Summary
Full Transcript
What are the factors that cause the demand curve to shift to the left or to the right? What does it mean when demand shifts? An increase in demand means an increase in the quantity demanded at every price. Similarly, a decrease in demand means a decrease in the quantity demanded at every price. This video looks at real-world examples of some important demand shifters, such as changes in income (both for normal and inferior goods), population, tastes, the price of related goods (both for substitutes and complements), and expectations. *TEACHER RESOURCES* FREE Supply and Demand 5-day HS unit plan: https://mru.io/4bh Supply, Demand, & Equilibrium assessment questions: https://mru.io/vh1 High school teacher resources: https://mru.io/fa9 Professor resources: https://mru.io/crx Next video: https://mru.io/1ax Practice questions: https://mru.io/7x8 Full microeconomics course: https://mru.io/txu --- 00:00 - Intro 00:23 - Increase in Demand 01:39 - Decrease in Demand 02:16 - 5 Demand Shifters 02:56 - Income: Normal Goods 03:34 - Income: Inferior Goods 04:06 - Population 04:45 - Tastes 05:33 - Related Goods: Substitutes 06:48 - Related Goods: Complements 07:55 - Expectations 09:00 - Next Steps
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