Courses on Economics

In this lecture in 1972, supply and demand concepts included: preferences of consumers, prices, quantity, quality, elasticity, equilibrium, marginal utility, present goods, and production processes.

Economics begins with the concepts of scarcity and choice. If there was no scarcity it would all be free. Resources like time and materials need to be allocated to economically feasible uses. This will depend on the consumers' demand for the final product.

The time market determines the pure rate of interest. Price per unit of time may be wages or rent. The interest income will be earned by the capitalist who has assumed the task of advancing present money.

Business men must make sure they can cover their costs by incoming revenue. The production function will yield a certain quantity of a product. The firm considers marginal costs and average costs to weigh where along the demand curve production is.