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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
  • 4.22
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Browse Course Chapters

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    1.
    Introduction
    Chapter Duration 2 mins
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    2.
    The Law of Demand
    Chapter Duration 4 mins
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    3.
    Substitutes and Subjectivity
    Chapter Duration 2 mins
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    4.
    Revealed Preferences
    Chapter Duration 2 mins
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    5.
    Responsiveness and Elasticity
    Chapter Duration 8 mins
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    6.
    Change in Demand
    Chapter Duration 3 mins
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    7.
    Non-Price Rationing and Price Ceilings
    Chapter Duration 12 mins
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    8.
    The Diamond-Water Paradox and Marginal Analysis
    Chapter Duration 4 mins
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    9.
    Choices Based on Opportunity Costs
    Chapter Duration 5 mins
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    10.
    Sunk Costs vs. Opportunity Costs
    Chapter Duration 9 mins
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    11.
    Supply-Demand Price vs. Cost Mark-Up Price
    Chapter Duration 11 mins
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    12.
    Market-Clearing Price?
    Chapter Duration 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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Very approachable lecturer on a complex course. Good illustrations.
- Gale B.
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