demand and supply shifts and their causes Flashcards
1
Q
if demand shifts to the left what happens
A
their is less quantity demanded
2
Q
if demand shifts to the right what happens
A
more quantity demanded
3
Q
what effects demand shifts
A
PIRATES
P-population
I-income
R-Relatedgoods
A-advertising
T - tastes and fashion
E - expectations
S - seasons
4
Q
What happens when supply shifts to the left
A
rise in price
5
Q
what happens when supply shifts to the right
A
increase in quantity/supply
6
Q
what effects supply shifts
A
natural conditions
change in technology
government tax subsidies or regulation
start up price
