In this course, we've discussed fundamental concepts in economics. Let's recap.
The law of supply describes the behavior of sellers. Remember sellers and supply both begin with s. In general, sellers will supply more of a good at higher prices than at lower prices. When this relationship is graphed, the result is an upward-sloping supply curve.
A change in price results in movement along the supply curve from one point to another. This is called a change in the quantity supplied. When factors in the market change, the supply curve shifts to the left or the right. This is called a change in supply.
There are several resources you may find helpful of the basic content discussed in this course.
The Economic Lowdown Podcast Series:
The Economic Lowdown Video Companion Series:
Now, click next to take the assessment and demonstrate your understanding of the material provided in this course.