Lesson 8 ISS Notes

Impact on Demand

TIPSE

• T: Tastes (and preferences of consumers)

• I: Income (consumers)

• P: Population (amount of consumers

• S: substitutes and complements

• E: expectations of price or quality

Impacts on Supply

WAGTIPS

• W: Weather conditions affecting production.

• A & G: Actions of Government

• T: Technology 

• I: Input costs, such as labor or materials.

• P: Prices of related goods

• S: Sellers (# of Sellers)