Demand (1) Desire for certain good or service supported by the capacity to purchase it.

Law of demand

 microeconomic law that states that, all other factors being equal, as the price of a good or service
increases, consumer demand for the good or service will decrease and vice versa. 

Shift in demand

A shift in demand curve results from changes in all other factors that were held constant in constructing
the demand curve. Such other factors include the change in price of other commodities, change in supply
of the commodity in question, change in tastes and preferences of consumers, change in income of
consumers etc.

For instance, given The price of the commodity in question say Bic pen, an increase in the price of
Reynold pen will bring about an increase in demand for Bic pen, representing the increase in demand of
Bic pen due to the increase in price of the Reynold pen on a demand curve without a price change in Bic
pen, the demand curve shifts outwards at the same price level.

Also if the taste of the consumer changes without a price change of th good in question, there will be a
shift in The demand curve.

A change in quantity demanded is where all other factors mentioned above remains unchanged ( all
things being equal) and the price of the commodity changes, in this case movement is along the original
demand curve.

However, for a shift in the demand curve all other factors are made to vary with the exception of the price
of th good in question. In this case, there is a bodily shift or movement in the demand curve resulting in
more than one demand curve- the original and the new.
Causes of shift

Economic theory identifies five drivers for change in demand of a given good or service: 

1. The number of consumers 

2. Price of substitutes and complements 
3. Consumer income 
4. Tastes and preferences 
5. Price expectations 

Supply

Total amount of a product (good or service) available for purchase at any specified price. It
is determined by: (1) Price: producers will try to obtain the highest possible price whereas
the buyers will try to pay the lowest possible price both settling at the equilibrium
price where supply equals demand. (2) Cost of inputs: lower the input price the higher
the profit at a price level and more product will be offered at that price. (3) Price of
other goods: lower prices of competing goods will reduce the price and the supplier may
switch to switch to more profitable products thus reducing the supply.

Law of supply

What Does Law Of Supply Mean?

A microeconomic law stating that, all other factors being equal, as
the price of a good or service increases, the quantity of goods or
services offered by suppliers increases and vice versa. 

Shift in supply

Increase in Supply 
Here is a figure to illustrate an increase in supply. The supply curve shifts to the right,
from S1 to S2, so that the new supply curve shows a greater quantity supplied at every
price. That is what we mean by an increase in supply.

Decrease in Supply

This figure illustrates a decrease in supply. The supply curve shifts to the left, from S1 to S2. The new
supply curve shows a smaller quantity supplied at every price, and that is what we mean by a decrease
in supply.

Figure 7b
Again, only one supply curve will exist at any one time. Here is
an animation that gives a more dynamic idea of what we
have in mind.

Causes of shift

Here are some things that would cause the supply curve to
shift:

1. Changes in the prices of input goods.

 Labor
 Raw materials

2. A change in technology.

3. Changes in natural conditions.

 Rainfall
 Environmental Conditions