Ch 04 Markets in Action

In this video, we cover Chapter 4: Markets in Action.
We bring together demand and supply to understand how markets work, focusing on disequilibrium, market equilibrium, and how prices adjust through surpluses and shortages. We also explore shifts in demand and supply, the role of elasticity, and the impact of price floors and ceilings.
This is core knowledge for understanding how real markets function — make sure to review the examples and be ready to discuss in class!

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‼️The EconSteps series belongs to the Economics classes of Peter Schmidt at Hochschule Bremen.

🔎 You find an overview at https://schmidt-bremen.de/EconSteps.html

📖 Economics - Microeconomics - Economics for Business by Begg and Ward

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Timestamps:

0:00 Intro
00:29 What this chapter covers
01:41 Market equilibrium
03:15 Demand & supply
04:32 Apple example
08:13 Surplus
09:20 Shortage
11:21 Why equilibrium matters
13:01 Equilibrium properties
14:59 Price determination
16:18 Changes in demand & supply
16:54 Income example
20:22 Elasticity & equilibrium responses
21:08 Price controls
23:08 Class tasks
24:43 Homework & wrap-up