All goods and services are subject to scarcity at some level, which requires that society develop some allocation mechanism to determine who gets what. Over recorded history, these allocation rules were usually command based, meaning that the king or the emperor would decide. In contemporary times, most countries have turned to market-based allocation systems. In markets, prices act as rationing devices, encouraging or discouraging production and encouraging or discouraging consumption to find an equilibrium allocation of resources. To understand this process, businesses construct demand curves to capture consumer behavior and consider supply curves to capture producer behavior. The resulting equilibrium price “rations” the scarce commodity.
This course is part of the Managerial Economics and Business Analysis Specialization
About this Course
Skills you will gain
- Consumer Behaviour
- Supply And Demand
Start working towards your Master's degree
Syllabus - What you will learn from this course
Module 1: Scarcity, Allocation, and Markets
Module 2: Government Intervention in Markets
Module 3: Firms, Production, and Costs
Module 4: Firm Behavior
- 5 stars85.43%
- 4 stars12.51%
- 3 stars1.23%
- 2 stars0.25%
- 1 star0.55%
TOP REVIEWS FROM FIRM LEVEL ECONOMICS: CONSUMER AND PRODUCER BEHAVIOR
Excellent course and very well explained every basic economic concept with real examples.
Thanks a lot Professor for allowing me to audit this course, wishing you a great success ahead!!
This is a very powrefull course about Economics, Consumer and Producer. Everyone must go through this course and its not that much easy as much people may guess about this.
Though being a student in technical field, i was easy for me to become familiar with the subject, as all basics were point to point explained. Larry sir was amazing xD. "I have got the pen"
Professor DeBrock is one of the best teachers I have ever encountered. He makes a daunting subject understandable. I can't wait for more of the same in the next microeconomics course.
About the Managerial Economics and Business Analysis Specialization
Frequently Asked Questions
When will I have access to the lectures and assignments?
What will I get if I subscribe to this Specialization?
Is financial aid available?
More questions? Visit the Learner Help Center.