Question

Determine whether the given Determinant shifts Demand or Supply:

Change in Government Actions - Demand
Change in Consumer Tastes/Advertising - Supply
Change in Number of Consumers - Supply
Change in Number of Producers - Demand
Change in Price of Substitute Goods - Demand
Change in the Price/Availability of Factors of Production - Supply
Change in Consumer Expectations - Demand
Change in Producer Expectations - Supply
Change in Technology - Supply
Change in Productivity - Demand
Change in Income - Demand
Change in Complementary Good - Supply
Does this change shift Demand or Supply?

Answer 1

Demand and supply curves can shift due to various economic factors. For instance, changes in government actions, number of producers, price/availability of factors of production, producer expectations, change in technology, and change in productivity typically affect supply. Meanwhile, consumer tastes/advertising, number of consumers, price of substitute goods, consumer expectations, income changes, and complementary goods impact demand.

Step-by-step explanation:

Factors affecting demand and supply curves in economics can cause these curves to shift, indicating a change in the quantity demanded or supplied at any given price. Here's a breakdown of the mentioned determinants and their effects:

It's important to note that these factors can either shift the curves to the right (increase in demand or supply) or to the left (decrease in demand or supply).