Supply and Demand Shifters (TIRES and TIGERS)

Supply- S

# of Sellers in the Market increase in sellers when prices are rising, but then price decreases; decrease in sellers when prices are dropping, but then prices rise

Demand- E

Expectations of Future Price Changes college (expect prices to rise- educate now rather than later)

Supply- E

Expectations of Future Price Changes houses increase in price, so lumber prices rise, wages rise, so spend now rather than later

Supply- G

Government Intervention, International Events and Disasters sex trafficking increases in areas of natural disasters (market = sex trafficking/people, event = natural disaster)

Demand- I

Income of Consumers fiscal/monetary policies; minimum wage; money decides: off brand or regular

Supply- I

Inputs (Natural Resources) mined v. lab grown diamonds; scarcity

Supply- R

Related Goods and Resource Costs vanilla fields destroyed and as a result local creameries raise prices and decrease supply

Demand- R

Related Goods: Substitutes and Complements hot dogs and hot dog buns; pens and paper; bike instead of drive

Demand- S

Size of Population/Market Syria's decreasing population because of the Civil War leads to decrease in population (low birth rate and high death rate) which leads to decrease in oil production

Demand- T

Taste and Preference of Consumers celebrity endorsement; brand name; trends and fads; lululemon

Supply- T

Technology improvements typically increase supply; cotton gin allowed higher production of cotton; exception is Apple's new phone (takes longer to produce higher tech phone)