Demand:

1.Population and Market Size

-increase means increase in demand

2.Income (Normal/Inferior Goods)

-income up means demand increase for normal good but decrease for inferior goods

3.Price of Related Goods (Complements/Substitutes)

-increase in substitute price means increase in demand

-increase in complement price means decrease in demand

4.Consumer Preferences (Taste/Trends)

5.Consumer Expectations and Unexpected Events

Supply:

1. Number of Producers

-more businesses in a market, more supply. (shifts to the right)

2. Resource Prices

-if the cost of a resource increases, the producer makes fewer. (shifts to the left)

3. State of Technology

-technological progress leads to more efficient production, which means more is produced at each price level. (shift to the right)

4. Producer Expectations and Unexpected Events

-expectations of future prices/events, temperatures, droughts, floods, storms, natural disasters etc. can all affect the supply chain.

5. Prices of Related Products

-a price rise in substitutes may cause producers to make more of current product.

-a price rise in complements may cause producers to make more of current product