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Difference between expansion/contraction of supply or demand and increase/decrease Watch

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    Can someone please tell me so I dont have anymore sleepless nights! :eek3:
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    These are functional relationships between q and p. Other things affect q and p are assumed constant. When those other things (income....etc) change you have an increase/decrease in supply and demand.

    If you're struggling with this, doing more advanced stuff, I would expect more sleepless nights in the future for certain.
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    (Original post by Topmanfaz)
    Can someone please tell me so I dont have anymore sleepless nights! :eek3:
    Expansions and contractions are caused by changes in price, and are movements along the curve. Increases and decreases are caused by other factors, and are shifts of the curve. That's really all there is to it at A-level.
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    (Original post by alex_hk90)
    Expansions and contractions are caused by changes in price, and are movements along the curve. Increases and decreases are caused by other factors, and are shifts of the curve. That's really all there is to it at A-level.
    Ah right, got it now thanks a bunch my friend. +r

    To Meandbubbles, was just kidding with the sleepless nights :P, I'm supposed to write an essay and was just wondering when to use which terms. Anyway got it now, time to rape it ...!
 
 
 
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Updated: December 13, 2008
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