Shifters of Demand and Supply

number of buyers

demand shifter b

income (norm/inf)

demand shifter i

tastes and preferences

demand shifter t

expectations (future price/income)

demand shifter e

related goods (sub/comp)

demand shifter r

technology

supply shifter t

other goods (substitution) price change

supply shifter o

number of sellers

supply shifter n

expectations of future profit

supply shifter e

resource cost/availability

supply shifter r

subsidies and taxes

supply shifter s

supply

different quantities of goods that sellers are willing and able to sell

demand

goods/service consumers are willing and able to buy

supply has a what relationship

direct; p goes up and q goes up

demand has a what relationship

inverse; p goes up and q goes down