Supply (RATNEST) & Demand(TIMER) Shifts – Flashcards
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"change in taste"
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T (consumer taste)
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"change in income"
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I
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"change in market"
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M
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"expectations"
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E
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"price of related goods"
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R
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"resource costs"
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R: (wages&raw materials)
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"alternative output price changes"
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A: (substitute in production)
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"technological improvement"
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T: (new technology)
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Number of suppliers
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N
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producer expectations about future price
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E
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Subsidies
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S (free money from government)
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taxes take away business profits
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T
