Posts tagged supply
Quizzes and an IGCSE Past Paper Question to Assess Your Understanding of Demand, Supply and Market Equilibrium
Nov 11th
Image: Some rights reserved by Valerie Everett
a) Exploring Supply and Demand by Kim Sosin – useful in that you can get feedback on the impacts on the Supply and Demand graph, shown on the right hand side of your browser.
b) True/False Quiz hosted on a http://www.oup.com site.
c) SELF-GRADING PRACTICE QUIZ #3 via http://www.sscnet.ucla.edu
The following four quizzes by Pearson via http://wps.aw.com are good means of testing your understanding of demand, supply,and the market equilibrium. Usefully, at the end of each quiz you can email your results to yourself and your teacher.
d) Quiz 1
e) Quiz 2
f) Quiz 3
g) Quiz 4
Source: CIE Economics Paper 4 Exam, May/June Session 2002
Supply Revisited
Oct 25th
This post is to add further resources on the concept of supply, for those who wish to follow up on this absolutely essential concept in Economics. First, however, I recommend you use the resources on this post to learn about supply: http://opengecko.com/economics/supply/
1) Videos
Supply by vaacon1
Creating a supply curve from a supply schedule by FreeEconHelp
Supply Curve and Changes in Supply by jcsballoon
Change in supply / change in quantity supplied by vaacon1
Various factors (short clips) affecting supply by vaacon1:
The diagrams are quite hard to see on the whiteboard, but the explanations and examples are clear.
Supply shifts – Prices of Relevant Resources
Supply Shifts – Expectations of Future price
Supply Shifts – Number of Sellers
Supply Shifts – Technology
Supply shifts – Taxes and Subsidies
You will need to revise what taxes and subsidies are.
Supply shifts – Government Restrictions
2) Interactive Activities
Factors affecting supply (via http://www.mbs.edu)
Supply via http://yknot.terapad.com
Supply – sellers perspective via http://edunirvana.com
Graphing The Supply Curve via http://glencoe.com
The Law of Supply and Supply Curves via http://www.emcp.com
Data Response–Champagne, Supply and Demand
Dec 13th
Credit: I came across this useful practice data response question via a student’s blog associated with this teacher’s site: http://www.peteranthony.org/wordpress/
Image: Some rights reserved by epicxero
I think this is an excellent introduction to this 3rd paper which forms part of the IB Economics final assessment. The questions are straightforward, but you will need to pay close attention to the markscheme for these kinds of questions, which usually follow the same format.
1) The article (data to which to respond):
UK Newspaper, Daily Mail, on Champagne price decreases, October 2009
2) The questions
1. Define the following terms: a) demand, b) supply [4]
2. Using an appropriate diagram, explain one reason for why the price of a bottle of champagne has fallen? [4]
3. Using an appropriate diagram, explain one reason for why the price of champagne will probably rise next year? [4]
4. Using information from the text and your knowledge of economics, evaluate a decision not to raise the price of a bottle of champagne over the coming months before Christmas. [8]
Supply and Demand Interacting – The Equilibrium Price
Sep 28th
Understand Demand? Understand Supply? Now we need both hands to clap, and when we put them together we can understand how prices are arrived at when market forces are left to their own devices (and also when they’re not). What Adam Smith called the invisible hand … you need to know this concept like the back of your own (not so invisible) hand.
Quite a lot of video tutorials on this fundamentally important economic concept.
Probably the best way to start (again) – take it away mjmfoodie:
Perhaps more detailed, jodiecongirl tackles market equilibrium:
But for an even deeper level of detail, here are two videos by richardmckenzie (note his tutorials are geared towards an MBA course!):
http://www.whitenova.com/thinkEconomics/supply.html
Now that you have hopefully grasped the fundamentals, it is worth checking your understanding further through these interactive tutorials:
http://hadm.sph.sc.edu/courses/econ/sd/sd.html
Notice that the above tutorial continues on to another page:
http://hadm.sph.sc.edu/courses/econ/sd/SD3.html
There are two good podcasts publishes by Biz/Ed which also include transcripts and possible questions:
Supply
Sep 27th
Introduction and summary by MJMFoodie:
jodiecongirl runs through the determinants of supply:
jodiecongirl explains movements along and shifts of the supply curve:
Follow up activities to check your understanding:
Original MS Powerpoint file here
Equilibrium Price – How do The Laws of Supply and Demand Interact?
Oct 26th
Good recap video:
Good overview video:
Activity: Recapping Factors Affecting Demand and Supply
Econedlink Site
Activity: Exploring changes in Supply and Demand
Activity: How changes in Supply and/or Demand affect Market Equilibrium
More sophisticated diagram analysis of teh same issue
Activity:
Activity: Changes in Supply and Demand Effect Equilibrium Price and Price Ceilings and Price Floors. Click here:
