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The Economic Tango The Relationship Between Supply & Demand Change in Quantity Demanded Price Reason Only- Movement Along the Curve Change in Quantity Supplied Change in Demand Change in Supply Decrease in Supply Increase in Supply Determinants (Non- Price) Factors) Demand Supply Tastes and Preferences Cost of Inputs Change in Income Changes in taxes and subsidies Price of Substitutes Future Price Expectations Price of Compliments Number of Competitors Future Price Expectations Change in Technology and Productivity Change in Market Size Prices of Related Goods Substitutes Complements Income Real-world example: increase in federal minimum wage Tastes and Preferences Expectations Real world example Number of Consumers Decrease in Supply Cost of Inputs Price Floors and Ceilings
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