curve from individual firms, and draw it correctly. You will then master the single most tested distinction in the topic: a movement along the curve (an extension or contraction caused by price) versus a shift of the curve (an increase or decrease caused by everything else). By the end you will diagnose any supply change at a glance.

Ebumnobi

definition of supply
link between individual supply and market supply
drawing and interpretation of the supply diagram
causes of extensions and contractions in supply
diagrams that illustrate movements along a supply curve
causes of decreases and increases in supply
diagrams that illustrate shifts of a supply curve

Akọmọ Ojú-ẹkọ

Supply is one half of every market. Combined with demand it determines price and quantity, so it underpins price determination, elasticity and almost all of microeconomics. The classic exam trap, mixing up movements along the curve with shifts of it, is worth real marks, and this lesson fixes it for good.

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Ayẹwo Ẹkọ

Ekele diri gi maka imecha ihe karịrị na Supply. Ugbu a na ị na-enyochakwa isi echiche na echiche ndị dị mkpa, ọ bụ oge iji nwalee ihe ị ma. Ngwa a na-enye ụdị ajụjụ ọmụmụ dị iche iche emebere iji kwado nghọta gị wee nyere gị aka ịmata otú ị ghọtara ihe ndị a kụziri.

Ị ga-ahụ ngwakọta nke ụdị ajụjụ dị iche iche, gụnyere ajụjụ chọrọ ịhọrọ otu n’ime ọtụtụ azịza, ajụjụ chọrọ mkpirisi azịza, na ajụjụ ede ede. A na-arụpụta ajụjụ ọ bụla nke ọma iji nwalee akụkụ dị iche iche nke ihe ọmụma gị na nkà nke ịtụgharị uche.

Jiri akụkụ a nke nyocha ka ohere iji kụziere ihe ị matara banyere isiokwu ahụ ma chọpụta ebe ọ bụla ị nwere ike ịchọ ọmụmụ ihe ọzọ. Ekwela ka nsogbu ọ bụla ị na-eche ihu mee ka ị daa mba; kama, lee ha anya dị ka ohere maka ịzụlite onwe gị na imeziwanye.

According to the law of supply, an increase in a good's price will normally cause: A. a decrease in supply B. an extension in supply C. a leftward shift of the curve D. a contraction in supply Answer: B
Which of the following causes a shift of the supply curve, not a movement along it? A. a rise in the good's own price B. a fall in the good's own price C. a fall in the cost of raw materials D. nothing changes Answer: C
A government subsidy paid to producers will: A. shift the supply curve to the left B. shift the supply curve to the right C. cause a contraction in supply D. cause an extension in supply Answer: B
Market supply is found by: A. subtracting demand from supply B. adding up individual firms' supply at each price C. taking the lowest firm's supply D. multiplying price by quantity Answer: B
A new tax on producers of a good will most likely: A. increase supply B. decrease supply C. cause an extension in supply D. leave supply unchanged Answer: B