Microeconomics: Understanding the Market System
A fundamental proposition in economics is that people have unlimited wants, but there are limited resources, which leads to the problem of scarcity. Hence the central question in economics is how best to allocate limited resources to produce goods and services. In this programme we introduce the market system, the law of demand and supply, price elasticity, market structures, market failures and government response, and many more key concepts. Featuring clear explanations, excellent graphics and examples from all over the world, this programme introduces the classic concepts of microeconomics in an engaging and thought-provoking way.
Production Year: 2011
Duration: 20 min
Printable Resources: Yes
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