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1.       What did you learn about the topic that most surprised you?

The thing that surprised me the most regarding this topic would be researching about the factors that affect the demand curve. This surprised me because I had never previously put into thought the factors that cause the shifts in demand or how many variables play a part in demand

2.       Provide a real-life example of how this topic is relevant or interesting to you

A real-life example of how demand is relevant to me would be when an item I really want goes on sale. If I don’t hold the item to that high of a value so when it isn’t on sale, then the benefit doesn’t out weight the cost of owning the item. But when it goes on sale then I can then justify spending the money because benefit of having it is greater then the cost of it.

3.       What research did you find most interesting?

The research that I found most interesting would be while researching videos related to this topic. There are a lot of videos and online lessons regarding supply and demand that go into a lot of depth and make it easier to grasp the concepts.

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Demand and supply effects on equilibrium (picture #3

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Demand and supply effects on equilibrium (picture #3

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https://www.slideshare.net/arondotson/micro-ch3-ppt
The table below shows how shifts in demand and supply affect equilibrium price and quantity. The first horizontal column is for demand curve and the first vertical column is for supply curve. AS you can see when you follow the chart it will start whether the change in supply/demand has caused either an increase or decrease in quantity and price.

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The Demand Curve and Equilibrium (website #3)

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The Demand Curve and Equilibrium (website #3)

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https://www.boundless.com/economics/textbooks/boundless-economics-textbook/introducing-supply-and-demand-3/market-equilibrium-48/changes-in-demand-and-supply-and-impacts-on-equilibrium-181-12279/
The website link above addresses how shifts in supply and demand affect the market equilibrium. The market is constantly changing as the demands are subjected to different driving forces and influencing factors. These shifts play an important role in altering market equilibrium price points. Supply shifts be the a result of a wide variety, scarcity or the lack of availability for a certain material, is a main driving force for supply.

Because the demand curve slopes down and the supply curve slops up, the curves will eventually cross on any supply and demand chart. This point of equilibrium serves as a price and quantity tracking point.

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A Deeper look into the demand curve (video #3)

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A Deeper look into the demand curve (video #3)

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https://www.youtube.com/watch?v=outYDTq-jPc
The video below gives a recap of what the demand curve is and also goes over topics such as the two different ways to read the demand curve, how demand curves shift, and consumer surplus. The demand curve can be read in two ways; horizontally or vertically.
Consumer surplus is the difference between the maximum price a consumer is willing to pay for a given quantity and the market price the consumer actually has to pay.
Total Consumer surplus is the total consumer surplus of all buyers; When reading the demand graph the total consumer surplus is measured by the area below the demand curve and above the price.

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This video looks at both the horizontal and vertical methods for reading the demand curve, how demand curves shift, and consumer surplus. Microeconomics Course: http://bit.ly/20VablY Ask a question about the video: http://bit.ly/21gwQyT Next video: http://bit.ly/1XMVCAZ

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The video below begins by summarizing the five factors that influence demand. This video goes further into depth regarding shifts in the demand curve. When a good is in higher demand it shifts to the right. When the demand of the good decrease it shifts to the left.
This video also address the fact that the number of buyers can also cause a shift in the curve of demand. Population causes either and increase or decrease in the number of consumers. The larger the population the larger the customer base for a good.
https://www.youtube.com/watch?v=Z1Auh-G--vQ

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Shifts of the demand curve part 2 - Determinants of Demand

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Uploaded by Darren Landinguin on 2013-09-20.

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https://www.thebalance.com/five-determinants-of-demand-with-examples-and-formula-3305706
The website link i have posted above states that demand drives the economy, and that the five determinants that drive demand.
It explains how each determinant affects demand using the term ceteris paribus, or “all other things being equal.”

Price affects demand because when prices rise, the quantity of demand falls. and people base their purchasing decisions on price if all other things are equal.
Income affects demand because when income becomes higher, so does the quantity demanded. When income falls, so does the demand.
Prices of related goods or services affects demand because there is relation between price of a complementary good and the demand for the given good. The price of complementary goods or services increase the cost of using the good so, the demand for the product will decrease
Tastes affects demand because when the public desires a certain public the demand increase, and when the public favors against the product then the amount demanded decreases
Expectations affects demand because if people anticipate that the price of something will increase, then they will demand more of it.

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The demand for a good depends on various factors.The image below shows a summary of the factors influencing demand for a good by and individual consumer. The factors that influence the demand are the price of a good, the income of the consumer, the price of related goods, taste and preferences of the consumer and other factors like population, growth etc.
http://cassb4.weebly.com/determinants-of-demand.html

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                        DETERMINANT OF DEMAND 

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                        DETERMINANT OF DEMAND 

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https://www.britannica.com/topic/demand-curve
In the link above it explains how the demand curve is a graphic representation of the relationship between product price and the quantity of the product demanded. The vertical axis of the graph represents the price and the horizontal axis represents quantity demanded on. This website also explains how, with some exceptions, the demand curve is delineated as sloping downward from left to right because price and quantity demanded are inversely related. A change in conditions such as number of consumers in the market, consumer tastes or preferences, prices of substitute goods, consumer price expectations, and personal income, cause a change in demand which is showed on the graph by a shift in the location of the demand curve.

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A demand curve shows the relationship between the price of an item and the quantity demanded over a period of time. The picture below show that as the price becomes higher, the quantity demanded become lower and as the price of a product becomes lower the demand increases.
https://www.tutor2u.net/economics/reference/theory-of-demand

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                         THE DEMAND CURVE

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                         THE DEMAND CURVE

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The video below explains the meaning behind the demand curve. The video states that the demand curve shows how much of a good people will want a different prices. At a lower price people buy more of the product; therefore the quantity of demand increases as the price gets lower. As the price increases the benefit of buying the product is too little to justify the cost. Only the consumers who view the product as high value will see the benefit in purchasing the product even though the price has been raised.
https://www.youtube.com/watch?v=kUPm2tMCbGE

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                                                                  Welcome!

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                                                                  Welcome!

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On this page you will learn all about home insurance and the factors that play a r