31 Video: Indiana Jones (Demand, Supply, Equilibrium, Shifts)
Indiana Jones (Demand, Supply, Equilibrium, Shifts)
Watch the following video that provides an overview of demand, supply, equilibrium, and shifting the curves.
https://youtu.be/RP0j3Lnlazs
KEY TAKEAWAYS
- Economists often use the ceteris paribus or “other things being equal” assumption: while examining the economic impact of one event, all other factors remain unchanged for the purpose of the analysis.
- Factors that can shift the demand curve for goods and services, causing a different quantity to be demanded at any given price, include changes in tastes, population, income, prices of substitute or complement goods, and expectations about future conditions and prices.
- Factors that can shift the supply curve for goods and services, causing a different quantity to be supplied at any given price, include input prices, natural conditions, changes in technology, and government taxes, regulations, or subsidies.