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
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TOP REVIEWS FROM FIRM LEVEL ECONOMICS: CONSUMER AND PRODUCER BEHAVIOR
Very well taught concepts, Complete coverage of syllabus. Communication from Larry or Per reviews, this course has provided a great experience towards learning economics. Thank you :)
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"
In the beginning I thought this was going to be a very basic course, but the way the professor explained the topics really make it interesting a practical, going beyond the classical economic theory.
Found the content extremely interesting. Mr DeBrock delivered the content in a simple and understandable way. Definitely recommended for any beginners wanting to get into economics.
About the Managerial Economics and Business Analysis Specialization
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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