The Economic TangoThe Relationship Between Supply & Demand

Change in Quantity DemandedPrice Reason Only- Movement Along the Curve

Change in Quantity Supplied

Change in Demand

Change in Supply

Decrease in Supply Increase in Supply

Determinants (Non- Price) Factors)

DemandTastes and Preferences

Change in Income

Price of Substitutes

Price of Compliments

Future Price Expectations

Change in Market Size

SupplyCost of Inputs

Changes in taxes and subsidies

Future Price Expectations

Number of Competitors

Change in Technology and Productivity

Prices of Related Goods

Substitutes Complements

Income

Real-world example: increase in federal minimum wage

Tastes and Preferences

Expectations

Real world example

Number of Consumers

Decrease in Supply

Cost of Inputs

Price Floors and Ceilings