The Second Principle: Equilibrium | Economics For Everyone

Описание: No one — not small firms, big firms, governments, or even you — makes decisions in isolation. Economists believe everyone is trying to optimize. While you are optimizing your decision making, so is everyone else. Because we exist in a world where everyone is simultaneously optimizing, your decisions influence everyone else and vice versa. One of the core principles is a special situation no one would personally benefit by changing their behavior. In this lesson, Professor Min Sok Lee explores the idea of equilibrium including applications using supply and demand.

Chapters
00:24 Defining equilibrium
01:04 Simultaneous optimization & dynamic equilibrium - movie theater example
03:13 Supply and demand application
05:27 Price adjustments toward equilibrium

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