The Law of Supply by

The Law of Supply Video #1

zaachary_king — 2019-04-11 00:34:31 UTC

This video gives a solid foundation for the law of supply. It breaks down what supply is in an easy to understand manner that you can follow along with. Being a mild length of <15 minutes it does a solid job of explain a few concepts that are new to myself as well. Check it out and learn the meaning of S.T.O.R.E.S!
S-Subsidies and Taxes
T-Technology
O-Other related Goods
R- Resource Costs
E- Expectations of producers
S- Size of the market.

He goes over all those points in detail within the video.

I chose this video because of its relatively easy to understand manner at a beginner level in economics. This video is easy to follow from start to finish and even if it all doesn't make sense at first, it builds a foundation for the rest of my resources to link back to this one.

Intro

zaachary_king — 2019-04-11 00:35:01 UTC

Hi and welcome to my Padlet wall. Today we will go over some resources that will assist you in learning about "The law of Supply". Though it is an easy to grasp concept getting into the details of how it works will help us better understand the economical impact of how supply works. In its most basic form, The law of supply tells us that as something increases in price, Individuals will attempt to create more of that product as-well. So if apples start at $1, We will import lets say 10,000. Now next month apples skyrocket all the way to $1.50. We are now going to try and get 15,000 . Follow along for more examples and guides to better understand why.

Law of Supply Web Resource Site #3

zaachary_king — 2019-04-11 00:35:14 UTC

This website gives an easy to read and understand break down of what the law of supply means. The example I used in my previous post actually came from this website so for a larger break down of the law of supply check out this website.

Bob Proctor Video # 2

zaachary_king — 2019-04-11 00:47:22 UTC

This individual gives an exciting speech about the law of supply in a more relate-able manner. He makes a compelling speech on examples of how to think about the law of supply without all those hard to read charts. Incorporating his examples and how he explains it helps us realize what the law of supply is and it's importance.

I chose this video because of the lack of visuals. By just having him speak it makes it easier to listen and follow along without reading the graphs. This helps follow my first video as now that we have a foundation of what the law of supply is we can follow him a little better. This seemed best chosen second though.

Real World Examples Video #3

zaachary_king — 2019-04-11 00:49:58 UTC

This video really put the law of supply into perspective using real world examples. By being able to relate to the examples given it helps us conceptually visualize the law of supply, Though this video is Supply & Demand the two topics do go hand in hand, But we are trying to focus on the supply part for now. By using multiple examples in different situations it guides us along what supply is and ties in demand as well since they go hand in hand.

I chose this video again to broaden the scope of the subject by not focusing on graphs and more focusing on grasping the concepts. Having a firm hold on the basic concepts will help the future of trying to grasp more complex subjects or simply just put on a larger scale.

How to make the Chart Video #4

zaachary_king — 2019-04-11 00:51:44 UTC

Now that we understand the law of supply this will help us create a chart to properly illustrate it. This video was actual used by myself for one of my classes so it is highly recommend. the audio is a little hard to hear but the content is easy to follow and understand with very little knowledge of how to use excel, you will excel on making these charts yourself(get it?). By using excel he creates a quick graph that is easily modified by just changing the values in excel and it will update the graph. Pretty handy for larger scale options as it can get complicated but having it all laid out in excel makes it much easier to do without actually creating the graph.

I chose this video as to show creating the actual graph. This video also incorporates how to quickly add and change the graph instead of trying to do it all by hand which is important as we should use the resources we have available to make things easier.

Supply Charts Site #2

zaachary_king — 2019-04-11 00:54:10 UTC

This web resource goes over the actual law of supply charts only and how they work. the website takes each subject and breaks it down , again including demand but focusing more on the supply. It shows us graphs, charts and descriptions for each. By going over each resource we see that as the price increases, so does the supply which is what the law of supply is. and by tying in the demand we can start to see a more advanced representation including an equilibrium point.

This will give you a bunch of ideas and understanding on how to make a supply and demand curve. After going over the website I found a few things that i actually never knew such as the demand shifts. By going over each example it shows us how the supply curves work. basically when you have two of the charts side by side and connect both the equilibrium points you than have your demand. Again my topic is supply but since they go hand in hand these can both be accurately depicted on a single chart.

Manipulating the data Site #4

zaachary_king — 2019-04-11 01:03:42 UTC

This web article shows us how to manipulate the data from these charts to our advantage. This is key as just having the chart is irrelevant if we don't do anything about the information. It goes over the 4 major points of

1. Positioning yourself
2. Gaining control of Supply
3. Manufacture Demand
4. Cycle back to the first rule

The first rule of positioning yourself is clearly the most important and fundamental point of the article. Controlling the information you receive is fundamental on moving forward or else your next chart will have a much worse equilibrium point.

I chose this resource as the final resource as now we would understand the basics of supply, we can now start to see what we can do with it and how to use it. It is a simple resource that again will help start a foundation on what to do next.

Why is the Law of Supply Important? Site #1

zaachary_king — 2019-04-11 01:08:27 UTC

This resource basically tells us WHY this is all knowledge that we should be understanding. Especially if you want to venture into the business world almost every branch of business will incorporate economics , and of course the law of supply and demand is most important. You need to know about your product, How many people are going to be getting it , and at what cost. Without this you are just winging it which is just a setup for failure.

I chose this website to take a break from all the videos and something to help us understand the WHY more than the WHAT. This website will definitely help understand why all of this stuff is important rather than just explaining it to us.

Supply chart Picture #1

zaachary_king — 2019-04-11 01:10:35 UTC

I chose this simple picture to use as a reference after watching the first video. it is a very simple depiction of how a supply chart looks but unlike the first video this isn't hand written. in its most basic form this is what a supply chart will start to look like, but probably not in such a liner way.

Equilibrium Point Picture #2

zaachary_king — 2019-04-11 01:13:04 UTC

I chose this image to followup on the previous post by showing another representation of the equilibrium point. This is important as you always want to be on that equilibrium point it is the focus of where supply meets demand. without having too much or too little waste.

Final Thoughts

zaachary_king — 2019-04-11 01:47:56 UTC

What i learned the most was just how important the law of supply really is. After going into details and reading through the articles i realize that these concepts are the foundation that hold every company together regardless of the product. This could be tied with demand as well but understanding supply would help the development of a new product too by connecting the dots.

A real life example of this would be the cost of produce. The price of produce will steadily increase in the winter months which makes sense because farmers cannot grow it. While that ties in with slightly other topics this could mean that all those farmers are now purchasing it too. so now the demand has gone up as well as the supply going down.

If I could pass on any knowledge to a family member it would definitely be the Importance of supply. Understanding it is one thing but understanding why it is important to know is another. Having that foundation of understanding why will hopefully spark in interest in diving deeper in. I find that I understand things more when I know its importance. I don't really want to learn something that doesn't benefit me at all like how to extract oil.