Concepts
- Free Market Economy
- Supply and Demand
- Shortage vs. Surplus
- Equilibrium Price and Quantity
- Shifting Supply and Demand
- Double Shifting
- Price Controls
- Price Ceiling
- Price Floor
Overview
In a free market economy, the market forces of supply and demand help us to determine the price of an item, along with how much of it will be bought/sold. This lesson is dedicated to those market forces to give us a quick overview of how markets work. We’ll observe what happens when too much or not enough of something is produced. We’ll also discuss the outside influences that cause these market forces to shift. Finally, we’ll talk about what happens to markets when the government steps in through the implementation of price controls.
Materials
- Lecture Notes
- Practice Problems
Lecture
Video Coming at Later Date
Quiz
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