The Science of Everything Podcast

Episode 12: The Price System

Jan 6, 2011
Exploration of how the price system interacts with supply and demand to determine market prices efficiently. Discussion on scarcity as a core economic concern, market failures, and the role of prices in promoting efficiency. Delving into the impact of prices on resource allocation, competition among industries, and how prices convey essential economic information in a free market economy.
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1
Intro
00:00 • 3min
2
Exploring the Concept of Scarcity in Economics
02:39 • 2min
3
Understanding Supply and Demand in Economic Theory
04:45 • 23min
4
Understanding the Impact of Prices on Resource Allocation in the Economy
27:56 • 4min
5
Role of Prices in a Free Market Economy
32:07 • 10min