Episodes
Sunday Nov 28, 2021
Episode 12: The Price System
Sunday Nov 28, 2021
Sunday Nov 28, 2021
An examination of how the price system works, including an introduction to supply and demand theory, and the concepts of clearing the market and surplus maximisation. I also look at how the price system promotes efficiency helps to regulate economic activity. I conclude with a discussion of how prices store and communicate economic information.
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