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Demand

Demand. Supply. The desire and ability to produce and sell a product or service. The desire to buy and the ability to pay for a good or service. Morel Mushrooms. Grow in wild, nearly impossible to farm. Found in the Spring, near dead deciduous trees. Supply Schedule. “Meat”

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Demand

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  1. Demand Supply The desire and ability to produce and sell a product or service. The desire to buy and the ability to pay for a good or service.

  2. Morel Mushrooms Grow in wild, nearly impossible to farm. Found in the Spring, near dead deciduous trees

  3. Supply Schedule • “Meat” • Outdoorsman • Fisherman • Camperman(?) • Full-time Manager • Part-time Morel Hunter

  4. Supply Curve Supply Schedule

  5. The Law of Supply As Prices Rise… Quantity Supplied Rises

  6. The Law of Supply As Prices Fall… Quantity Supplied Falls

  7. Objective: Learn about what factors affect supply

  8. Guess what!?! You own a Juice Stop now! Yay!

  9. What happens if the price of Fruit Smoothies goes up? Quantity increases! This is called a change in quantity supplied.

  10. Change in Quantity Supplied ΔQS Movement along the supply curve because of a price change.

  11. Thinking of the entire Fruit Smoothie industry in Lincoln, NE… What factors affect the supply of Fruit Smoothies? (other than price)

  12. Change in Supply ΔS A shift of the supply curve. Happens when something changes in the marketplace

  13. Input Costs The resources needed to produce a good or service.

  14. Labor Productivity The amount of goods or services that a person can produce in a given time.

  15. Technology Applying scientific methods and innovation to production

  16. Government Action Regulation: A set of rules or laws designed to control business behavior Put away the pineapple, chump.

  17. Government Action Excise Tax: A tax on the making or selling of certain goods or services That banana shake is gonna cost you, chump.

  18. Producer Expectations Example: High school basketball championships

  19. Number of Producers Example: High school basketball championships

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