The Economic Tango The Relationship Between Supply & Demand.

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Presentation transcript:

The Economic Tango The Relationship Between Supply & Demand

Change in Quantity Demanded Price Reason Only- Movement Along the Curve

Change in Quantity Supplied

Change in Demand

Change in Supply Decrease in SupplyIncrease in Supply

Determinants (Non- Price) Factors) Demand Tastes and Preferences Change in Income Price of Substitutes Price of Compliments Future Price Expectations Change in Market Size Supply Cost of Inputs Changes in taxes and subsidies Future Price Expectations Number of Competitors Change in Technology and Productivity

Prices of Related Goods SubstitutesComplements

Income Real-world example: increase in federal minimum wage

Tastes and Preferences

Expectations Real world example

Number of Consumers

Decrease in Supply

Cost of Inputs

Price Floors and Ceilings

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