Demand or Quantity Demanded?

As you know there is an important difference between the two.  Demand refers to all prices and quantity demanded is at a particular price.  Here is a short video courtesy of the Khan Academy.

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Winter Is Coming, and The Soviet Cupboard Is Bare – Command Economy Vs. Free Market (Round 1)

http://friedmanseconomy.wordpress.com/2012/09/26/command-economy-vs-free-market-round-1/

  • How is the basic economic problem being handled by the use of coupons? Why might this be less successful than money?
  • Does the article demonstrate the failing of the command or free market based solutions to the basic economic problem?

http://www.businessweek.com/stories/1991-11-03/winter-is-coming-and-the-soviet-cupboard-is-bare

 

In addition to the above below is a link to Mark Johnston’s econfix blog.  The post highlights the possible negative externalities that have occurred in Berlin with the change in economic systems.

water conservation