In this podcast, we define price elasticity of demand and explain how to calculate and interpret price elasticity of demand values. We also examine the main determinants of price elasticity of demand.

In this podcast, we examine an example of price support common in local and international markets, the buffer stock scheme. We examine how they work and their advantages and disadvantages.

In this podcast we examine when price floors and ceilings will be effective and some of the economic costs attached to their imposition.

In this podcast, we examine what happens to market price and output when there is a change in either demand or supply. There are also some hints on how to incorporate the demand and supply model into your economic writing.

In this podcast, we put demand and supply together to describe the equilibrium. We also describe the price mechanism to describe why the equilibrium point is stable.

In this podcast, we briefly examine three possible exceptions to the Law of Demand...the Giffen Good, the Veblen Good and the role of expectations in creating upward sloping demand curves.

In this podcast we examine the differences between supply and quantity supplied and discuss some of the factors that influence the level of supply of a good or service.

In this episode, we differentiate between demand and quantity demanded and explain the reasons behind the law of demand

In this podcast, we define the term market and give local, national and international examples. We also give a brief introduction to different market structures and explain the primary importance of markets, the setting of prices.

This podcast outlines the basic economic questions that have to be answered by any economic system. It also outlines the different types of economic systems present in the world and the relative merits of each.