Objectives:
- Define markets, scarcity, and economic systems
- Describe the “Law of Demand” and the “Law of Supply”
- Introduce the concept of market equilibrium
Reading For This Module:
From “Introducing Economics through a Collection of Free Articles by Economists”:
- Free Market by Murray N. Rothbard
- Demand by David R. Henderson
- Supply by Al Ehrbar
Opening Vignettes:
Success is often finding the right consumer in the right market.
© Dan Piraro 1996 found here
Introduction:
Markets are all around us and can be incredibly complex. In this module, the discussion moves toward introducing an important tool, supply and demand, for understanding how markets work.
Personal Finance, Markets Part 1 Lecture (video) (15:26)
In this video Dr. Wentland covers what markets are and other related points about scarcity and economic systems.
Personal Finance, Markets Part 2 Lecture (video) (14:08)
This video introduces how markets work as well as supply and demand.
Personal Finance, Markets Part 3 Lecture (video) (14:08)
Marginal University Supplemental Lectures:
Some of the lectures in this course feature Marginal University content. *Note: Marginal University content is available on a variety of topics that may be able to help you in other topics!
The Demand Curve Lecture (1 video)(~3:30)
This lesson introduces the demand curve in more detail.
The Supply Curve (1 videos)(~3:00)
These lesson introduces the supply curve in more detail.
Equilibrium Price (1 videos)(~4:50)
These lesson introduces the idea of equilibrium price in more detail.
Reflection:
Now that we have some idea of what markets are, we can see how important prices are for guiding buyers and sellers. We see how buyers and sellers (who have somewhat different objectives) find common ground. An equilibrium price emerges out of this interaction among buyers and sellers, which supply and demand help us understand in a deeper way.
Practice Quiz/Interactive Activity
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Graded Quizzes
Take the quiz for this module on Canvas.