{"id":5115,"date":"2016-07-20T21:05:26","date_gmt":"2016-07-20T21:05:26","guid":{"rendered":"https:\/\/courses.lumenlearning.com\/microeconomics\/?post_type=chapter&#038;p=5115"},"modified":"2016-07-26T23:47:31","modified_gmt":"2016-07-26T23:47:31","slug":"outcome-supply","status":"publish","type":"chapter","link":"https:\/\/courses.lumenlearning.com\/atd-herkimer-microeconomics\/chapter\/outcome-supply\/","title":{"raw":"Outcome: Supply","rendered":"Outcome: Supply"},"content":{"raw":"<h2>What you\u2019ll learn to do: explain the determinants of supply<\/h2>\r\nSo far you've learned about the role of demand in economics\u2014which is the consumer side of the story. In this section, you'll learn about the producer\u00a0side of economics to\u00a0see what\u00a0factors impact the amount of goods\u00a0supplied in a\u00a0market. For example, suppose the global price of petroleum falls significantly. What do you think will happen to the supply of gasoline? How are supply and price connected? In this section you'll examine the law of supply and see why this counterpart to \"demand\"\u00a0is also essential to understanding economics.\r\n\r\nThe specific things you\u2019ll learn in this section include the following:\r\n<ul>\r\n \t<li>Explain the law of supply<\/li>\r\n \t<li>Explain\u00a0a supply curve<\/li>\r\n \t<li>Create a supply curve using a data set<\/li>\r\n \t<li>Describe the differences between changes in supply and changes in quantity supplied<\/li>\r\n \t<li>Explain the impact of factors that change supply<\/li>\r\n<\/ul>\r\n<h3>Learning Activities<\/h3>\r\nThe learning activities for this section include the following:\r\n<ul>\r\n \t<li>Reading: What Is Supply?<\/li>\r\n \t<li>Reading: Factors Affecting Supply<\/li>\r\n \t<li>Worked Example: Shift in Supply<\/li>\r\n \t<li>Reading: Summary of Factors That Change\u00a0Supply<\/li>\r\n \t<li>Simulation: Supply of Food Trucks<\/li>\r\n \t<li>Self Check: Supply<\/li>\r\n<\/ul>","rendered":"<h2>What you\u2019ll learn to do: explain the determinants of supply<\/h2>\n<p>So far you&#8217;ve learned about the role of demand in economics\u2014which is the consumer side of the story. In this section, you&#8217;ll learn about the producer\u00a0side of economics to\u00a0see what\u00a0factors impact the amount of goods\u00a0supplied in a\u00a0market. For example, suppose the global price of petroleum falls significantly. What do you think will happen to the supply of gasoline? How are supply and price connected? In this section you&#8217;ll examine the law of supply and see why this counterpart to &#8220;demand&#8221;\u00a0is also essential to understanding economics.<\/p>\n<p>The specific things you\u2019ll learn in this section include the following:<\/p>\n<ul>\n<li>Explain the law of supply<\/li>\n<li>Explain\u00a0a supply curve<\/li>\n<li>Create a supply curve using a data set<\/li>\n<li>Describe the differences between changes in supply and changes in quantity supplied<\/li>\n<li>Explain the impact of factors that change supply<\/li>\n<\/ul>\n<h3>Learning Activities<\/h3>\n<p>The learning activities for this section include the following:<\/p>\n<ul>\n<li>Reading: What Is Supply?<\/li>\n<li>Reading: Factors Affecting Supply<\/li>\n<li>Worked Example: Shift in Supply<\/li>\n<li>Reading: Summary of Factors That Change\u00a0Supply<\/li>\n<li>Simulation: Supply of Food Trucks<\/li>\n<li>Self Check: Supply<\/li>\n<\/ul>\n\n\t\t\t <section class=\"citations-section\" role=\"contentinfo\">\n\t\t\t <h3>Candela Citations<\/h3>\n\t\t\t\t\t <div>\n\t\t\t\t\t\t <div id=\"citation-list-5115\">\n\t\t\t\t\t\t\t <div class=\"licensing\"><div class=\"license-attribution-dropdown-subheading\">CC licensed content, Original<\/div><ul class=\"citation-list\"><li>Outcome: Supply. <strong>Authored by<\/strong>: Steven Greenlaw and Lumen Learning. <strong>License<\/strong>: <em><a target=\"_blank\" rel=\"license\" href=\"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\">CC BY: Attribution<\/a><\/em><\/li><\/ul><\/div>\n\t\t\t\t\t\t <\/div>\n\t\t\t\t\t <\/div>\n\t\t\t <\/section>","protected":false},"author":18,"menu_order":12,"template":"","meta":{"_candela_citation":"[{\"type\":\"original\",\"description\":\"Outcome: Supply\",\"author\":\"Steven Greenlaw and Lumen Learning\",\"organization\":\"\",\"url\":\"\",\"project\":\"\",\"license\":\"cc-by\",\"license_terms\":\"\"}]","CANDELA_OUTCOMES_GUID":"","pb_show_title":"on","pb_short_title":"","pb_subtitle":"","pb_authors":[],"pb_section_license":""},"chapter-type":[],"contributor":[],"license":[],"class_list":["post-5115","chapter","type-chapter","status-publish","hentry"],"part":5087,"_links":{"self":[{"href":"https:\/\/courses.lumenlearning.com\/atd-herkimer-microeconomics\/wp-json\/pressbooks\/v2\/chapters\/5115","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/courses.lumenlearning.com\/atd-herkimer-microeconomics\/wp-json\/pressbooks\/v2\/chapters"}],"about":[{"href":"https:\/\/courses.lumenlearning.com\/atd-herkimer-microeconomics\/wp-json\/wp\/v2\/types\/chapter"}],"author":[{"embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/atd-herkimer-microeconomics\/wp-json\/wp\/v2\/users\/18"}],"version-history":[{"count":2,"href":"https:\/\/courses.lumenlearning.com\/atd-herkimer-microeconomics\/wp-json\/pressbooks\/v2\/chapters\/5115\/revisions"}],"predecessor-version":[{"id":5541,"href":"https:\/\/courses.lumenlearning.com\/atd-herkimer-microeconomics\/wp-json\/pressbooks\/v2\/chapters\/5115\/revisions\/5541"}],"part":[{"href":"https:\/\/courses.lumenlearning.com\/atd-herkimer-microeconomics\/wp-json\/pressbooks\/v2\/parts\/5087"}],"metadata":[{"href":"https:\/\/courses.lumenlearning.com\/atd-herkimer-microeconomics\/wp-json\/pressbooks\/v2\/chapters\/5115\/metadata\/"}],"wp:attachment":[{"href":"https:\/\/courses.lumenlearning.com\/atd-herkimer-microeconomics\/wp-json\/wp\/v2\/media?parent=5115"}],"wp:term":[{"taxonomy":"chapter-type","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/atd-herkimer-microeconomics\/wp-json\/pressbooks\/v2\/chapter-type?post=5115"},{"taxonomy":"contributor","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/atd-herkimer-microeconomics\/wp-json\/wp\/v2\/contributor?post=5115"},{"taxonomy":"license","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/atd-herkimer-microeconomics\/wp-json\/wp\/v2\/license?post=5115"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}