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\nHere's Why Supply And Demand Is Overrated!: Sticky Prices\n

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\n\nPublisher:\n\nEconomics Explained\n\n\n
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\nIf you were to ask any random person on the street what it is that they knew about economics there is a pretty good chance that the first thing that they would blurt out would be the words “Supply & Demand”The number of people out...\nIf you were to ask any random person on the street what it is that they knew about economics there is a pretty good chance that the first thing that they would blurt out would be the words “Supply & Demand”

The number of people out there willing and able to buy a good or service versus the number of people out there willing to sell a good or service, all individually vying to get the best possible price.

If demand increases prices increase, if demand falls prices fall and visa versa with supply.

Now I know this channel is called economics explained but for most of you watching all of this should pretty much go without saying.

The only issue is that this rosy picture is in no way a reflection of the real world.

The price you pay for groceries, that new iPhone, or hey even the price that your employer pays you to do your job all have a lot less to do with supply and demand than you might expect.

This departure from perfect economic assumptions can also tell us a lot about what to actually expect during times of economic turbulence and properly-being able to predict how an economy works, in reality, can very easily be the difference between riding out an economic storm or being crushed by it.

So what is going on here?

How are prices decided if not through supply and demand?

What does this mean for regular people in the economy?

How could all of this be used to make better policies and business decisions?

And how does this all make the case for a zero dollar minimum wage?

Helping you become more knowledgeable about how the world works, our content covers the biggest topics and headlines through the eyes of economists. The team explores a wide range of subjects improving your ability to understand the world more clearly.
This is economics, explained.

Here's Why Supply And Demand Is Overrated Part 1\n
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Media Length
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8:23
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9th - Higher Ed
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Social Studies & History
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\nEconomics Explained\n\n
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Date
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2020
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English
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Concepts

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supply and demand, prices, economy, competition, marketing, markets, time, demand, aggregate demand, microeconomics
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supply and demand economics, supply and demand explained, equilibrium price, econ, quantity supplied, quantity demanded, equilibrium quantity, the law of supply and demand, how does supply and demand work, demand stimulation, supply and demand on a free market, stimulate the demand, aggregate supply, state intervention, falling prices, rising prices, economics explained, minimum wage update 2022, amazon stock, real world, perfect access, stock market, farmers, world, good, market, price, forces, change, thing, make, people, buyers, information, supply, number, sell, expect, difference, sellers, undercut
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