TOPIC 3: MARKETS

Supply

Supply

• law of supply, individual and market supply, the supply curve
  
• factors affecting supply – price/cost of factors of production, prices of substitutes and complements, expected future prices, number of suppliers, technology
  
• movements along the supply curve and shifts of the supply curve

Price elasticity of supply

• elastic supply, inelastic supply 
• factors affecting elasticity of supply (no calculations required)

READ: Supply (tutor2u)
WATCH: Supply (YouTube clip by mjmfoodie)

READ: Price elasticity of supply (tutor2u)
WATCH: Elasticity of Supply (YouTube clip by Khan Academy) 
NOTE: For the HSC you do not need to know how to calculate elasticity of supply