Economics
Published on Nov 28, 2015
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A product that has undergone a radical market change in a short period is the digital camera. This happens when the supply curve shifts right .
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As improved technology caused the price of digital cameras to fall, sales increase. Where quantity demand and supplies are higher, prices are lower.
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New technology or lower costs can shift the supply curve to the right.
However, other factors that reduce supply can shift the supply curve to the left.
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To supply the need of the high rising products, the stores have to keep INVENTORY, the quantity of goods that a firm has on hand. Without this the store would not be able to supply the costumers with goods
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Almost every year, we experience a new FAD, a product that enjoys enormous popularity for a fairly short time. This item becomes the "must-buy" item of the season.
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The store that carries the "must-buy" toy of the season experience shortages of this product. Shortage can appear in forms of SEARCH COSTS, the financial and opportunity cost that consumers pay in searching for a product of service.
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