Alright, so lastly I included this summary sheet that includes all the shifts in demand that we've covered so far, as well as information about changes in price. So first I listed all of the ones that are directly proportional. That means that the determinant is going to go up as well as the demand is going to go up, and it makes this neat little acronym here in spec. I know some of you do well with acronyms and stuff like that, so I included it in here although I would really think that it's better to focus on the logic and the intuition when it comes to deciding which way things are going to shift, but nonetheless, this could be helpful for you as well so I included it in here. So here we've got all our directly proportional shifts, income and normal goods right, so if consumer income rises, demand for normal goods rises. Substitute products, if the price of a substitute goes up, the demand for our good is going to go up. Preferences for a good, so if the preferences if consumers prefer this good for some reason, the demand for that good is going to increase. Consumer expectations, so if the expected future price in the consumer's mind is going to be higher, then they're going to demand the good now more. So you're going to see an increase in current demand there. And lastly, the number of consumers. So if you see the number of consumers in a market go up, you're also going to see the demand for that product go up. Next, let's cover these inversely proportional ones. We've got this one unfortunately there are only 2 so I couldn't really make an acronym here, but that's why there are only 2. It should be easy to remember. So we've got income with inferior goods, so when consumer income rises, demand for inferior goods is going to fall, right, and complements, when the price of a complement goes up, a complementary product, then the demand for our good is going to fall. And last, I wanted to include this note about changes in price. Remember when we have a change in price, it's only going to change the quantity demanded, right? We're not going to draw a new demand curve. I know you see 2 curves there foreshadowing a little bit, the other one's going to be the supply curve and we're going to get into that in a minute, but what you see here is that we've moved on the demand curve say from this point here in the middle, we've moved up to that other point. Okay, so we've only moved along the line and not drawn an entirely new demand curve. Alright, cool. So I hope this sheet is really valuable to you and I think you should use it especially while you're still getting comfortable with the shifts, while you're doing practice problems, try and use this sheet to help you guide, to the correct answers. Cool? Alright, one more thing. You see all this empty space here on the right side of the page? I wonder what's going to fill that up later. We'll have to see. Alright. Let's go.
Table of contents
- 1. Introduction to Macroeconomics1h 57m
- 2. Introductory Economic Models59m
- 3. Supply and Demand3h 43m
- Introduction to Supply and Demand10m
- The Basics of Demand7m
- Individual Demand and Market Demand6m
- Shifting Demand44m
- The Basics of Supply3m
- Individual Supply and Market Supply6m
- Shifting Supply28m
- Big Daddy Shift Summary8m
- Supply and Demand Together: Equilibrium, Shortage, and Surplus10m
- Supply and Demand Together: One-sided Shifts22m
- Supply and Demand Together: Both Shift34m
- Supply and Demand: Quantitative Analysis40m
- 4. Elasticity2h 26m
- Percentage Change and Price Elasticity of Demand19m
- Elasticity and the Midpoint Method20m
- Price Elasticity of Demand on a Graph11m
- Determinants of Price Elasticity of Demand6m
- Total Revenue Test13m
- Total Revenue Along a Linear Demand Curve14m
- Income Elasticity of Demand23m
- Cross-Price Elasticity of Demand11m
- Price Elasticity of Supply12m
- Price Elasticity of Supply on a Graph3m
- Elasticity Summary9m
- 5. Consumer and Producer Surplus; Price Ceilings and Price Floors3h 40m
- Consumer Surplus and WIllingness to Pay33m
- Producer Surplus and Willingness to Sell26m
- Economic Surplus and Efficiency18m
- Quantitative Analysis of Consumer and Producer Surplus at Equilibrium28m
- Price Ceilings, Price Floors, and Black Markets38m
- Quantitative Analysis of Price Ceilings and Floors: Finding Points20m
- Quantitative Analysis of Price Ceilings and Floors: Finding Areas54m
- 6. Introduction to Taxes1h 25m
- 7. Externalities1h 3m
- 8. The Types of Goods1h 13m
- 9. International Trade1h 16m
- 10. Introducing Economic Concepts49m
- Introducing Concepts - Business Cycle7m
- Introducing Concepts - Nominal GDP and Real GDP12m
- Introducing Concepts - Unemployment and Inflation3m
- Introducing Concepts - Economic Growth6m
- Introducing Concepts - Savings and Investment5m
- Introducing Concepts - Trade Deficit and Surplus6m
- Introducing Concepts - Monetary Policy and Fiscal Policy7m
- 11. Gross Domestic Product (GDP) and Consumer Price Index (CPI)1h 37m
- Calculating GDP11m
- Detailed Explanation of GDP Components9m
- Value Added Method for Measuring GDP1m
- Nominal GDP and Real GDP22m
- Shortcomings of GDP8m
- Calculating GDP Using the Income Approach10m
- Other Measures of Total Production and Total Income5m
- Consumer Price Index (CPI)13m
- Using CPI to Adjust for Inflation7m
- Problems with the Consumer Price Index (CPI)6m
- 12. Unemployment and Inflation1h 22m
- Labor Force and Unemployment9m
- Types of Unemployment12m
- Labor Unions and Collective Bargaining6m
- Unemployment: Minimum Wage Laws and Efficiency Wages7m
- Unemployment Trends7m
- Nominal Interest, Real Interest, and the Fisher Equation10m
- Nominal Income and Real Income12m
- Who is Affected by Inflation?5m
- Demand-Pull and Cost-Push Inflation6m
- Costs of Inflation: Shoe-leather Costs and Menu Costs4m
- 13. Productivity and Economic Growth1h 17m
- 14. The Financial System1h 37m
- 15. Income and Consumption52m
- 16. Deriving the Aggregate Expenditures Model1h 22m
- 17. Aggregate Demand and Aggregate Supply Analysis1h 18m
- 18. The Monetary System1h 1m
- The Functions of Money; The Kinds of Money8m
- Defining the Money Supply: M1 and M24m
- Required Reserves and the Deposit Multiplier8m
- Introduction to the Federal Reserve8m
- The Federal Reserve and the Money Supply11m
- History of the US Banking System9m
- The Financial Crisis of 2007-2009 (The Great Recession)10m
- 19. Monetary Policy1h 32m
- 20. Fiscal Policy1h 0m
- 21. Revisiting Inflation, Unemployment, and Policy46m
- 22. Balance of Payments30m
- 23. Exchange Rates1h 16m
- Exchange Rates: Introduction14m
- Exchange Rates: Nominal and Real13m
- Exchange Rates: Equilibrium6m
- Exchange Rates: Shifts in Supply and Demand11m
- Exchange Rates and Net Exports6m
- Exchange Rates: Fixed, Flexible, and Managed Float5m
- Exchange Rates: Purchasing Power Parity7m
- The Gold Standard4m
- The Bretton Woods System6m
- 24. Macroeconomic Schools of Thought40m
- 25. Dynamic AD/AS Model35m
- 26. Special Topics11m
3. Supply and Demand
Shifting Demand
Video duration:
2mPlay a video:
Related Videos
Related Practice