Discussion post/ replies

It is very important in the study of economics to know the difference between “demand” and “quantity demanded” and between “supply” and “ quantity supplied.”

A change in price will result in a change in quantity demanded or quantity supplied and thus cause movement up or down either curve.

There are other non-price determinants of demand and supply that can cause the curves to shift either right or left, indicating a change in demand or supply at every price. A shift to the right – also referred to as an outward shift – denotes an increase in demand (supply), while a shift to the left – aka an inward shift – denotes a decrease.

Your Task: Choose one non-price determinant of demand and supply each and discuss how it applies to a currentmarket topic. This is your original post, for up to 4 points.

Example: In recent years, U.S. consumer preferences shifted from fresh flowers to ornamental plants [Ref: http://www.intracen.org/blog/Cut-Flower-imports-into-the-United-States-diminished/; Source: International Trade Centre]. The primary impact of this would be an inward shift of the demand curve for fresh flowers and an outward shift in the demand curve for ornamental plants.

Collepals.com Plagiarism Free Papers

Are you looking for custom essay writing service or even dissertation writing services? Just request for our write my paper service, and we'll match you with the best essay writer in your subject! With an exceptional team of professional academic experts in a wide range of subjects, we can guarantee you an unrivaled quality of custom-written papers.

Get ZERO PLAGIARISM, HUMAN WRITTEN ESSAYS

Why Hire Collepals.com writers to do your paper?

Quality- We are experienced and have access to ample research materials.

We write plagiarism Free Content

Confidential- We never share or sell your personal information to third parties.

Support-Chat with us today! We are always waiting to answer all your questions.