Economics HL
Economics HL
4
Chapters
117
Notes
Unit 1 - Intro To Econ & Core Concepts
Unit 1 - Intro To Econ & Core Concepts
Unit 2 - Microeconomics
Unit 2 - Microeconomics
Unit 3 - Macroeconomics
Unit 3 - Macroeconomics
Unit 4 - The Global Economy
Unit 4 - The Global Economy
IB Resources
Unit 2 - Microeconomics
Economics HL
Economics HL

Unit 2 - Microeconomics

Understanding Movements & Shifts In The Supply Curve

Word Count Emoji
631 words
Reading Time Emoji
4 mins read
Updated at Emoji
Last edited onย 5th Nov 2024

Table of content

Key concepts explained ๐Ÿ’ก

Supply curve a quick recap ๐Ÿ”„

Remember, a supply curve is like a secret code that tells us how many units of a good or service a supplier is willing and able to produce at different prices. The higher the price, the more they're willing to produce. Why? Because higher prices = more profit! ๐Ÿ’ฐ

Movements along the supply curve - The price tango ๐Ÿ’ƒ๐Ÿ•บ

When there's a change in the price of a good, we see a movement along the supply curve. Think of it like this - you're at a carnival. You notice that the price of your favorite candy floss has increased. The candy floss vendor is thrilled, and starts making more. This is an upward movement along the supply curve! Conversely, if the price drops, the vendor would produce less, marking a downward movement.

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Dive deeper and gain exclusive access to premium files of Economics HL. Subscribe now and get closer to that 45 ๐ŸŒŸ

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IB Resources
Unit 2 - Microeconomics
Economics HL
Economics HL

Unit 2 - Microeconomics

Understanding Movements & Shifts In The Supply Curve

Word Count Emoji
631 words
Reading Time Emoji
4 mins read
Updated at Emoji
Last edited onย 5th Nov 2024

Table of content

Key concepts explained ๐Ÿ’ก

Supply curve a quick recap ๐Ÿ”„

Remember, a supply curve is like a secret code that tells us how many units of a good or service a supplier is willing and able to produce at different prices. The higher the price, the more they're willing to produce. Why? Because higher prices = more profit! ๐Ÿ’ฐ

Movements along the supply curve - The price tango ๐Ÿ’ƒ๐Ÿ•บ

When there's a change in the price of a good, we see a movement along the supply curve. Think of it like this - you're at a carnival. You notice that the price of your favorite candy floss has increased. The candy floss vendor is thrilled, and starts making more. This is an upward movement along the supply curve! Conversely, if the price drops, the vendor would produce less, marking a downward movement.

Unlock the Full Content! File Is Locked Emoji

Dive deeper and gain exclusive access to premium files of Economics HL. Subscribe now and get closer to that 45 ๐ŸŒŸ