Total Video Time: 44 minutes
You’ve already seen demand, which most students understand fairly intuitively — after all, you’re all consumers. But now we have to view things from the perspective of the firms and individuals supplying output to the market. If you’ve owned a business, some of this will likely make a fair amount of sense to you. If you haven’t, it may challenge you a little bit.
Video 3.1: Supply (10 min)
This video explains what economists mean by “supply” and how it can be different from production.
Video 3.2: Law of Supply (8 min)
This video explains why firms tend to produce more output at higher prices. Again, it seems like common sense knowledge but we break it down into two different components.
Video 3.3: Changes in Supply (19 min)
This video explains the 5 factors that will shift the supply curve.
Video 3.4: Two Views of Supply (7 min)
As was done with demand, this video explains the two different ways that one can think about a supply curve.