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Supply is The quantities of a particular good or service producers are willing and able to supply at all possible prices at a particular time.

the difference between supply and quantity supplied with supply the producers supply more of a good at a higher price than they do at lower price, and the higher the price the higher the quantity supplied.

the 6 determinates of supply are

1.Resource prices:  Resource prices affect the cost of production. As resource prices increase, cost of production increases and producers are less willing to make goods at a higher cost unless they recieve higher prices.

2.Technological changes:  Improved technology usually means a lower cost of production.

3.Number of producers:  If more producers enter a market, the supply will increase, shifting the supply curve to the right.

4.Prices of other products in the firm:  If a firm produces more than one product, a change in the price of one product can change supply of another.

5.Producer expectations: Changes in producer’s future expectations can cause a change in supply.

6.Government

-Subsidies: Government payment that supports a business or market.

-Excise Tax: Gov’t tax on production/ sale of goods.

-Regulation: Gov’t intervention in a market affecting the production of a good.

I am a skate shop owner and board shaper. To gain the materials and resources to make a board i would need to find out what wood is best to make a board ,and if i wanted, try different combinations of different woods to increase the strength of the board. If I buy a machine that will shape and crave my boards into the right form then the need for workers would be low, i wouldnt have to spend as much money to make them as i would with a dozen workers. I would also end up with competition, other skate board shops and companies that want to make a better board than me or copy the board that i make to make a profit for them selves.  i can also come out with a clothing line to increase income so i can pay to make better boards, i can also sell trucks and wheels fot the board and add the cost of those onto the price of the deck its self. as a producer i expect my boards to be the best because i made them the way they are for a reason, if my income decreases a little because the number of consumers i get dropped then the expectation of my product is that its not good. and last the gvernment, i think the only thing the government affects with my business is the regulation of wood because theres a environmental factor somewhere in there.

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2 Comments

  1. Excellent examples! C+

    • i know the other two i turned in are late but i had them done alot earlier but for some reason it didnt publish when i thought it did


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