(1) The Basic Market Model
Supply Curve, Demand Curve, Equilibrium, Shortage, Surplus, Markets
This reviews the drivers and sign expectations for demand and supply functions. It explains how these relate to demand and supply curves. These are combined into a graph that illustrates equilibrium, surpluses and shortages.
Crane, Steven E., "(1) The Basic Market Model" (2011). Principles of Microeconomics. 9.
Very basic familiarity with the standard market model that is a core component of introductory micro economic analysis.
Previous Demand & Supply Videos