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infoWhy this? Markets coordinate the decisions of consumers and producers through prices, incentives, and competition. Demand and supply analysis helps us explain price changes and resource allocation, while consumer behaviour, market research, and market structures show how these processes operate in different settings.

scheduleWhy now? Our earlier study of scarcity, enterprise, and consumer responses provides concrete contexts for developing a formal model of market interaction. Demand and supply diagrams then become essential tools for analysing market failure, government intervention, competition, and labour markets later in the course.