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If you were to ask any random person on the street what it is that they knew about economics there is a pretty good chance that the first thing that they would blurt out would be the words “Supply & Demand”
The number of people out there willing and able to buy a good or service versus the number of people out there willing to sell a good or service, all individually vying to get the best possible price.
If demand increases prices increase, if demand falls prices fall and visa versa with supply.
Now I know this channel is called economics explained but for most of you watching all of this should pretty much go without saying.
The only issue is that this rosy picture is in no way a reflection of the real world.
The price you pay for groceries, that new iPhone, or hey even the price that your employer pays you to do your job all have a lot less to do with supply and demand than you might expect.
This departure from perfect economic assumptions can also tell us a lot about what to actually expect during times of economic turbulence and properly-being able to predict how an economy works, in reality, can very easily be the difference between riding out an economic storm or being crushed by it.
So what is going on here?
How are prices decided if not through supply and demand?
What does this mean for regular people in the economy?
How could all of this be used to make better policies and business decisions?
And how does this all make the case for a zero dollar minimum wage?
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