Principles of Macroeconomics / Unit 2 MAC 0101 short lesson, about 20 seconds
What a Market Is
Captions available
The idea
A market is any arrangement bringing buyers and sellers together. Demand and supply is the course's second fundamental model, after the frontier.
In practice
Goods, labor and credit each have a market, with a price, a wage and an interest rate.
Where people slip
The price on the vertical axis takes a different name in each, but the diagram does not change.
Your place on the trail
Every lesson rests on earlier ones and opens later ones. Tap any to jump.
Something wrong in this lesson? Flag it · Sources for Principles of Macroeconomics