Summer Semester: Supply

INTRODUCTION

Today we will learn about supply. Click here to download a PowerPoint presentation on this topic.

SESSION 5 PLAN

1. First half hour: Why is it more difficult for African-Americans to build wealth and start businesses than it is for white Americans? Your teacher will lecture on the this session's concepts and that question after showing this video.

2. Second half hour: Do today's problem of the day (below).

3. Additional resources: If you need more explanation here are some additional resources you can use.

   • Read Krugman (Module 6)

   • Watch these videos:

• • The Law of Supply and the Determinants of Supply

  • Increasing Costs and the Upward Slope of the Supply Curve

  • This is a really simple explanation of why the supply curve is upward sloping.

PROBLEM OF THE DAY

Define supply and explain why the supply curve is upward sloping. Then use a diagram to explain the effect of an increase in the price of steel on the market for automobiles.