Download Shift in Demand

Survey
yes no Was this document useful for you?
   Thank you for your participation!

* Your assessment is very important for improving the work of artificial intelligence, which forms the content of this project

Document related concepts

Middle-class squeeze wikipedia, lookup

Economic equilibrium wikipedia, lookup

Supply and demand wikipedia, lookup

Transcript
Bell Work
 Objective:
 Summarize what cause Demand to shift
and the effect on the price and quantity
demanded.
 Bell Question:
 What is the law of Demand?
Shifts in Demand
$
$
D2
D1
Q
Shift to the right indicates
an increase in Demand
D1
D2
Shift to the left indicates
a decrease in Demand
Q
Shift in Demand
SEPTIC
Substitutes
 Chicken and beef
 Price of chicken goes up, demand for
beef will go up
Expectations (consumers)
 Bird flu expected to destroy most of
the future chicken population
 Increased demand for chicken now
-Before it disappears
Population (# of buyers)
 After WWII – Baby boom
 Increase in baby clothes, diapers
Taste and Preferences
- What is Popular
 IPads
 Smart phones/IPhones
Income
 If one’s income increases the
demand for normal items will
increase
Complements
 PB & J
 Price of peanut butter goes up, the
demand for jelly will go down
Ski/ ski boots