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Intro to coordination in an economy: firms, markets, property rights, and money
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Intro to coordination in an economy: firms, markets, property rights, and money
2:58
About this lesson
- Four complementary social institutions
- Firm
- Market
- Property Rights
- Money
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Video 1 of 8
Intro to coordination in an economy: firms, markets, property rights, and money
3 min
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Defining competitive markets, money price, and relative price
3 min
Identifying which option is not a complementary social institution
1 min
Identifying opportunity cost as a relative price
2 min
Can sellers set prices in a competitive market?
3 min
Finding the relative price of chips in terms of chicken using barter exchange
3 min
Finding the money price of mac and cheese using relative prices
2 min
Why Bella's milk-for-chicken trade fails at market prices
3 min