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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Top-Bewertungen von FIRM LEVEL ECONOMICS: CONSUMER AND PRODUCER BEHAVIOR
A background knowledge of microeconomics would most likely help many. The lectures were awesome but acing the quizzes might be difficult for anyone with little foreknowledge in microeconomics.
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.
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"
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.
Über den Spezialisierung Managerial Economics and Business Analysis
In order to effectively manage and operate a business, managers and leaders need to understand the market characteristics and economic environment in which they operate. In this specialization, you will build a solid understanding of the operation of markets and the macro-economic environment with real-world examples. You will be able to identify firm and country-level economic factors that impact business decisions, develop an analytical framework using statistical tools, and apply economic theory and data in the analysis of business environment and trends to make effective business decisions.
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