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Economic Thinking for Planners: Supply and Demand

"Supply and demand" is one of the most fundamental concepts of economic thinking. The familiar supply and demand curves are seemingly simple, but in reality, the relationship between supply in demand is complex.

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Course Info

  • Duration 12 video lessons (78 Mins)
  • Published Published
    2015
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Browse Course Chapters

  • 1. Introduction (2 mins)
  • 2. The Law of Demand (4 mins)
  • 3. Substitutes and Subjectivity (2 mins)
  • 4. Revealed Preferences (2 mins)
  • 5. Responsiveness and Elasticity (8 mins)
  • 6. Change in Demand (3 mins)
  • 7. Non-Price Rationing and Price Ceilings (12 mins)
  • 8. The Diamond-Water Paradox and Marginal Analysis (4 mins)
  • 9. Choices Based on Opportunity Costs (5 mins)
  • 10. Sunk Costs vs. Opportunity Costs (9 mins)
  • 11. Supply-Demand Price vs. Cost Mark-Up Price (11 mins)
  • 12. Market-Clearing Price? (11 mins)

Course Description

"Supply and demand" is one of the most fundamental concepts of economic thinking. The familiar supply and demand curves are seemingly simple, but in reality, the relationship between supply and demand is complex. This course, the third in the "Economic Thinking for Planners" series, defines both supply and demand and explores their interactions. Once this relationship is understood, it can be used to answer many questions, such as this particularly big question: "What do markets do for us?"

Learn these skills

  • Economics

AICP CM

This course is approved for 1.25 AICP CM credits.

SACPLAN CPD

This course is approved for 1.5 SACPLAN CPD point. 

Meet Your Instructor

Peter Gordon

Peter Gordon

Peter Gordon is Professor Emeritus at the University of Southern California Price School of Public Policy. His research interests are in applied urban economics.

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