Supply and Demand Explained in 5 Minutes
The law of supply and demand is often misunderstood and misconstrued, and it has downstream effects for our understanding of economics.
In this video, Learn Liberty Basics establishes supply and demand as ever-changing RELATIONSHIPS, not constants. We also lay out some of the early history of our idea of supply and demand.
0:00 Supply and Demand = Relationships
0:52 A Sour Example
1:49 A Brief History of Supply and Demand
3:31 Supply and Demand Applied
4:39 Natural Gas Shortages in the 60s and 70s
Be sure to check out the Learn Liberty Blog, too! You can read more about the tendency to understand economics as just charts and graphs here.
And for supplemental background viewing on supply and demand, check out our haiku.