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
- elastic supply, inelastic supply
- factors affecting elasticity of supply (no calculations required)
READ: Supply (tutor2u)
WATCH: Supply (YouTube clip by mjmfoodie)
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
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