gcse economics - demand and supply - how changes in demand affect price

INCREASE IN DEMAND (for reasons other than price)

An increase in demand (possibly due to increased popularity) has forced the price upwards. Suppliers will sell more goods to take advantage of this

What Happens	Demand Curve	Price
Good advertising campaign	Shift right	Up
Increase in peoples incomes	Shift right	Up
Increase in the price of substitutes	Shift right	Up
Increase in fashion	Shift right	Up
Decrease in people’s incomes	Shift left	Down
Decrease in the price of substitutes	Shift left	Down
Increase in the number of competitors	Shift left	Down
Health scare	Shift left	Down

 

ACTION

A Try to draw the situation, which happens when demand shifts to the left. Use the table to give 3 reasons why this may happen

 SMART THINKING

B When might a fall in incomes lead to an increase in the demand for a product and vice versa?

These GCSE Economics revision notes have been kindly provided by Peter Davies of Mill Hill School, Ripley Keep Up-todate with your GCSE Economics - Subscribe Free to Economics in the News by Email

 

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