Year 12 Recap - The Price Mechanism
The next stop on our Year 12 Recap is the microeconomic concept of the Price Mechanism.
If you are in Year 12, it is essential that you are confident with the basic principles and functions of the price mechanism to help understand how the interaction of demand and supply creates a prevailing equilibrium price and quantity.
The Price Mechanism describes three basic functions which ensure that markets optimally allocate and channel the available economic resources in the economy to best satisfy the human needs and wants across the economy.
Here Jacob guides you around the topic of the price mechanism:
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