Economics SL
Economics SL
4
Chapters
96
Notes
Unit 1 - Intro to Econ & Core Concepts
Unit 1 - Intro to Econ & Core Concepts
Unit 2 - Microeconomics
Unit 2 - Microeconomics
Unit 3 - Macroeconomics
Unit 3 - Macroeconomics
Unit 4 - The Global Economy
Unit 4 - The Global Economy
IB Resources
Unit 2 - Microeconomics
Economics SL
Economics SL

Unit 2 - Microeconomics

Understanding Shifts Vs. Movements In The Demand Curve

Word Count Emoji
458 words
Reading Time Emoji
3 mins read
Updated at Emoji
Last edited on 5th Nov 2024

Table of content

Ahoy future economists! We're setting sail on a thrilling journey across the sea of demand curves today. So put on your captain's hat, grab your compass, and let's navigate through the waves of knowledge.

Movements along the demand curve

Imagine you're at your favorite ice cream shop. If the price of your favorite mint-choco chip scoop skyrockets, you might just settle for a vanilla cone, right? This change in price leads to a different amount of ice cream demanded - this is what we call a movement along the demand curve.

 

Let's break it down

  • Increase in Price = Decrease in Quantity Demanded (think contraction, like a bicep curl - you're flexing your smart shopper muscles and buying less).
  • Decrease in Price = Increase in Quantity Demanded (think extension, like stretching your arms after a long day - you're extending your reach and buying more).

This movement happens on the same demand curve, just like dancing along the same groove on your favorite dance floor!

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IB Resources
Unit 2 - Microeconomics
Economics SL
Economics SL

Unit 2 - Microeconomics

Understanding Shifts Vs. Movements In The Demand Curve

Word Count Emoji
458 words
Reading Time Emoji
3 mins read
Updated at Emoji
Last edited on 5th Nov 2024

Table of content

Ahoy future economists! We're setting sail on a thrilling journey across the sea of demand curves today. So put on your captain's hat, grab your compass, and let's navigate through the waves of knowledge.

Movements along the demand curve

Imagine you're at your favorite ice cream shop. If the price of your favorite mint-choco chip scoop skyrockets, you might just settle for a vanilla cone, right? This change in price leads to a different amount of ice cream demanded - this is what we call a movement along the demand curve.

 

Let's break it down

  • Increase in Price = Decrease in Quantity Demanded (think contraction, like a bicep curl - you're flexing your smart shopper muscles and buying less).
  • Decrease in Price = Increase in Quantity Demanded (think extension, like stretching your arms after a long day - you're extending your reach and buying more).

This movement happens on the same demand curve, just like dancing along the same groove on your favorite dance floor!

Unlock the Full Content! File Is Locked Emoji

Dive deeper and gain exclusive access to premium files of Economics SL. Subscribe now and get closer to that 45 🌟