[Script Info]
Title: 
[Events]
Format: Layer, Start, End, Style, Name, MarginL, MarginR, MarginV, Effect, Text
Dialogue: 0,0:00:01.97,0:00:04.39,Default,,0000,0000,0000,,♪ [music] ♪
Dialogue: 0,0:00:12.47,0:00:13.70,Default,,0000,0000,0000,,- [Tyler] In previous videos,
Dialogue: 0,0:00:13.70,0:00:16.30,Default,,0000,0000,0000,,we've covered the basics\Nof the demand curve.
Dialogue: 0,0:00:16.30,0:00:19.70,Default,,0000,0000,0000,,Now let's discuss what happens\Nwhen the demand curve shifts,
Dialogue: 0,0:00:20.00,0:00:23.19,Default,,0000,0000,0000,,due to increases or decreases\Nin market demand.
Dialogue: 0,0:00:23.19,0:00:26.10,Default,,0000,0000,0000,,First, let's look at\Nan increase in demand.
Dialogue: 0,0:00:26.70,0:00:28.06,Default,,0000,0000,0000,,An increase in demand
Dialogue: 0,0:00:28.06,0:00:31.60,Default,,0000,0000,0000,,means that the demand curve\Nshifts up and to the right.
Dialogue: 0,0:00:32.40,0:00:34.67,Default,,0000,0000,0000,,Take the market\Nfor houseplants, for instance.
Dialogue: 0,0:00:35.25,0:00:38.10,Default,,0000,0000,0000,,On the old demand curve at $20,
Dialogue: 0,0:00:38.40,0:00:41.29,Default,,0000,0000,0000,,the quantity demanded\Nwas five plants,
Dialogue: 0,0:00:41.57,0:00:44.99,Default,,0000,0000,0000,,but on the new demand curve\Nat, again, $20,
Dialogue: 0,0:00:44.99,0:00:47.41,Default,,0000,0000,0000,,the quantity demanded\Nis eight plants.
Dialogue: 0,0:00:48.42,0:00:52.20,Default,,0000,0000,0000,,At $16, we go from six plants\Nto nine plants.
Dialogue: 0,0:00:53.50,0:00:57.50,Default,,0000,0000,0000,,At $12, we go from seven\Nto ten plants, and so on.
Dialogue: 0,0:00:57.90,0:00:59.22,Default,,0000,0000,0000,,An increase in demand
Dialogue: 0,0:00:59.22,0:01:02.40,Default,,0000,0000,0000,,is a greater quantity\Ndemanded at every price.
Dialogue: 0,0:01:03.00,0:01:05.30,Default,,0000,0000,0000,,We can also read\Nan increase in demand
Dialogue: 0,0:01:05.30,0:01:07.80,Default,,0000,0000,0000,,using what is called\Nthe vertical method.
Dialogue: 0,0:01:07.96,0:01:10.10,Default,,0000,0000,0000,,What that means\Nis that for every quantity,
Dialogue: 0,0:01:10.30,0:01:13.20,Default,,0000,0000,0000,,there's a greater willingness\Nto pay for that quantity.
Dialogue: 0,0:01:13.50,0:01:15.63,Default,,0000,0000,0000,,For instance, for the fifth unit,
Dialogue: 0,0:01:15.63,0:01:19.10,Default,,0000,0000,0000,,people had been willing\Nto pay $20 for that unit.
Dialogue: 0,0:01:19.30,0:01:20.99,Default,,0000,0000,0000,,Now with the new demand curve,
Dialogue: 0,0:01:20.99,0:01:24.39,Default,,0000,0000,0000,,people are willing to pay\N$32 for that unit.
Dialogue: 0,0:01:25.10,0:01:27.50,Default,,0000,0000,0000,,In summary, an increase in demand
Dialogue: 0,0:01:27.50,0:01:30.14,Default,,0000,0000,0000,,means an increase\Nin the quantity demanded
Dialogue: 0,0:01:30.14,0:01:32.15,Default,,0000,0000,0000,,at every market price.
Dialogue: 0,0:01:32.15,0:01:34.76,Default,,0000,0000,0000,,Or equivalently, \Nit means an increase
Dialogue: 0,0:01:34.76,0:01:38.27,Default,,0000,0000,0000,,in the maximum willingness\Nto pay for a given quantity.
Dialogue: 0,0:01:39.40,0:01:40.67,Default,,0000,0000,0000,,A decrease in demand --
Dialogue: 0,0:01:40.67,0:01:43.43,Default,,0000,0000,0000,,well, that's just the opposite\Nof an increase in demand.
Dialogue: 0,0:01:43.57,0:01:46.00,Default,,0000,0000,0000,,It's a shift down and to the left.
Dialogue: 0,0:01:46.60,0:01:50.29,Default,,0000,0000,0000,,There's a decrease in quantity\Ndemanded at every price.
Dialogue: 0,0:01:50.76,0:01:55.20,Default,,0000,0000,0000,,Now at $20, people only want\Nto buy two houseplants.
Dialogue: 0,0:01:56.10,0:02:00.30,Default,,0000,0000,0000,,At $16, we go from six\Nto three houseplants, and so on.
Dialogue: 0,0:02:01.10,0:02:03.62,Default,,0000,0000,0000,,Similarly, this means a decrease
Dialogue: 0,0:02:03.62,0:02:06.40,Default,,0000,0000,0000,,in the willingness to pay\Nfor the same quantity.
Dialogue: 0,0:02:06.80,0:02:08.02,Default,,0000,0000,0000,,For the fifth unit,
Dialogue: 0,0:02:08.02,0:02:11.37,Default,,0000,0000,0000,,people were willing to pay\N$20 for that unit,
Dialogue: 0,0:02:11.37,0:02:13.96,Default,,0000,0000,0000,,but now they're only going\Nto fork over $8
Dialogue: 0,0:02:13.96,0:02:15.18,Default,,0000,0000,0000,,for that houseplant.
Dialogue: 0,0:02:16.50,0:02:19.40,Default,,0000,0000,0000,,So what can cause\Na shift in demand?
Dialogue: 0,0:02:20.00,0:02:22.94,Default,,0000,0000,0000,,What would make consumers\Nbuy more or less of a good
Dialogue: 0,0:02:22.94,0:02:24.10,Default,,0000,0000,0000,,at every price?
Dialogue: 0,0:02:24.80,0:02:26.90,Default,,0000,0000,0000,,Take a moment\Nto jot down some guesses.
Dialogue: 0,0:02:29.99,0:02:32.14,Default,,0000,0000,0000,,We'll go through these\Nwith a few examples.
Dialogue: 0,0:02:32.14,0:02:34.90,Default,,0000,0000,0000,,But the real goal\Nis not to memorize this list
Dialogue: 0,0:02:35.20,0:02:36.61,Default,,0000,0000,0000,,but rather to understand
Dialogue: 0,0:02:36.61,0:02:39.60,Default,,0000,0000,0000,,what an increase\Nor decrease in demand means
Dialogue: 0,0:02:39.90,0:02:42.50,Default,,0000,0000,0000,,so that you can recreate\Nthis list on your own.
Dialogue: 0,0:02:43.00,0:02:45.12,Default,,0000,0000,0000,,Let's now go through five factors
Dialogue: 0,0:02:45.12,0:02:48.06,Default,,0000,0000,0000,,that can increase\Nor decrease market demand,
Dialogue: 0,0:02:48.06,0:02:51.82,Default,,0000,0000,0000,,namely income, population, tastes,
Dialogue: 0,0:02:51.82,0:02:53.74,Default,,0000,0000,0000,,the price of related goods,
Dialogue: 0,0:02:53.74,0:02:55.60,Default,,0000,0000,0000,,and finally, expectations.
Dialogue: 0,0:02:56.60,0:02:58.90,Default,,0000,0000,0000,,Let's start with changes in income.
Dialogue: 0,0:02:59.50,0:03:02.36,Default,,0000,0000,0000,,The effect of a change\Nin income on demand
Dialogue: 0,0:03:02.36,0:03:05.04,Default,,0000,0000,0000,,depends on the nature\Nof the good in question.
Dialogue: 0,0:03:05.60,0:03:07.92,Default,,0000,0000,0000,,For most goods, \Nas your income goes up,
Dialogue: 0,0:03:07.92,0:03:09.99,Default,,0000,0000,0000,,you demand more of the good.
Dialogue: 0,0:03:09.99,0:03:12.05,Default,,0000,0000,0000,,Think, for instance, fine dining.
Dialogue: 0,0:03:12.05,0:03:14.10,Default,,0000,0000,0000,,You need to be able\Nto afford it, right?
Dialogue: 0,0:03:14.80,0:03:17.65,Default,,0000,0000,0000,,The demand curve then shifts up\Nand to the right.
Dialogue: 0,0:03:18.18,0:03:20.40,Default,,0000,0000,0000,,These goods are called normal goods
Dialogue: 0,0:03:20.80,0:03:23.90,Default,,0000,0000,0000,,because the demand for them\Ngoes up when incomes go up,
Dialogue: 0,0:03:23.90,0:03:26.15,Default,,0000,0000,0000,,and indeed most goods\Nare normal goods --
Dialogue: 0,0:03:26.15,0:03:27.85,Default,,0000,0000,0000,,that's why we call them normal.
Dialogue: 0,0:03:28.30,0:03:30.03,Default,,0000,0000,0000,,And these same goods --
Dialogue: 0,0:03:30.03,0:03:33.80,Default,,0000,0000,0000,,the demand for them goes down\Nwhen incomes go down.
Dialogue: 0,0:03:34.90,0:03:36.40,Default,,0000,0000,0000,,There are also goods, however,
Dialogue: 0,0:03:36.70,0:03:38.82,Default,,0000,0000,0000,,for which, \Nwhen your income goes up,
Dialogue: 0,0:03:38.82,0:03:41.20,Default,,0000,0000,0000,,your demand for them\Nactually goes down.
Dialogue: 0,0:03:41.70,0:03:42.71,Default,,0000,0000,0000,,These are exceptions.
Dialogue: 0,0:03:42.71,0:03:44.80,Default,,0000,0000,0000,,We call them inferior goods.
Dialogue: 0,0:03:45.20,0:03:47.79,Default,,0000,0000,0000,,So an example\Nof such an inferior good
Dialogue: 0,0:03:47.79,0:03:49.78,Default,,0000,0000,0000,,might be instant ramen --
Dialogue: 0,0:03:49.78,0:03:51.10,Default,,0000,0000,0000,,it's very cheap.
Dialogue: 0,0:03:52.00,0:03:54.60,Default,,0000,0000,0000,,As you make more money,\Nyou might buy, say,
Dialogue: 0,0:03:54.60,0:03:58.78,Default,,0000,0000,0000,,more caviar, more steak,\Nand less instant ramen.
Dialogue: 0,0:03:58.78,0:03:59.78,Default,,0000,0000,0000,,- [voice] No, thanks!
Dialogue: 0,0:03:59.78,0:04:02.37,Default,,0000,0000,0000,,- [Tyler] Thus, the demand curve\Nfor instant ramen
Dialogue: 0,0:04:02.37,0:04:06.08,Default,,0000,0000,0000,,will shift down into the left\Nas your income increases.
Dialogue: 0,0:04:06.80,0:04:10.36,Default,,0000,0000,0000,,Now let's move on\Nto changes in population.
Dialogue: 0,0:04:10.88,0:04:13.40,Default,,0000,0000,0000,,If the population\Nof an economy changes,
Dialogue: 0,0:04:13.70,0:04:17.76,Default,,0000,0000,0000,,the number of potential buyers\Nof a good changes also.
Dialogue: 0,0:04:18.56,0:04:21.10,Default,,0000,0000,0000,,What would happen\Nto the demand for hearing aids
Dialogue: 0,0:04:21.10,0:04:24.40,Default,,0000,0000,0000,,if the elderly population\Nin your country increased?
Dialogue: 0,0:04:24.60,0:04:27.90,Default,,0000,0000,0000,,Well, very likely, demand\Nfor hearing aids would increase.
Dialogue: 0,0:04:28.30,0:04:30.43,Default,,0000,0000,0000,,At any price\Nfor those hearing aids,
Dialogue: 0,0:04:30.43,0:04:33.10,Default,,0000,0000,0000,,there would be\Na higher quantity demanded.
Dialogue: 0,0:04:38.82,0:04:41.70,Default,,0000,0000,0000,,Can you think of a good\Nthat would decrease in demand
Dialogue: 0,0:04:41.70,0:04:44.00,Default,,0000,0000,0000,,if the birth rates\Nin your country decreased?
Dialogue: 0,0:04:45.20,0:04:48.00,Default,,0000,0000,0000,,Now, we'll move on\Nto changes in tastes.
Dialogue: 0,0:04:48.30,0:04:51.10,Default,,0000,0000,0000,,Tastes are subjective,\Nand they're changing all the time.
Dialogue: 0,0:04:51.40,0:04:55.60,Default,,0000,0000,0000,,New information, fashions, and fads\Nall can impact tastes.
Dialogue: 0,0:04:56.23,0:04:57.30,Default,,0000,0000,0000,,To give an example,
Dialogue: 0,0:04:57.70,0:05:00.00,Default,,0000,0000,0000,,what happens to the demand\Nfor hamburgers
Dialogue: 0,0:05:00.00,0:05:01.77,Default,,0000,0000,0000,,if low-carb diets,
Dialogue: 0,0:05:01.77,0:05:04.41,Default,,0000,0000,0000,,like the keto diet\Nor the caveman diet
Dialogue: 0,0:05:04.41,0:05:05.60,Default,,0000,0000,0000,,become more popular?
Dialogue: 0,0:05:06.20,0:05:10.20,Default,,0000,0000,0000,,Well, people would want to go out\Nand buy and eat more hamburgers,
Dialogue: 0,0:05:10.20,0:05:13.40,Default,,0000,0000,0000,,and so the demand for hamburgers\Nwould increase.
Dialogue: 0,0:05:14.34,0:05:17.55,Default,,0000,0000,0000,,Alternatively, \Nwhat if a controversy surfaced
Dialogue: 0,0:05:17.55,0:05:20.60,Default,,0000,0000,0000,,that questioned the ethics\Nof hamburger production?
Dialogue: 0,0:05:21.10,0:05:23.90,Default,,0000,0000,0000,,People might then feel bad\Nabout buying hamburgers,
Dialogue: 0,0:05:24.10,0:05:26.25,Default,,0000,0000,0000,,and then they would buy\Nfewer hamburgers
Dialogue: 0,0:05:26.25,0:05:28.40,Default,,0000,0000,0000,,or maybe stop\Nbuying them altogether.
Dialogue: 0,0:05:28.90,0:05:31.90,Default,,0000,0000,0000,,The demand for hamburgers\Nthen would go down.
Dialogue: 0,0:05:33.22,0:05:37.09,Default,,0000,0000,0000,,Next, let's consider how the price\Nof a related good
Dialogue: 0,0:05:37.09,0:05:38.55,Default,,0000,0000,0000,,can affect demand,
Dialogue: 0,0:05:38.55,0:05:41.02,Default,,0000,0000,0000,,starting with substitute goods.
Dialogue: 0,0:05:41.39,0:05:45.13,Default,,0000,0000,0000,,Now substitutes are two goods\Nthat are roughly interchangeable.
Dialogue: 0,0:05:45.13,0:05:46.13,Default,,0000,0000,0000,,They're not the same,
Dialogue: 0,0:05:46.13,0:05:48.98,Default,,0000,0000,0000,,but they can serve\Nbroadly similar functions.
Dialogue: 0,0:05:49.28,0:05:51.50,Default,,0000,0000,0000,,Take, for instance, \Nhot dogs and hamburgers --
Dialogue: 0,0:05:51.80,0:05:54.00,Default,,0000,0000,0000,,they're both something\Nyou might have for dinner.
Dialogue: 0,0:05:54.50,0:05:55.61,Default,,0000,0000,0000,,Now in the setting,
Dialogue: 0,0:05:55.61,0:05:58.00,Default,,0000,0000,0000,,suppose the price\Nof hot dogs goes up.
Dialogue: 0,0:05:58.50,0:06:00.61,Default,,0000,0000,0000,,What happens to the demand\Nfor hamburgers --
Dialogue: 0,0:06:00.61,0:06:02.40,Default,,0000,0000,0000,,a substitute for hot dogs?
Dialogue: 0,0:06:03.10,0:06:04.55,Default,,0000,0000,0000,,People will opt to buy
Dialogue: 0,0:06:04.55,0:06:07.69,Default,,0000,0000,0000,,the relatively less expensive\Nhamburgers,
Dialogue: 0,0:06:07.69,0:06:10.79,Default,,0000,0000,0000,,instead of the now\Nmore expensive hot dogs.
Dialogue: 0,0:06:13.10,0:06:15.90,Default,,0000,0000,0000,,That means the demand\Nfor hamburgers increases.
Dialogue: 0,0:06:17.00,0:06:19.20,Default,,0000,0000,0000,,Or consider\Nthe opposite occurrence.
Dialogue: 0,0:06:19.70,0:06:22.49,Default,,0000,0000,0000,,What if the price\Nof hot dogs decreases,
Dialogue: 0,0:06:22.49,0:06:23.66,Default,,0000,0000,0000,,instead of going up?
Dialogue: 0,0:06:23.66,0:06:26.31,Default,,0000,0000,0000,,What happens then\Nto the demand for hamburgers?
Dialogue: 0,0:06:26.68,0:06:29.30,Default,,0000,0000,0000,,Well, that's just the opposite\Nof the first scenario.
Dialogue: 0,0:06:29.50,0:06:31.00,Default,,0000,0000,0000,,Hot dogs are now cheaper,
Dialogue: 0,0:06:31.00,0:06:33.99,Default,,0000,0000,0000,,and the demand\Nfor hamburgers decreases
Dialogue: 0,0:06:33.99,0:06:37.10,Default,,0000,0000,0000,,because it now costs less\Nto buy hot dogs instead.
Dialogue: 0,0:06:38.00,0:06:40.64,Default,,0000,0000,0000,,Technically, \Ntwo goods are substitutes
Dialogue: 0,0:06:40.64,0:06:42.86,Default,,0000,0000,0000,,if an increase\Nin the price of one good
Dialogue: 0,0:06:42.86,0:06:47.00,Default,,0000,0000,0000,,leads to an increase in demand\Nfor the other good and vice versa.
Dialogue: 0,0:06:48.30,0:06:49.90,Default,,0000,0000,0000,,Another kind of related good
Dialogue: 0,0:06:49.90,0:06:52.20,Default,,0000,0000,0000,,is what economists\Ncall complements.
Dialogue: 0,0:06:52.70,0:06:55.83,Default,,0000,0000,0000,,Complements are two goods\Nwhich are often used together
Dialogue: 0,0:06:55.83,0:06:57.83,Default,,0000,0000,0000,,and make each other more valuable.
Dialogue: 0,0:06:58.30,0:07:01.00,Default,,0000,0000,0000,,Suppose the price\Nof hamburgers increases.
Dialogue: 0,0:07:01.60,0:07:04.60,Default,,0000,0000,0000,,What happens to the demand\Nfor hamburger buns --
Dialogue: 0,0:07:04.80,0:07:07.10,Default,,0000,0000,0000,,a complement\Nto hamburgers [proper]?
Dialogue: 0,0:07:07.90,0:07:10.60,Default,,0000,0000,0000,,Well, fewer people\Nwill buy hamburgers,
Dialogue: 0,0:07:11.00,0:07:14.00,Default,,0000,0000,0000,,and so fewer people\Nwill buy hamburger buns.
Dialogue: 0,0:07:14.30,0:07:17.70,Default,,0000,0000,0000,,The demand\Nfor hamburger buns decreases.
Dialogue: 0,0:07:18.60,0:07:21.20,Default,,0000,0000,0000,,And to consider\Nthe opposite situation,
Dialogue: 0,0:07:21.50,0:07:23.56,Default,,0000,0000,0000,,if the price\Nof hamburger decreases,
Dialogue: 0,0:07:23.95,0:07:26.60,Default,,0000,0000,0000,,demand for hamburger buns\Nwill increase --
Dialogue: 0,0:07:27.00,0:07:29.57,Default,,0000,0000,0000,,that is, more people\Nbuying hamburger
Dialogue: 0,0:07:29.57,0:07:32.31,Default,,0000,0000,0000,,means more people\Nbuying hamburger buns as well
Dialogue: 0,0:07:32.31,0:07:35.18,Default,,0000,0000,0000,,because again, you're putting\Nthe hamburger and the bun together.
Dialogue: 0,0:07:35.80,0:07:37.96,Default,,0000,0000,0000,,Technically, two goods\Nare complements
Dialogue: 0,0:07:38.30,0:07:40.58,Default,,0000,0000,0000,,if an increase\Nin the price of one good
Dialogue: 0,0:07:40.58,0:07:43.30,Default,,0000,0000,0000,,leads to a decrease\Nin the demand for the other,
Dialogue: 0,0:07:43.30,0:07:44.60,Default,,0000,0000,0000,,and vice versa.
Dialogue: 0,0:07:45.40,0:07:47.48,Default,,0000,0000,0000,,So in sum, hamburger producers
Dialogue: 0,0:07:47.48,0:07:49.57,Default,,0000,0000,0000,,want the price\Nof hot dogs to go up,
Dialogue: 0,0:07:49.90,0:07:52.25,Default,,0000,0000,0000,,the price of hamburger buns\Nto go down,
Dialogue: 0,0:07:52.25,0:07:54.60,Default,,0000,0000,0000,,and low-carb diets to go viral.
Dialogue: 0,0:07:54.90,0:07:57.40,Default,,0000,0000,0000,,Finally, let's look\Nat expectations.
Dialogue: 0,0:07:57.80,0:08:00.55,Default,,0000,0000,0000,,These can be expectations\Nof market prices
Dialogue: 0,0:08:00.55,0:08:01.80,Default,,0000,0000,0000,,or of market events.
Dialogue: 0,0:08:02.00,0:08:04.00,Default,,0000,0000,0000,,Consider video game consoles.
Dialogue: 0,0:08:04.50,0:08:05.71,Default,,0000,0000,0000,,If it's November,
Dialogue: 0,0:08:05.71,0:08:09.17,Default,,0000,0000,0000,,and people expect the price\Nof a gaming console to go down
Dialogue: 0,0:08:09.17,0:08:11.00,Default,,0000,0000,0000,,in a December holiday sale,
Dialogue: 0,0:08:11.40,0:08:14.30,Default,,0000,0000,0000,,they might wait a few weeks\Nbefore buying the console.
Dialogue: 0,0:08:15.00,0:08:18.18,Default,,0000,0000,0000,,Demand for that console\Ndecreases today
Dialogue: 0,0:08:18.18,0:08:20.37,Default,,0000,0000,0000,,because it's going\Nto increase later on.
Dialogue: 0,0:08:21.20,0:08:22.60,Default,,0000,0000,0000,,Or take batteries.
Dialogue: 0,0:08:22.90,0:08:26.10,Default,,0000,0000,0000,,Suppose you hear there's going\Nto be a big hurricane in your area.
Dialogue: 0,0:08:26.80,0:08:28.00,Default,,0000,0000,0000,,If a hurricane hits,
Dialogue: 0,0:08:28.20,0:08:31.40,Default,,0000,0000,0000,,you might expect the price\Nof batteries is going to go up,
Dialogue: 0,0:08:31.60,0:08:34.71,Default,,0000,0000,0000,,or maybe it will be really hard\Nto get any batteries at all.
Dialogue: 0,0:08:34.71,0:08:35.71,Default,,0000,0000,0000,,- [voice] Oh no!
Dialogue: 0,0:08:35.71,0:08:38.66,Default,,0000,0000,0000,,- [Tyler] That means a higher\Ndemand for batteries today,
Dialogue: 0,0:08:38.66,0:08:39.82,Default,,0000,0000,0000,,and so the expectation
Dialogue: 0,0:08:39.82,0:08:42.02,Default,,0000,0000,0000,,of this future event\Nof the hurricane
Dialogue: 0,0:08:42.02,0:08:44.87,Default,,0000,0000,0000,,can change the demand\Nfor batteries today.
Dialogue: 0,0:08:45.60,0:08:47.54,Default,,0000,0000,0000,,If people expect\Nthe price of a good
Dialogue: 0,0:08:47.54,0:08:49.10,Default,,0000,0000,0000,,to be higher in the future --
Dialogue: 0,0:08:49.60,0:08:52.30,Default,,0000,0000,0000,,that typically increases\Ndemand today.
Dialogue: 0,0:08:52.70,0:08:54.86,Default,,0000,0000,0000,,Consumers adjust\Ntheir current spending
Dialogue: 0,0:08:54.86,0:08:56.90,Default,,0000,0000,0000,,anticipating the future prices
Dialogue: 0,0:08:57.10,0:08:59.51,Default,,0000,0000,0000,,to obtain\Nthe lowest price possible.
Dialogue: 0,0:08:59.76,0:09:01.90,Default,,0000,0000,0000,,And that's it\Nfor our list of shifters.
Dialogue: 0,0:09:02.70,0:09:05.60,Default,,0000,0000,0000,,Now that you understand\Nwhat a shift in demand means,
Dialogue: 0,0:09:05.80,0:09:09.10,Default,,0000,0000,0000,,practice recreating\Nthis list of shifters on your own.
Dialogue: 0,0:09:09.90,0:09:12.28,Default,,0000,0000,0000,,What would cause\Na higher quantity demanded
Dialogue: 0,0:09:12.28,0:09:13.30,Default,,0000,0000,0000,,at every price?
Dialogue: 0,0:09:13.60,0:09:15.20,Default,,0000,0000,0000,,More people? Wealthier people?
Dialogue: 0,0:09:15.51,0:09:17.80,Default,,0000,0000,0000,,It's the hotter in-item and so on.
Dialogue: 0,0:09:18.40,0:09:21.33,Default,,0000,0000,0000,,Conversely, what would cause\Nless of a good
Dialogue: 0,0:09:21.33,0:09:23.50,Default,,0000,0000,0000,,to be demanded at every price?
Dialogue: 0,0:09:24.10,0:09:25.41,Default,,0000,0000,0000,,Once you can do that,
Dialogue: 0,0:09:25.41,0:09:28.00,Default,,0000,0000,0000,,you'll be able to identify\Ndemand shifters
Dialogue: 0,0:09:28.20,0:09:31.00,Default,,0000,0000,0000,,without the need\Nto memorize any list.
Dialogue: 0,0:09:33.28,0:09:34.36,Default,,0000,0000,0000,,- [Narrator] If you're a teacher,
Dialogue: 0,0:09:34.36,0:09:36.72,Default,,0000,0000,0000,,you should check out\Nour supply and demand unit plan
Dialogue: 0,0:09:36.72,0:09:38.10,Default,,0000,0000,0000,,that incorporates this video.
Dialogue: 0,0:09:38.40,0:09:39.40,Default,,0000,0000,0000,,If you're a learner,
Dialogue: 0,0:09:39.40,0:09:41.09,Default,,0000,0000,0000,,make sure this video sticks
Dialogue: 0,0:09:41.09,0:09:43.20,Default,,0000,0000,0000,,by answering a few quick \Npractice questions.
Dialogue: 0,0:09:43.60,0:09:45.87,Default,,0000,0000,0000,,Or if you're ready\Nfor more microeconomics,
Dialogue: 0,0:09:45.87,0:09:47.45,Default,,0000,0000,0000,,click for the next video.
Dialogue: 0,0:09:48.71,0:09:50.92,Default,,0000,0000,0000,,♪ [music] ♪