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10 Cards in this Set
- Front
- Back
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Changes in tastes & preferences |
Change in Demand: Shift of Demand Curve ex. Kale |
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Changes in Income |
Change in Demand: Shift of Demand Curve ex. New Cars: Income High Demand Increases Income Low Demand Decreases |
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Changes in the Price of a Related Good |
Change in Demand: Shift of Demand Curve Substitutes- if the price of a substitute decreases, demand for the good you're looking at decreases. Complements- if the price of a complement increases demand for the product you're looking at decreases |
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Changes in the Number of Buyers |
Change in Demand: Shift of Demand Curve Demographics- ex. As baby-boomers age, they affect the demand for different products. |
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Changes in the expectations about future prices & availability |
Change in Demand: Shift of Demand Curve Consumers will purchase more now if shortages are expected or if prices are expected to increase. |
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Change in Cost of resource inputs |
Change in Supply: Shift of Supply Curve ex. Textbook $ increase when the $ of paper increases |
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Change in Production Technology |
Change in Supply: Shift of Supply Curve ex. pre- & post- industrial revolution |
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Change in the selling price of production substitutes |
Change in Supply: Shift of Supply Curve Switching from Wheat to Corn when the selling price of corn increases |
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Change in Number of Sellers |
Change in Supply: Shift of Supply Curve Producers entering or leaving the market |
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Changes in expectations about Future Prices |
Change in Supply: Shift of Supply Curve reduces the supply of the product now if future selling prices are expected to be higher. |
