Visual 6.1 Determinants of Demand - Council for Economic ...

Visual 6.1 Determinants of Demand - Council for Economic ...

LESSON 6 THE MARKET NEVER STANDS STILL Determinants of Demand Change in consumer income Change in tastes and preferences Change in the price of a substitute good Change in the price of a complementary good Change in consumers price expectations Change in number of consumers in the market 6-1 HIGH SCHOOL ECONOMICS 3RD EDITION COUNCIL FOR ECONOMIC EDUCATION, NEW YORK, LESSON 6 THE MARKET NEVER STANDS STILL Shifts in Demand 4.00 3.50 3.00 2.50 A B Demand price 2.00 1.50 C

D 1.00 E 0.50 0.00 10 F D1 20 30 40 50 60 D2 70 80 Quantity of pecans per day 6-2 HIGH SCHOOL ECONOMICS 3RD EDITION COUNCIL FOR ECONOMIC EDUCATION, NEW YORK, LESSON 6 THE MARKET NEVER STANDS STILL

Determinants of Supply Change in the cost of productive resources Change in technology Change in profit opportunities of producing other products Change in producers price expectations Change in number of sellers in the market Change in the government tax or 6-3 HIGH SCHOOL ECONOMICS 3RD EDITION COUNCIL FOR ECONOMIC EDUCATION, NEW YORK, LESSON 6 THE MARKET NEVER STANDS STILL Shifts in Supply 4.00 3.50 S 1 3.00 2.50 A 2.00 Supply price B 1.50

C 1.00 D E 0.50 0.00 10 S2 F 20 30 40 50 60 70 80 Quantity of pecans per day 6-4 HIGH SCHOOL ECONOMICS 3RD EDITION COUNCIL FOR ECONOMIC EDUCATION, NEW YORK,

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