When we talk about what changes supply and demand, a few important things come to mind.

For Demand:

• Consumer Preferences: If something becomes popular, more people want to buy it.
• Income Levels: When people earn more money, they usually buy more things.
• Price of Substitutes: If the price of a similar product goes down, people might buy less of the original.

For Supply:

• Production Costs: If the cost of materials goes up, the supply might go down.
• Technology: Improved technology can make it cheaper and faster to produce things, which increases supply.
• Number of Suppliers: When there are more companies selling a product, the supply usually goes up.

Knowing these factors helps us understand changes in the market!