Today we will learn about the concept of supply, the relationship between the quantity of a product firms will produce and the price of the product. You should have read the text chapter identified below in the homework section and watched the related videos. We will start class today with you working cooperatively with a partner to find a solution to the "Problem of the Day" and then there will be a lecture on our next topic. This page contains all the information you need for today's class: homework, the problem of the day, helpful resources (videos, podcasts, etc.) and an explanation of the activities we will do in class. Use the table of contents on the right to help you navigate.
Read Mankiw (Chapter 4 - supply section) and watch the following videos.
Problem of the Day: You will work cooperatively with your partner to construct a response to the following prompt.
Define demand and explain three reasons that the demand curve is downward sloping. Then use a diagram to explain the effect of an increase in the price of bicycles in the market for scooters.
Lecture: Supply