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PREFERENCES: One of the five demand determinants assumed constant when a demand curve is constructed, and that shift the demand curve when they change. The other four are income, other prices, buyers' expectations, and number of buyers. This determinant comes directly form the WILLINGNESS aspect of demand. Before you can have a demand for a good, you must be willing to have the good, you must have a preference for it. In general, if buyers have a greater preference for a good, then they buy more of the good.
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Lesson 6: Market Supply | Unit 4: Determinants
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Page: 14 of 19
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Topic:
Shifters: Decrease
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Supply determinants shift the supply curve.- The supply curve is drawn assuming that only price and quantity change. The determinants are assumed to be constant.
- A change in one of the determinants can cause:
- A decrease in supply, a leftward shift, which means that for any price, for every price, sellers are willing and able to sell less of the good.
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TAXES Legally mandated payments to government that are NOT made in exchange for a good or service. The primary reason government collects taxes is the revenue needed to pay for government expenditures, especially administrative expenses and the provision of public goods. Taxes are one of two methods of obtaining the revenue the government sector uses to pay for expenditures. The other is government borrowing.
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time at a dollar discount store looking to buy either a box of multi-colored, plastic paper clips or several orange mixing bowls. Be on the lookout for small children selling products door-to-door.
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This isn't me! What am I?
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More money is spent on gardening than on any other hobby.
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"If you don't know where you are going, any road will get you there." -- Lewis Carroll, writer
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AIBD
Association of International Bond Dealers (now called International Securities Market Association)
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