Economics, Econometrics and Finance
8 years ago

Understanding General Equilibrium Theory: How Markets Shape Our Economy

1 view
Springer texts in business and economics
An Overview of General Equilibrium Theory
Manuel Alejandro Cardenete, Ana-Isabel Guerra, Ferrán Sancho

Paper Summary

The article gives an overview of how production and distribution work in markets. Prices and quantities traded are influenced by how people behave and the laws of supply and demand. There are two main groups in markets: households and firms, each with different roles.

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