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Hey, how you doin econ students.. this Is Mr. Clifford. Welcome to ACDC econ. Right now were going to talk about Shifting, Demand and Supply. *music* In previous videos, you learned about demand and why its downward sloping. You also learned about supply and why its upward sloping. And of course you understand the idea of equilibrium. That is the only place where the quantity demanded exactly equals the quantity supplied. You should also understand why when theres a change in price, that moves along the curves. For example, when the price goes up, the quantity supply increases and the quantity demand decreases, causing a surplus. When the price falls below equilibrium, the quantity demand increases, the quantity supply decreases and that causes a shortage. And thats what happens when theres a change in price. It moves along the demand and supply curves. But what if theres a shift in the entire curve? Remember, we learned the shifters in previous videos. Theres 5 shifters of de
