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
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- Economics
- Consumer Behaviour
- Supply And Demand
- Cost
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Syllabus - What you will learn from this course
Course Orientation
Module 1: Scarcity, Allocation, and Markets
Module 2: Government Intervention in Markets
Module 3: Firms, Production, and Costs
Module 4: Firm Behavior
Reviews
- 5 stars85.40%
- 4 stars12.54%
- 3 stars1.23%
- 2 stars0.25%
- 1 star0.55%
TOP REVIEWS FROM FIRM LEVEL ECONOMICS: CONSUMER AND PRODUCER BEHAVIOR
It was a very interesting course. The instructor taught really well and all his teachings were very easy to understand. I learnt a number of valuable lessons and skills in this course.
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"
In the beginning I thought this was going to be a very basic course, but the way the professor explained the topics really make it interesting a practical, going beyond the classical economic theory.
Professor Larry DeBrock has a very hands on approach to the concepts of economics. He integrates theoretical content with relevant practical examples , helping to understand the framework easily.
About the Managerial Economics and Business Analysis Specialization

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