What you will learn

What a market is — and what makes a market competitive

Demand — the law of demand, the demand curve, and what shifts it

Supply — the law of supply, the supply curve, and what shifts it

Movement vs shift — when price changes quantity vs when the whole curve moves

Equilibrium — how price balances quantity supplied and quantity demanded

Surplus and shortage — what happens when price is too high or too low

The three-step method — how to analyze any event that hits a market

How prices allocate resources — why markets can organize economic activity

Examples we use: EVs in China, digital payments (Alipay / WeChat Pay) vs cash, and urban housing demand & supply