shift in demand or supply curve

In economics, a shift in the demand or supply curve to the left or right on a price–quantity diagram. A shift in the demand curve can arise because of a change in the income of buyers, a change in the price of other goods, or a change in tastes for the product. A shift in the supply curve can arise because of change in the costs of production, a change in technology, or a change in price of other goods.

An increase in demand caused by an increase in consumer incomes shifts the demand curve to the right; as a result, the equilibrium quantity bought increases, but the equilibrium price also rises. A rise in labour costs leading to a fall in supply shifts the supply curve to the left; as a result, the equilibrium quantity sold falls while the equilibrium price rises.