Unit 1 · Lesson 1
Additional Resources

As you, firms big and small, and governments are making your decisions, you all have something in common — none of you are making decisions in isolation.  Economists believe everyone is trying to optimize. While you are making your decision optimizing, so is everyone else. Because we exist in a world where everyone is simultaneously optimizing, your decisions influence everyone else and vice versa. One of the core principles is a special situation no one would personally benefit by changing their behavior. In this lesson, Professor Min Sok Lee explores the idea of equilibrium including applications using supply and demand.