Entity: SHIFT-IN-DEMAND
SHIFT-IN-DEMAND refers to a change in the quantity demanded of a good or service at each possible price, resulting in a new demand curve. It signifies a shift in consumer interest in purchasing a product, independent of its price.
SHIFT-IN-DEMAND
Etymology
The term 'SHIFT-IN-DEMAND' originates from the field of economics and is used to describe a change in the quantity demanded of a product or service.
Definition
SHIFT-IN-DEMAND refers to a change in the quantity demanded of a good or service at each possible price, resulting in a new demand curve. It signifies a shift in consumer interest in purchasing a product, independent of its price.
Historical Context
The concept of SHIFT-IN-DEMAND has been a fundamental aspect of economic theory, dating back to the early development of supply and demand models.
Cultural Significance
Understanding SHIFT-IN-DEMAND is crucial for businesses, policymakers, and economists to predict market trends and make informed decisions.
Related Concepts
SHIFT-IN-DEMAND is closely related to the concepts of supply, demand, market equilibrium, and price elasticity.
See Also
SHIFT-IN-DEMAND is a term used in economics to describe a change in the quantity demanded of a good or service at each possible price, leading to a new demand curve.