About Me

Economics 101

Scarcity exists. For something to be scarce it must have a market price greater than 0.

To determine the actual level of scarcity a product has you must determine it’s market clearing price. Market clearing price is determined by the laws of demand and supply.

The law of demand says that as the price of a product goes up the quantity demanded for the product goes down. The law of supply says that as the price of a product goes up the quantity of supply goes up.

The market clearing price is the point at which quantity supplied meets quantity demanded with no surpluses or shortages.

Due to the nature of supply and demand I have determined that there are no people on this site who value what I can teach. Therefore I will no longer be offering classes on this site. I will still be available for tutoring.