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SCARCE: The general condition indicating that a good or resource is limited relative to the what people want. In terms of ALL resources and goods throughout society, the related term scarcity is used. Being scarce is what makes it possible to exchange goods and resources through markets, and most importantly, charge a price. If a good is not scarce, which means that the economy has more than enough to satisfy all available uses, then there is no way to sell it. Who would buy such an item, pay a price for it, give up something of value in exchange for it, when it is so abundant? Likewise, if a item is so abundant, using it to satisfy one use does not impose an opportunity cost on other uses.

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Lesson 8: Market Shocks | Unit 2: Determinants Page: 4 of 20

Topic: Shifts <=PAGE BACK | PAGE NEXT=>

Shifts in the demand curve are originated by changes in the demand determinants and shifts in the supply curve by changes in the supply determinants.

Determinant changes cause shifts:

  • Increase in demand is a rightward shift.
  • Decrease in demand is a leftward shift.
  • Increase in supply is a rightward shift.
  • decrease in supply is a leftward shift.
Note that:
  • An increase in demand and an increase in supply both are rightward shifts.
  • A decrease in demand and a decrease in supply both are leftward shifts.

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SUBSTITUTION EFFECT

The change in quantity demanded that results because a change in the demand price of a good causes a change in the relative prices, which induces buyers to substitute the purchase of one good for another. This is one of two reasons, or effects, underlying the law of demand and the negative slope of the market demand curve. The other is the income effect.

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