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.
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FIRM LEVEL ECONOMICS: CONSUMER AND PRODUCER BEHAVIOR からの人気レビュー
Larry is one of my all time favorite professors. No one teaches price theory like him. He makes the material entertaining and creates an enjoyable learning experience. I wish he taught more courses.
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.
Found the content extremely interesting. Mr DeBrock delivered the content in a simple and understandable way. Definitely recommended for any beginners wanting to get into economics.
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.
Managerial Economics and Business Analysis 専門講座について