Shifters of Supply & Demand

Why do people buy more of certain products at some times and less at others?

A new law raises the minimum wage in your city. Families now have more disposable income to spend.

Oil companies expect global prices to rise in a few months, so they hold back production now.

Farmers adopt new harvesting machines that cut labor time in half

A major health study reports that eating too many fast-food burgers is linked to serious health risks.

When there is an increase in demand for a good or service, how does the demand curve typically shift?

What type of good experiences an increase in demand as consumer income increases?

If a consumer's income increases, and their demand for a particular good decreases, what is that good classified as?

If birth rates decrease, which of the following goods would likely experience a decrease in demand?