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Remember when airlines started charging for checked bags? What happened to the number of checked bags after this added charge? And what happened to the availability of in-cabin storage space on planes? The April 2013 newsletter answers these questions and discusses the pivotal role price plays in a market economy.
There are three interactive lessons in this course that introduce supply, demand, and market equilibrium. This course uses a fictitious chocolate market to help explain the concepts.
In this course, superhero Jack of All Trades and his sidekick Andy are confronted by a villain that threatens to disrupt society and rob the world of the certainty people have come to expect. And this dastardly villain is…Inflation. Jack and Andy time travel to the period known as The Great Inflation to discover the truth about inflation. With the help of Dr. Equilibrium, professor of economics, they learn that inflation is the result of too much money chasing too few goods and that the Federal Reserve System plays a key role in maintaining stable prices.
Prices send signals and provide incentives for buyers and sellers in ways you possibly never thought about. In a market economy, price signals prevent massive shortages and ensure that consumer wants are largely satisfied. In this podcast, hear how price signals from gas prices influence decision-making for both a father of three and a production supervisor for an oil refinery. Do you see price signals influencing decisions in your life?