Shifting Demand and Supply- Macro Topic 1.6 (Micro Topic 2.7)

Mr. Clifford introduces the concept of shifting demand and supply, explaining equilibrium and the effects of price changes. He uses a scene from Frozen to illustrate demand shifts and provides practice scenarios for understanding supply and demand shifts. The video emphasizes the importance of understanding these concepts for both academic and real-life applications.

Explain the concept of equilibrium in the context of supply and demand.

What happens to the quantity demanded and supplied when the price increases?

What are the five shifters of demand and supply mentioned in the video?

How does a change in consumer preferences affect the demand curve?

Describe the impact of an increase in the price of a substitute good on the demand for hamburgers.