Identify and discuss the economic factors that might lead to a shift in the demand curve

An economic factor that might lead to a shift in the demand curve is changes in income. This could be due to either an increase or decrease of income levels, leading to a corresponding change in consumer expenditure and thus shifting the demand curve (Tucker 2018). A rise in income leads consumers to purchase more of a certain good, resulting in an outward shift of the demand curve as the quantity demanded increases at any given price. Conversely, when incomes decline, consumers purchase less of the product which causes a contraction of the demand curve as fewer goods are purchased despite any decrease in their prices (Malone 2019).