shifts in demand.
advertising, fashion & trends.
● more advertising for a good / service will increase demand and shift demand to the right.
● if trends and fashion deem a good / service to be untrendy, this will decrease demand and
shift demand to the left.
population & age structure.
● if population size were to decrease, demand for goods / services will also decrease and
shift demand to the left.
● if there is a higher population in a certain age group, demand for goods / services tailored
to that group will increase and shift demand to the right
– for example, there are more elderly people in the UK than ever before, and this would
increase and shift the demand for wheelchairs to the right.
seasons.
● if we enter a season, a good / service made for that certain season would have an increase
in demand and shift it to the right
– for example in the winter, the demand for skis would increase and shift to the right.
HOWEVER, once winter passes, the demand for skis will decrease and shift to the left.
income: normal and inferior goods.
● an increase in income will lead to an increase and shift to the right of demand for a
NORMAL good
– a normal good is a good thats demand increases when incomes rise, but decreases
when incomes fall
● an increase in income will lead to a decrease and shift to the left of demand for an inferior
good
– an inferior good is a good thats demand decreases when incomes rise, but increase
when incomes fall.
prices of other goods: complements and substitutes.
● an increase in the price of a SUBSTITUTE would lead to an increase in demand and shift
right of our good / service
● a increase in the price of a COMPLEMENT would lead to a decrease in demand and shift
left of our good / service
advertising, fashion & trends.
● more advertising for a good / service will increase demand and shift demand to the right.
● if trends and fashion deem a good / service to be untrendy, this will decrease demand and
shift demand to the left.
population & age structure.
● if population size were to decrease, demand for goods / services will also decrease and
shift demand to the left.
● if there is a higher population in a certain age group, demand for goods / services tailored
to that group will increase and shift demand to the right
– for example, there are more elderly people in the UK than ever before, and this would
increase and shift the demand for wheelchairs to the right.
seasons.
● if we enter a season, a good / service made for that certain season would have an increase
in demand and shift it to the right
– for example in the winter, the demand for skis would increase and shift to the right.
HOWEVER, once winter passes, the demand for skis will decrease and shift to the left.
income: normal and inferior goods.
● an increase in income will lead to an increase and shift to the right of demand for a
NORMAL good
– a normal good is a good thats demand increases when incomes rise, but decreases
when incomes fall
● an increase in income will lead to a decrease and shift to the left of demand for an inferior
good
– an inferior good is a good thats demand decreases when incomes rise, but increase
when incomes fall.
prices of other goods: complements and substitutes.
● an increase in the price of a SUBSTITUTE would lead to an increase in demand and shift
right of our good / service
● a increase in the price of a COMPLEMENT would lead to a decrease in demand and shift
left of our good / service
