Micro Essay.docx - Anthony Simonetti April 9 2017...

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Anthony Simonetti April 9, 2017 Microeconomics Term Paper Demand Demand in the economy world stands for potential buyers wants, needs, and willingness to buy a product at a given price. A way to look at it is price being something the consumer must get past to be able to consume. There are 5 factors that can shift the demand curve. The first one his change in buyer tastes. This simply means the buyers preference in the product at hand or a different product. Next, is change in number of buyers. The quantity is important so if the number of buyers goes up or down the demand curve will shift accordingly. Change in income, is the third and is extremely important. If the customer doesn’t have the funds to purchase the product then the curves shifts from them allocating their money efficiently. Changes in prices of related goods causes the consumer to want to buy the rival product instead of the product at hand. This obviously shifts the curve as well. Lastly, is change in consumer expectations. If the consumer is
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