Explain why a demand curve will shift. Explain why a supply curve will shift. What are the differences between quantity demanded and demand? Provide examples from your personal or professional life where you believe a demand curve shifted and when you believed a supply curve shifted.
The term shift in demand is used to describe a situation when a different (increased or decreased) quantity is demanded at every price because of some change in any economic factor other than price (Greenlaw & Shapiro, 2018). These factors include changes in the size and age of the population, tastes, expectations, income, etc. Accordingly, the demand curve will show some changes. For example, if there is a baby boom which causes a huge number of young population later, the demand for kids’ products and toys will grow.
The demand and the quantity demanded are not the same. If we look at the demand curve, we can easily see that the quantity demanded is only a specific point on this curve, while the demand refers to the curve itself.
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