5 MOL! – I don’t need sleep…

Yesterday we defined a rational person to be someone who chooses what is best for herself given an objective, which is self-defined.

When we say best, we mean what the person believes to be best. It doesn’t matter what others think, or what society thinks, or what actually is best.

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Learning Economics From Diagrams: Lesson 4 – The Supply Curve

Now we move on to the Supply Curve. This is a very basic introduction to the idea of supply and what influences producers to increase or decrease their production. In the video I introduce a simple acronym “Pepper” that summarises these effects. This video and the previous one lay the important foundation for the rest of our analysis in microeconomics so do get a good understanding of them.

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