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How Markets Work

5 Units   3H 45M
Parts
  • Introduction
  • The Price System
    • Lesson 1: The Invisible Hand
    • Lesson 2: Economic Choices
    • Lesson 3: Supply & Demand
  • Pre-Conditions for Wealth
    • Lesson 4: Property Rights
    • Lesson 5: Legal Institutions
    • Lesson 6: Virtue
  • The Entrepreneur
    • Lesson 7: The Entrepreneur
    • Lesson 8: The Knowledge Problem
    • Lesson 9: Spontaneous Order
  • Money
    • Lesson 10: The National Economy, Part 1
    • Lesson 11: The National Economy, Part 2
    • Lesson 12: Monetary Policy
  • Economic Growth
    • Lesson 13: Trade
    • Lesson 14: Poverty
    • Lesson 15: The Economic Future

Lesson 3 Lesson 3: Supply & Demand

Presented by: Dr. Tawni Ferrarini
Northern Michigan University

Playlist

  1. Coordination via Markets: Demand and Supply, Part 1
  2. Coordination via Markets: Demand and Supply, Part 3

Coordination via Markets: Demand and Supply

In a market economy, who is looking out for the good of society as a whole? Well, no one. Despite this apparent negligence, however, market economies have proven remarkably successful in promoting overall well-being. Supply and demand are key to understanding why. The following lesson describes how the behavior of people interacting in competitive markets is coordinated for the good of buyers and sellers.

Lesson Three Quiz

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HMW Lesson 3: Supply & Demand

Step 1 of 3

33%

The lesson I have to teach is this: Leave all creative energies uninhibited. Merely organize society to act in harmony with this lesson. Let society's legal apparatus remove all obstacles the best it can. Permit these creative know-hows freely to flow. Have faith that free men and women will respond to the Invisible Hand. This faith will be confirmed. I, Pencil, seemingly simple though I am, offer the miracle of my creation as testimony that this is a practical faith, as practical as the sun, the rain, a cedar tree, the good earth.

Leonard Read

Learn More

h Video

Coordination via Markets: Demand and Supply, Part II with Dr. Tawni Ferrarini

Play Now
h Video

Demand and the Markets for Cereal with Dr. Michael D. Thomas and Learn Liberty

Play Now
h Video

Milton Friedman - I, Pencil (Free To Choose Network)

Play Now
h PDF

Common Sense Economics Reading Supplement, “Demand, Supply, and Adjustments to Dynamic Change

Read Now
h PDF

Ludwig von Mises, Human Action: A Treatise on Economics, 6.XXX.1 - 6.XXX.63

Read Now
h PDF

Leonard E. Read, “I, Pencil,” RP.1-RP.29.

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How Markets Work

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