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.
Dieser Kurs ist Teil der Spezialisierung Spezialisierung Managerial Economics and Business Analysis
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Spezialisierung Managerial Economics and Business Analysis University of Illinois at Urbana-ChampaignÜber diesen Kurs
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- Economics
- Consumer Behaviour
- Supply And Demand
- Cost
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Lehrplan - Was Sie in diesem Kurs lernen werden
Course Orientation
Module 1: Scarcity, Allocation, and Markets
Module 2: Government Intervention in Markets
Module 3: Firms, Production, and Costs
Module 4: Firm Behavior
Bewertungen
- 5 stars85,38 %
- 4 stars12,55 %
- 3 stars1,24 %
- 2 stars0,25 %
- 1 star0,55 %
Top-Bewertungen von FIRM LEVEL ECONOMICS: CONSUMER AND PRODUCER BEHAVIOR
Everything is fine but regarding my economics subject, where i got some lagg while understanding because somewhat the examples are varies from one country to another country.
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"
Great course that gives you a deep understanding on how the different cost and revenue curves behave. i would especially like to thank the instructor for teaching us. Thank you.
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.
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