Understand Demand? Understand Supply? Now we need both hands to clap, and when we put them together we can understand how prices are arrived at when market forces are left to their own devices (and also when they’re not). What Adam Smith called the invisible hand … you need to know this concept like the back of your own (not so invisible) hand.

Crystal Clear app display.pngQuite a lot of video tutorials on this fundamentally important economic concept.

Probably the best way to start (again) – take it away mjmfoodie:

Perhaps more detailed, jodiecongirl tackles market equilibrium:

But for an even deeper level of detail, here are two videos by richardmckenzie (note his tutorials are geared towards an MBA course!):

 

Crystal Clear action run.pnghttp://www.whitenova.com/thinkEconomics/supply.html

 

Crystal Clear action player play.pngNow that you have hopefully grasped the fundamentals, it is worth checking your understanding further through these interactive tutorials:

http://hadm.sph.sc.edu/courses/econ/sd/sd.html

Notice that the above tutorial continues on to another page:

http://hadm.sph.sc.edu/courses/econ/sd/SD3.html

Crystal Clear app musicstore.pngThere are two good podcasts publishes by Biz/Ed which also include transcripts and possible questions:

Biz/ed ‘In The News’ podcast: Supply and Demand July 2007

Biz/ed ‘In The News’ podcast: Equilibrium January 2006