Economics (AS)·Supply & the supply curve · NSSCAS 2.1b
Supply & the supply curve
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Having built demand from the buyers' side, we now turn to the sellers. This lesson defines supply precisely, states the law of supply and draws the upward-sloping supply curve, then moves from one firm to the whole market. Above all we separate a movement ALONG the curve (caused by the good's own price) from a SHIFT of the whole curve (caused by a non-price factor) — using a Namibian drought and a fuel-price rise — and finish with joint supply.
What you'll learn in this lesson
By the end you should be able to (NSSCAS Economics (AS) 2.1b):
- Describe individual and market supply
- Discuss factors influencing supply
- Apply the principles of supply
- Explain movements along and shifts of the supply curve
- Describe joint supply
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