CB2: Business Economics | Chapter 3 Class 2 | By Shivangee Agarwal | IFoA | IAI
Channel: Actuators Educational Institute
Date: 12/05/2023

This transcript is from an economics class focusing on Chapter 3, which covers advanced concepts of demand and supply, equilibrium, and market dynamics. The instructor builds on previous lessons to introduce market-clearing prices, equilibrium quantity, and various scenarios like surpluses and shortages. The class delves into real-world applications, discussing price determination, shifts in supply and demand, and their effects on equilibrium. The session also touches on practical economic problems such as the identification problem and introduces the concept of partial equilibrium.


Timestamps:
0:00 : Introduction
0:01 : Review of Demand and Supply Basics
0:48 : Introduction to Market Clearing
05:39 : Example with Bicycle Insurance Policies
06:42 : Demand and Supply Curve
15:01 : Equilibrium Price and Outputs
18:45 : Shifts in Supply and Demand Curves
29:15 : MCQ Preparation Tips
30:25 : Effects of Supply and Demand Shifts on Prices
32:50 : Demand Shifts to the Right Curve
38:28 : New Shifts in Supply and Demand Curves
45:05 : Identification Problem in Economics
50:52 : Introduction to Partial Equilibrium
53:20 : Non-Financial Incentives in Economic Decision-Making


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