Difference between revisions of "Shift in demand"
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'''Shift in demand''' is a term of [[Economics]] describing change in the location or shape of the [[demand curve]]. The shift is due to a change in something other than [[price]], because a change in price simply causes a movement along the curve. A shift in demand may result in a different quantity demanded at a given price. | '''Shift in demand''' is a term of [[Economics]] describing change in the location or shape of the [[demand curve]]. The shift is due to a change in something other than [[price]], because a change in price simply causes a movement along the curve. A shift in demand may result in a different quantity demanded at a given price. | ||
| − | Examples of factors that could cause a shift in demand are a change in the price of a [[substitute good|substitute]] or [[ | + | Examples of factors that could cause a shift in demand are a change in the price of a [[substitute good|substitute]] or [[complementary goods|complementary]] good, a change in preferences, or a change in income or wealth. |
[[Category:Economics terms]] | [[Category:Economics terms]] | ||
Latest revision as of 17:04, September 3, 2011
Shift in demand is a term of Economics describing change in the location or shape of the demand curve. The shift is due to a change in something other than price, because a change in price simply causes a movement along the curve. A shift in demand may result in a different quantity demanded at a given price.
Examples of factors that could cause a shift in demand are a change in the price of a substitute or complementary good, a change in preferences, or a change in income or wealth.