Chapter 4 Section 2 Shifts in the Demand Curve. Changes in Demand Ceteris paribus – “all other things held constant” Demand curve is only accurate if.

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Presentation transcript:

Chapter 4 Section 2 Shifts in the Demand Curve

Changes in Demand Ceteris paribus – “all other things held constant” Demand curve is only accurate if no other changes outside of price Price change, you move along the curve Affects change in quantity demanded

Shifts in Demand Shift in demand to the right Shift in demand to the left

What Causes Shift Income Consumer Expectations Population Demographics Consumer Tastes and Advertising

Prices of Related Goods Complements Two goods that are bought and used together Ex: Peanut Butter and Jelly Substitutes Goods that are used in place of one another Ex: Butter and Margarine

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