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Review of the Price Mechanism from IB Economics syllabus!
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Reviewing the price mechanism and how changes in prices can help clear any shortages and surpluses in competitive markets. Also, explaining the functions of the price mechanism: signalling, incentivising, reallocating, rationing!
#ibeconomics #equilibrium #demand #supply #demandandsupply #supplyanddemand #pricemechanism #microeconomics #economics
#ibeconomics #equilibrium #demand #supply #demandandsupply #supplyanddemand #pricemechanism #microeconomics #economics
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