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.
This course is part of the Managerial Economics and Business Analysis Specialization
About this Course
Skills you will gain
- Consumer Behaviour
- Supply And Demand
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Syllabus - What you will learn from this course
Module 1: Scarcity, Allocation, and Markets
Module 2: Government Intervention in Markets
Module 3: Firms, Production, and Costs
Module 4: Firm Behavior
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- 1 star0.55%
TOP REVIEWS FROM 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.
The course was vey nice but there was some person named JAYA LAKSHMI VAKITI who is passing negative comments about me please look into this matter as it is not acceptable.
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.
It was a very interesting course. The instructor taught really well and all his teachings were very easy to understand. I learnt a number of valuable lessons and skills in this course.
About the Managerial Economics and Business Analysis Specialization
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