Suppliers Supplying Supply!

Hello all!  This is my first reflective blog post, so I hope you find it enjoyable and informative.  This week in Economics class, we learned about supply.  Supply is the willingness and ability of producers to offer their products for sale.  Supply can be illustrated as either a chart (schedule) or a curve.

Supply Schedule:

Supply Curve:

A move along the supply curve signifies a change in the quantity supplied.  There are are six factors that can shift the supply curve.  These are input costs, labor productivity, technology, government actions, producer expenses, and number of producers.

The term "elasticity of supply" refers to the responsiveness of producers to price changes (the ease of shifting production).  An elastic supply is very responsive to price changes; an inelastic supply is not.  Something of interest to note is that service businesses are more likely to have elastic supply compared to manufacturing businesses.  This is because service businesses usually do not need as much capital or have as much difficulty obtaining resources as manufacturing businesses.

Something else that we did this week was design an electric scooter.  My group's scooter is called the FLY-TASTIC! AeroScoot™.  It has many high-quality components and is reasonably priced.  Some of the FLY-TASTIC! AeroScoot™'s special features are:

• flight capabilities
• handlebar streamers
• actual miniaturized rocket engines
• telescoping wings  (pull them out for flight, push them back in for use as a normal electric scooter)
• SecureGrip™ footboard  (no slipping off the scooter while in the air!)
• It's electric!  (less harmful emissions for the environment)

And so much more!  Buy yours today!

Price:  $400