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
- 5 stars85.38%
- 4 stars12.55%
- 3 stars1.24%
- 2 stars0.25%
- 1 star0.55%
TOP REVIEWS FROM FIRM LEVEL ECONOMICS: CONSUMER AND PRODUCER BEHAVIOR
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"
Concepts in this course are presented very thoroughly with real life examples and Larry is a great teacher! Learnt a lot in this course and looking forward to the second portion of the course.
Absolutely made me understand firm level economics concepts. Good practice and foundation building.
Professor is great and engages will with real life examples and connections.
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.
About the Managerial Economics and Business Analysis Specialization
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