What causes the PPC/PPF to shift?
Advances in technology
Change in Resources
Change in labor force
economic growth
Natural disaster/war/famine
More education/training(Human Capital)
5 Determinants that cause a change in demand
Δ Buyer's Taste (ads)
Δ # of Buyers (Population)
Δ Income (Normal vs Inferior Good)
Δ Price of Related goods (Complementary and Substitute)
Δ Expectations
Demand is quantities that people are willing/ able to buy at varying prices
Law of Demand: Inverse relationship between price and quantity demanded
A Demand Curve
Advances in technology
Change in Resources
Change in labor force
economic growth
Natural disaster/war/famine
More education/training(Human Capital)
5 Determinants that cause a change in demand
Δ Buyer's Taste (ads)
Δ # of Buyers (Population)
Δ Income (Normal vs Inferior Good)
Δ Price of Related goods (Complementary and Substitute)
Δ Expectations
Demand is quantities that people are willing/ able to buy at varying prices
Law of Demand: Inverse relationship between price and quantity demanded
A Demand Curve
No comments:
Post a Comment