The Power of Markets I: The Basics of Supply and Demand and Consumer Behavior

Description

In this course, you will :

• This opening module of the Power of Markets course covers the basic assumptions about market participants made by economists, the concept of opportunity cost, and the key determinants of supply and demand.
• We will then learn how to use the supply-demand framework to explain and predict market outcomes and to show how government policies affect those market outcomes.
• We will look at how quantity demanded and supplied respond to their key determinants in quantitative (elasticity) as well as qualitative terms.