ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -When there is a shift to the right, this shows an increase in demand at every price point. Then, when the demand curve shifts to the left, this shows a decrease in demand at each price.

Detailed explanation-2: -Although different goods and services will have different demand shifters, the demand shifters are likely to include (1) consumer preferences, (2) the prices of related goods and services, (3) income, (4) demographic characteristics, and (5) buyer expectations.

Detailed explanation-3: -Demand Curve Shifts Left That means less of the good or service is demanded. That happens during a recession when buyers’ incomes drop. They will buy less of everything, even though the price is the same.

Detailed explanation-4: -Consumer income. Styles, tastes, and habits. Prices or availability of related goods and services. Weather or season. Number of buyers. Expectations. Available credit or taxes. Consumer confidence in the health of the macroeconomy.