Principles of Microeconomics / Unit 2 MIC 0101 short lesson, about 20 seconds
What a Market Is
Captions available
The idea
A market is any arrangement bringing buyers and sellers together: a building, a website or a phone call. Demand and supply is the model of how a market sets a price.
In practice
Coffee, haircuts and apartments each have a market with its own price.
Where people slip
The model assumes many buyers and sellers, none able to set the price alone; later units relax that.
Your place on the trail
Every lesson rests on earlier ones and opens later ones. Tap any to jump.
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