Supply and demand are powerful forces in a free market. In four to five sentences, explain some of the factors that cause shifts in supply and demand and what the effects of these shifts are.

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Social Studies

Aiden

20 May, 04:42

Supply and demand are powerful forces in a free market. In four to five sentences, explain some of the factors that cause shifts in supply and demand and what the effects of these shifts are.

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Layne Gross · Answer 1

The shifts in supply and demand happens when the prices of goods and services decrease and increase. Supply is considered as competition. Having the same products as another, changing the prices of the products will have you winning the competition. Demand shifts is when consumers/people purchase the goods that has changed prices.

Isaac Solis · Answer 2

Shifts in supply occur when a number of goods available increase or decrease. Shifts in a supply can happen when prices change, competitors produce similar goods, or when the availability of labor or resources changes.