Know Everything about Market Forces (Part 1)

Know Everything about Market Forces (Part 1)

Economics is all about making choices in the presence of scarcity. Here , you are introduced to that  branch of economics which deals with the behaviour of individual and firms and how they allocate theirs scarce resources in the presence of scarcity.

The two major branches of Economics are Microeconomics and Macroeconomics. Microeconomics deals with the individual units while Macroeconomics is all about the aggregates.

Microeconomics is all about choices. It basically applies to markets of goods and services and deals with the individual and economic issues.

The “place” where consumers (i.e. buyers) and producers (i.e. sellers) meet is called a market.

Market forces  impact prices and the behaviours of producers and consumers. In a market, these forces create pricing signals which result from the fluctuation of supply and demand for a given product or service. They can impact any industry or government policy. The basis of supply-side economics is on the theory that the supply of goods and services is most important in determining economic growth.Demand-side economics holds that the creation of economic growth is from the high demand for goods and services.  However, economic models cannot capture some dynamics which affect markets and increase market volatility, such as human emotion.

In a nutshell, Demand and Supply are the two major market forces.

This course can help you to get a probable answer to the most basic question - Why do consumers buy less amount of a commodity at a high price ? The mere desire for commodity cannot be termed as demand. It is important to know about demand because in economics, because the law of supply and demand  will decide the price at which something will be bought and sold.

This is a course about DEMAND. You'll learn everything about demand (yes , from the beginning).It is taught is a simple and detailed manner with minimum tools. With this course you will able to analyse and understand the behaviour of consumers in the market.

A glimpse of the course is as follows :

1.) Meaning of demand ;

2.) Distinguish Demand from wants, desires, and needs;

3.) Types of Demand and its Determinants;

4.) What is the significance of the term utility in Economics;

5.) The Law of Diminishing Marginal Utility and it's importance;

6.) What is Consumer Equilibrium and when is a consumer in equilibrium;

7.) The most important one- The law of Demand;

8.) Reasons to the law of Demand;

9.) Derivation of the law of Demand;

10.) Exceptions to the law of Demand;

11.) Income and Substitution Effect;

12.) Difference between Change in Quantity and Change in Quantity Demanded.

This course contains rally interesting lectures, quizzes, revision/recap lectures and questions.

Why this course ?

1.) To be able to get acquainted with the basics of Economics

2.) To be able to develop some knowledge about the fundamentals of this subject (In order to understand the macro view, it is important to know the basics and hence this course)

3.) Contains Assignments and revision lectures to test your knowledge

4.) Examples are just related to our everyday lives, thus making it engaging.

About Demand

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What you will learn

• Students shall know what is economics
• What are the branches of economics and an explanation of the same
• Be able to distinguish between demand, desire, needs and wants

Rating: 5

Level: Beginner Level

Duration: 3.5 hours

Instructor: Vasudha T K