Hello:
Lat week it was all about market equilibrium, finding the correct point between supply and demand. It is basically a market point where supply is equal to the demand and other economic variables do not change. Thinking of a market like that? It is as ideal as having a perfect competition.
I wondered if it wasn't real why are we studying about it, after all economics is the study of managing scare resources for unlimited want. (Pretty much all reality). However, these model of market equilibrium help us understand the complex ideas of reality. All the other ideas are based on these basic models. We have to start some where so, perfect condition is the best place to keep us moving.
Talking about ideal behavior, I should be doing my math now.
:)
Lat week it was all about market equilibrium, finding the correct point between supply and demand. It is basically a market point where supply is equal to the demand and other economic variables do not change. Thinking of a market like that? It is as ideal as having a perfect competition.
I wondered if it wasn't real why are we studying about it, after all economics is the study of managing scare resources for unlimited want. (Pretty much all reality). However, these model of market equilibrium help us understand the complex ideas of reality. All the other ideas are based on these basic models. We have to start some where so, perfect condition is the best place to keep us moving.
Talking about ideal behavior, I should be doing my math now.
:)
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