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\nThe Three Functions of Prices in a Market Economy\n

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\nThe video discusses the role of prices in a market economy and how they serve three main functions: rationing goods, providing incentives to economic agents, and signaling the state of a market. It explains how the price mechanism works...\nThe video discusses the role of prices in a market economy and how they serve three main functions: rationing goods, providing incentives to economic agents, and signaling the state of a market. It explains how the price mechanism works in allocating limited resources and goods, how prices signal information about a market to economic agents, and how they act as incentives for economic agents to act in specific ways. The video also provides a graphical representation of how the price mechanism works and illustrates how the three functions of prices interact to achieve equilibrium within a market.\n
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Resource Details

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Curator Rating
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Educator Rating
Not yet Rated
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Media Length
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10:36
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Grade
12th - Higher Ed
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Subjects
Social Studies & History
3 more...
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Media Type
Instructional Videos
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Source:
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\nKnowMo Economics\n\n
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Date
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2018
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Language
English
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Audiences
For Teacher Use
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Usage Permissions
Fine Print: Educational Use
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Additional Materials

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\" data-title=\"Get Full Access\" data-container=\"body\" rel=\"popover\" tabindex=\"0\" href=\"/subscription/new\">Video Transcript\n
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Concepts

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economics, markets, functions, prices, demand curve, demand, equilibrium
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Additional Tags

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a-level, lectures, micro, competitive, 6.1a, of, supply curve, price rise, economic problem, full range, red circle, limited set, economic agents, quantity demanded, signaling function, excess demand, fixed supply, price mechanism, quantity supplied, rationing function, limited supply, p1 star, main functions, incentive function, equilibrium price, good differently, market economy, function, supply, price, utility, incentive
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Classroom Considerations

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Best For: Explaining a topic
Video is ad-free
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Educator Ratings

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