In this course, we've discussed fundamental concepts in economics. Let's recap.
Supply and demand together determine market equilibrium. On a graph, market equilibrium is the point where the supply and demand curves intersect. The price at this intersection is the equilibrium price and the quantity is the equilibrium quantity. When the market for good or service is in equilibrium, there are no surpluses and no shortages.
As buyers and sellers interact, the market will trend toward equilibrium quantity and equilibrium price. It's as if an invisible hand pushes and pulls markets toward equilibrium levels.
There are several resources you may find helpful of the basic content discussed in this course.
The Economic Lowdown Podcast Series:
The Economic Lowdown Video Companion Series:
Now, click next to take the assessment and demonstrate your understanding of the material provided in this course.