Shift in Demand Curve: A shift in the demand curve occurs when there is a change in factors other than price that affect consumers' willingness to buy a product.
Shift in Supply Curve: A shift in the supply curve occurs when there is a change in factors other than price that affect producers' willingness to sell a product.
Equilibrium Price and Quantity: The equilibrium price is the price at which quantity demanded equals quantity supplied, resulting in no shortage or surplus. The equilibrium quantity is the quantity bought and sold at this price level.