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3 Tutorials that teach Shifts in Demand
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Shifts in Demand

Shifts in Demand

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Author: Colton Cranston
Description:
This lesson covers shifts in demand.
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Notes on "Shifts in Demand"

Key Terms

  • Law of Demand
  • The inverse correlation between price and quantity with all other variables fixed.
  • Ceteris paribus
  • Holding all other variables constant.
  • Substitutes (production and consumption)
  • As the price one good increases, the demand for an alternative good meeting the same producer or consumer need, increases.
  • Complements (production and consumption)
  • A good for which the demand increases as the price of an associated good decreases.
  • Movements Along Demand Curve
  • Demonstrated when the price of the product changes and impacts the quantity demanded.
  • Shift in Demand
  • A change in something other than price affects purchasing behavior.