Econ 1

This economics lecture podcast introduces fundamental economic concepts for managers. The speaker, Olena Ivus, begins by dispelling common misconceptions about the subject's usefulness and interest, emphasizing its practical application in decision-making. The lecture covers demand and supply analysis, using real-world examples like housing construction and egg prices to illustrate key principles. An in-class experiment simulates market mechanisms, demonstrating how supply and demand interact to determine equilibrium prices, even with the introduction of taxes. Listeners gain a foundational understanding of economic principles and their practical applications in various market scenarios.