Learning objectives
- 1Explain 1 Bringing Supply and Demand Together
- 2Explain the Convergence of Individual Decisions
- 3Explain market Demand and Market Supply
- 4Explain 2 Market Equilibrium: Definition and Characteristics
- 5Explain defining Equilibrium
- 6Explain the Equilibrium as a "Resting Point"
Your learning path
Key terms
Labor DemandLabor SupplyInvisible HandMarket EquilibriumMarket Demand CurveMarket Supply CurveComparative Staticspartial equilibriumCase 3: Both ElasticCase 4: Both InelasticMarginal Cost of LaborExample – Excess DemandExcess Supply (Surplus)Example – Excess SupplyExcess Demand (Shortage)Labor Market Equilibrium
32Concepts
13Formulae
19Minutes