Principles of Microeconomics / Unit 2 MIC 0113 short lesson, about 20 seconds
Tastes, Population and Buyer Expectations
Captions available
The idea
Three more demand shifters: tastes and preferences, the size and makeup of the population, and buyers' expectations about future prices or their own future income.
In practice
An expected price rise tomorrow fills gas tanks today, shifting demand right now.
Where people slip
An expectation moves demand before anything has happened. The price that shifts demand is the future price, not today's.
Your place on the trail
Every lesson rests on earlier ones and opens later ones. Tap any to jump.
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