Supply and Demand

 


 

 

Creator

EconClips

Topic

🤝 Supply and demand | How does The Law of Supply and Demand work?

The ‘it’ factor

Relies on animation and real-world examples to explain the concept

Interactivity

High

Experience level required

Beginners

Duration

7 minutes

Clarity

Medium

Can it be learned in a day?

Yes

 

Our review

Supply and demand is one of the cornerstones of Economics. It is ultimately just a matter of common-sense but is a very powerful effect that many people tend not to think deeply about. If you’ve ever wondered about the gap between the set price of an item or a service (workshop) and the amount customers are actually willing to pay, it boils down to the supply-and-demand curve. This video attempts to explain this concept without relying on graphs or formulas. While not perfect, this video’s use of animations and real-world examples makes it our choice of the week!

 

Pros:

+ Good use of animations

+ Sticks to first principles

+ Interesting real-world examples

+ Avoids using jargon

Cons:

– The narrator’s accent/grammar could be a bit hard to follow at points

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