Back to Firm Level Economics: Consumer and Producer Behavior
Learner Reviews & Feedback for Firm Level Economics: Consumer and Producer Behavior by University of Illinois Urbana-Champaign
2,447 ratings
About the Course
All goods and services are subject to scarcity at some level, which requires that society develop some allocation mechanism to determine who
gets what. Over recorded history, these allocation rules were usually command based, meaning that the king or the emperor would decide. In
contemporary times, most countries have turned to market-based allocation systems. In markets, prices act as rationing devices, encouraging
or discouraging production and encouraging or discouraging consumption to find an equilibrium allocation of resources. To understand this
process, businesses construct demand curves to capture consumer behavior and consider supply curves to capture producer...
gets what. Over recorded history, these allocation rules were usually command based, meaning that the king or the emperor would decide. In
contemporary times, most countries have turned to market-based allocation systems. In markets, prices act as rationing devices, encouraging
or discouraging production and encouraging or discouraging consumption to find an equilibrium allocation of resources. To understand this
process, businesses construct demand curves to capture consumer behavior and consider supply curves to capture producer...
Top reviews
KS
Sep 12, 2019
This was awesome. I did not know Firm Level Economics when I joined this course. The explanations were simple and Prof DeBrock explained really difficult concepts in a very easy to understand manner.
FP
May 13, 2017
In the beginning I thought this was going to be a very basic course, but the way the professor explained the topics really make it interesting a practical, going beyond the classical economic theory.
Filter by: