Micro 2.3 Shifting Supply and Demand: Econ Concepts in 60 Seconds Practice

The video tutorial covers the basics of supply and demand, focusing on how curves shift due to various shifters. It explains five demand shifters and six supply shifters, using corn as a primary example. The tutorial highlights how demand shifts affect consumers, while supply shifts impact production. It also addresses common misconceptions, emphasizing the importance of correctly interpreting graphs to understand price and quantity changes.

What are the five demand shifters mentioned in the text?

Explain how an increase in demand affects the price and quantity of a product.

Describe the relationship between price and quantity when demand decreases.

What happens to the supply curve when there is a drought?

How does an increase in the number of corn producers affect the supply curve?