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)