Question

whats shifting right or left in economics?

Answer 1

Shifting in economics means the complete movement of a curve from its existing position. Shifting to the right means there is increase in the component whereas shifting to the left means there is a decrease in the component. With shifting the curve moves completely to the right or left rather than movement along the same curve. The most common examples of shifts are shift in demand curve and supply curve. In this case quantity demanded or supplied is measured along the X axis and price along the Y axis. If quantity demanded or supplied increase due to factors other than price, the demand curve or supply curve will shift towards the right, showing that at the same price more quantity is demanded or supplied. When there is decrease in quantity demanded or supplied, the curves will shift to left. But if demand or supply changes due to changes in price only, then there will not be any shift. There is only upward or downward movement along the curve. Example of shift in demand curve is illustrated in the image.