Principles of Microeconomics / Unit 17 MIC 1607 short lesson, about 20 seconds
The Shifters
Captions available
The idea
Demand shifts with income, normal or inferior; the prices of substitutes and complements; tastes; population; and buyer expectations. Supply shifts with input prices, technology, the number of sellers, seller expectations, and natural conditions or taxes.
In practice
A substitute's price up raises demand; an input's price up lowers supply.
Where people slip
The good's own price appears on neither list; it moves along the curves.
Your place on the trail
Every lesson rests on earlier ones and opens later ones. Tap any to jump.
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