Variables that shift the demand and supply curves

increase in income (and the good is normal)

demand shift right

increase in income (and the good is inferior)

demand shifts left

increase in the price of a substitute good

demand shifts right

increase in the price of a complementary good

demand shifts left

increase in the taste for the good

demand shifts right

increase in population

demand shifts right

increase in the expected price of the good in the future

demand shifts right

occurrence of a natural disaster or pandemic

demand can shift either direction as consumers buy less of most goods but more of a few goods

Variables that shift the demand curve

income, price of related goods, taste/preferences, population, expected future prices, natural disasters

variables that shift the supply curve

price of inputs, technological change, prices of related goods in production, number of firms in the market, expected future prices, natural disasters

increase in price of input

supply shifts left

positive technological change

supply shifts right

increase in price of a substitute in production

supply shifts left

increase in price of a complement in production

supply shifts right

increase in the number of firms in the market

supply shifts right

firm expects price of its product to be higher in the future

supply shifts left

occurrence of a natural disaster

supply shifts left