Here's Why Supply and Demand Is Overrated!

<p>If you were to ask any random person on the street what it is that they knew about economics there is a pretty good chance that the first thing that they would blurt out would be the words “Supply &amp; Demand”</p> <p>The number of people out there willing and able to buy a good or service versus the number of people out there willing to sell a good or service, all individually vying to get the best possible price.&nbsp;</p> <p>If demand increases prices increase, if demand falls prices fall and visa versa with supply.&nbsp;</p> <p>Now I know this channel is called Economics Explained but for most of you listening, all of this should pretty much go without saying.&nbsp;</p> <p>The only issue is that this rosy picture is in no way a reflection of the real world.&nbsp;</p> <p>So what is going on here?</p> <p>In this episode of Economics Explained we will explore the following questions:</p> <ul> <li>How are prices decided if not through supply and demand?</li> <li>What does this mean for regular people in the economy?</li> <li>How could all of this be used to make better policies and business decisions?</li> <li>And how does this all make the case for a zero dollar minimum wage?</li> </ul>