The 5 Demand Shift Factors | Change in Demand vs Change in Quantity Demanded

The 5 Demand Shift Factors | Change in Demand vs Change in Quantity Demanded | Think Econ

Рет қаралды 24,652

2 жыл бұрын

In economics there are 5 demand shift factors which move the demand curve to the right or left. In this video we explain what determines a shift in the demand curve versus a movement along the demand curve, also known as a change in the quantity demanded!
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Пікірлер: 21

@ThinkEcon 2 жыл бұрын

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@KanoKakkad-bk9fh 10 ай бұрын

A superb explanation sir..

@agapegospelband101 Жыл бұрын

Wow so clear

@Tradelandsincorparted 2 жыл бұрын

My professor ain't gonna respond for the next 2 weeks so maybe you will :D I was having trouble identifying what caused the decrease in the product I am writing about. After doing more research I believe it is population. Would population not only include the number of citizens of a country or state but as well of consumers in a market. In an example of Christmas trees. Let's say the demand decreased from December 10-20th because everyone simply already had a Christmas tree, which they bought in November and there is no reason to buy another. Would this be a decrease in the "population" meaning a decrease in the number of buyers? Thanks

@ThinkEcon 2 жыл бұрын

To truly answer this question accurately you need to know WHY the consumers bought their tress in November. I say this because the shift factor in this scenario is more often than not, "Consumer Expectations." Everybody wants to get their Christmas tree early so that they can pick the best tree, and no one wants to get one in mid to late December as the "good" trees are already going to be gone. This would drive up demand (rightward shift) in November and decrease (leftward shift) in mid-December. And to answer your question about population, yet it can definitely encompass the population of consumers in the market, but for this scenario you presented, you first need to figure out WHY the Christmas tree consumers bought in November, to accurately diagnose the shift factor. Hope this helps, Carter!