Lesson: Changes in Demand and Supply

In this lesson, Nick Palazzolo, CPA, delves into the nuances between a change in quantity demanded versus a change in demand, as well as similar distinctions in supply. He uses concise explanations to illuminate the difference between movements along the curves and shifts of the curves themselves, driven by changes in price, quantity, or external factors. Nick reinforces the conceptual framework with practical tips, such as the 'finger technique', to help visualize and remember these economic principles, making it clear how each type of change impacts equilibrium points—an essential understanding for making sense of multiple-choice questions.