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AMERICAN ASSOCIATION OF UNIVERSITY PROFESSORS: An association of university and college faculty established in 1915 to protect academic freedom. Commonly abbreviated AAUP, this association is the closest thing university faculty have to a labor union. While it does engage in some collective bargaining functions with specific universities, similar to traditional labor unions, its primary function is to ensure that faculty maintain intellectual or academic freedom from political of social pressures.
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Lesson Contents
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Unit 1: Selling Basics |
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Unit 2: Law of Supply |
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Unit 3: Supply Curve |
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Unit 4: Determinants |
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Unit 5: Scarcity |
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Unit 6:
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Supply
This supply lesson provides an introduction into selling a wide range of goods. In fact, this supply topic does more than offer insight into selling behavior. It's also the second half of the market analysis -- the first half being demand. And to reiterate what I noted during the demand lesson, market analysis is one of the most widely used tools in the study of economics that can be used to explain a lot of economic phenomenon. Of course to use markets, we need both demand and supply. And supply part is our current lesson. - The first unit of this lesson introduces the basic concept of supply and a few related terms such as supply price and quantity supplied.
- In the second unit then we move into a discussion of the law of supply, which captures the basic relation between supply price and quantity supplied.
- The third unit then develops the supply curve, which is the graphical embodiment of the supply concept.
- Moving onto the fourth unit, we examine how the five basic supply determinants cause the supply curve to shift from one location to another.
- And in the fifth and final unit, we make a connection between supply and the limited resources part of scarcity.
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PRODUCTION TECHNOLOGY, SUPPLY DETERMINANT The knowledge and information that suppliers have about production (that is, production techniques or the way inputs are combined to produce outputs) which are assumed constant when a supply curve is constructed. Production technology is one of five supply determinants that shift the supply curve when they change. The other four are resource prices, other prices, sellers' expectations, and number of sellers.
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In 1914, Ford paid workers who were age 22 or older $5 per day -- double the average wage offered by other car factories.
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"Nobody can be successful unless he loves his work. " -- David Sarnoff, TV pioneer
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IADB
Inter-American Development Bank
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