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Published on Mar 24, 2014
http://blogs.salford.ac.uk/business-s... The first thing to understand about economics is that it is all about how we allocate scarce resources with infinite demands. This is the basic economic problem and it is solved by the laws of supply and demand. In Lesson 1 you will be introduced to the supply curve and the demand curve and prepare yourselves to be meeting with them regularly throughout the rest of the course! These two little curves tell you everything that you need to know about factors which affect supply and demand and how prices are determined at the market equilibrium.