![Picture](/uploads/5/4/4/3/54437417/152153318.jpg?408)
Demand Shifters: BITER
Buyers- number of consumers
Income- the consumers income
Taste- changes in preference
Expectations- changes in whats expected to happen in the future
Related goods- compliments and substitutes
Buyers- number of consumers
Income- the consumers income
Taste- changes in preference
Expectations- changes in whats expected to happen in the future
Related goods- compliments and substitutes
![Picture](/uploads/5/4/4/3/54437417/802292097.png?336)
Supply Shifters: TONERS
Technology- improvements in production
Other Goods- businesses consider their price of goods
Number of Sellers- the number of firms in the market
Expectations- businesses considering prices in the future
Resource Cost- costs to purchase factors of production
Subsides and Taxes- subsidies getting encouraged and taxes getting discouraged
Technology- improvements in production
Other Goods- businesses consider their price of goods
Number of Sellers- the number of firms in the market
Expectations- businesses considering prices in the future
Resource Cost- costs to purchase factors of production
Subsides and Taxes- subsidies getting encouraged and taxes getting discouraged
Model: A big storm destroyed much of a corn fields- the corn supply shifter will move to the left. A new kind of sweatshirt came out- the sweatshirt demand graph will shift right. The price of a medium pizza from Pizza Hut increases but the pizza graph won't have any shift because the price does not affect it.
Summary: When increasing your supply and demand your graph will shift to the right. When decreasing your supply and demand your graph will shift to the right. A supply graph goes upward from left to right while a supply graph goes downward from left to right. Price doesn't affect the graph from shifting.