Microeconomics:Understanding the Market System
sing easy-to-understand visuals and explanations, this program explores the branch of economics that focuses on the elasticity or sensitivity of consumers at the household level and of producers at the company level. Viewers are introduced to the central problem of scarcity and the allocation of limited resources in order to produce (and consume) goods and services. Main concepts include the market system, the law of supply and demand, price elasticity, market structures, market failures, and governmental responses to those failures. Other terms students will encounter include production capacity, price floor, price ceiling, perfect competition, monopoly and monopolistic competition, and oligopoly. Viewable/printable educational materials are available online.