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Shifts in Demand

Shifts in Demand

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Author: Dan Laub
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This lesson covers shifts in demand.
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Notes for "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.