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5.24: Introduction to Supply

  • Page ID
    48323
  • What you’ll learn to do: explain the determinants of supply

    Old, decrepit gas station.

    So far you’ve learned about the role of demand in economics—which is the consumer side of the story. In this section, you’ll learn about the producer side of economics to see what factors impact the amount of goods supplied in a market. 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” is also essential to understanding economics.

    Contributors and Attributions

    CC licensed content, Original
    • Outcome: Supply. Authored by: Steven Greenlaw and Lumen Learning. License: CC BY: Attribution
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