Episode 7 - Perfectly Competitive Market
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Description
Episode 7 deals with the basic market structure in a free market economy, that is, the perfect competition market. Here, we will look at how a firm makes decisions on price and output in order to maximise profit. Discussion begins by introducing the characteristics of the perfect competition market, followed by means of maximising profit. Subsequently, the discussion focuses on the equilibrium of firm and market in the short run. Finally, we discuss how the firm and industry achieve equilibrium in the long run.
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Published 06/11/15
Episode 1 gives a brief description of economics in general. Several economic concepts and terms, such as scarcity, choice and opportunity cost, will be introduced besides discussion on major problems and issues that economics attempts to address.
Published 06/11/15
Episode 2 lays the foundation for understanding market economy. Almost all economic issues could be explained by applying the concept of demand and supply.
Published 06/11/15
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