like tricycles and day care facilities. A society with relatively more elderly persons, as the United States is

projected to have by 2030, has a higher demand for nursing homes and hearing aids. Similarly, changes in the

size of the population can affect the demand for housing and many other goods. Each of these changes in

demand will be shown as a shift in the demand curve.

Changes in the Prices of Related Goods

Changes in the prices of related goods such as substitutes or complements also can affect the demand for a

product. A substitute is a good or service that we can use in place of another good or service. As electronic

books, like this one, become more available, you would expect to see a decrease in demand for traditional

printed books. A lower price for a substitute decreases demand for the other product. For example, in recent

years as the price of tablet computers has fallen, the quantity demanded has increased (because of the law of
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