Thursday, March 20, 2014

what we learned this week!

This week we learned about supply. Supply is a the willingness AND ability of producers to offer goods and services for sale. Law of supply is opposite to law of demand that producers are willing to sell more of a good or service at a higher price than they are at a lower price

We also learned about 6 factors that change supply curve.

  • input cost = supplier’s costs increase
  • labor productivity = increase productivity/decreased costs
  • technology = better technology can improve technology
  • government actions = can help or hinder production
  • producer expectations = future prices affect production
  • number of producers = more producers = more product

We also learned how to create production costs and revenue schedule.

It was a little bit hard for me to understand how to create the schedule. However, I think this is important to know how to create it and also how to see it because it helps us to know prices of products that producers want to put. It also helps us to know what price we should put when we sell something.

3 comments:

  1. that's what I write it haha. I like this chapter ><

    ReplyDelete
  2. Thank you for summing up the laws and factors again! It really helps! And i agree- learning the prices of products and the supply schedule aids us in creating a profitable price!

    ReplyDelete
  3. I agree it was very challenging to create the schedule! But you're right it is important to know and practice. We need to know what helps producers know what to price things as and know how to create a good price. I think this weeks lesson was very helpful and informative because learning about supply will help us later in life!

    ReplyDelete