Principles of Microeconomics / Unit 3 MIC 0201 short lesson, about 20 seconds
One Model, Three Markets
Captions available
The idea
Demand and supply describe any market. In a goods market the price is a price; in the labor market it is a wage; in the market for financial capital it is an interest rate.
In practice
The same two curves, relabeled, do all three jobs.
Where people slip
Only the names change. Shifters, equilibrium, surplus and shortage work identically in each.
Your place on the trail
Every lesson rests on earlier ones and opens later ones. Tap any to jump.
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