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LESSON 6 THE MARKET NEVER STANDS STILL 6-1 HIGH SCHOOL ECONOMICS 3 RD EDITION © COUNCIL FOR ECONOMIC EDUCATION, NEW YORK, NY Determinants of Demand Change.

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Presentation on theme: "LESSON 6 THE MARKET NEVER STANDS STILL 6-1 HIGH SCHOOL ECONOMICS 3 RD EDITION © COUNCIL FOR ECONOMIC EDUCATION, NEW YORK, NY Determinants of Demand Change."— Presentation transcript:

1 LESSON 6 THE MARKET NEVER STANDS STILL 6-1 HIGH SCHOOL ECONOMICS 3 RD EDITION © COUNCIL FOR ECONOMIC EDUCATION, NEW YORK, NY Determinants of Demand Change in consumer income Change in tastes and preferences Change in the price of a substitute good Change in the price of a complementary good Change in consumers’ price expectations Change in number of consumers in the market

2 LESSON 6 THE MARKET NEVER STANDS STILL 6-2 HIGH SCHOOL ECONOMICS 3 RD EDITION © COUNCIL FOR ECONOMIC EDUCATION, NEW YORK, NY Shifts in Demand Demand price Quantity of pecans per day

3 LESSON 6 THE MARKET NEVER STANDS STILL 6-3 HIGH SCHOOL ECONOMICS 3 RD EDITION © COUNCIL FOR ECONOMIC EDUCATION, NEW YORK, NY Determinants of Supply Change in the cost of productive resources Change in technology Change in profit opportunities of producing other products Change in producers’ price expectations Change in number of sellers in the market Change in the government tax or subsidy

4 LESSON 6 THE MARKET NEVER STANDS STILL 6-4 HIGH SCHOOL ECONOMICS 3 RD EDITION © COUNCIL FOR ECONOMIC EDUCATION, NEW YORK, NY Shifts in Supply Supply price Quantity of pecans per day


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