Today's Year 12 Recap is looking at the topic of supply curves. Supply curves provide economists with a graphical way of representing the quantity supplied of a good or service at any given price. Being able to understand the basic upward shape of supply curves and the distinction between a movement along the supply curve and a shift is a crucial skill amongst economists.
Supply curves are vital for demand & supply analysis - the core bedrock of many microeconomic essay responses. Understanding how a factor is likely to shift the supply curve for a market and being able to diagrammatically represent this is an essential skill.
Here Jack guides you around the topic:
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