Blogging about Demand & Supply: Interactive Graphs

After completing the excersizes of the interactive graphs, I could physically see what happens to demand and supply. I though the graphs were very neat and helpful.

I noted that what seems to get demand to change is all related to world events and the economy. Also popularity of an item or service effects demeand. I'll use an example from my life. When Lance Armstrong won the Tour de France for the 5th time in a row, these "Live Strong" bracelets came out. They became so popular so fast that it became almost impossible to find them for some time (I remember this because I even really wanted one) The shear popularity of a trend and a celebrity endoursement because so strong that demand for these little bracelets went up so much that people had began buying many when they could and try and sell them privately for a profit.

source: http://ingrimayne.com/econ/DemandSupply/SupEtDemand.html

The change in demand is represented in a graph by either a positive or negative shift in the demand curve. Or by this graph.

This is a cool link I found that teaches you how to properly graph demand (from a google image)
http://www.google.ca/imgres?hl=en&biw=1366&bih=685&tbm=isch&tbnid=e70QbpmpOc7KtM:&imgrefurl=http://randi2489.edu.glogster.com/supply-and-demand/&docid=iCAKyRf4Ss_e3M&imgurl=http://edu.glogster.com/media/5/22/35/46/22354642.png&w=300&h=300&ei=_CNaUIetKYbkywH82YCgAw&zoom=1&iact=hc&vpx=179&vpy=328&dur=1137&hovh=225&hovw=225&tx=128&ty=119&sig=110826988698318660708&page=1&tbnh=140&tbnw=146&start=0&ndsp=18&ved=1t:429,r:6,s:0,i:103