Media Type: Lecture Clips Topic: Supply & Demand
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In this lecture, Dirk sets up a trading floor for his students to demonstrate the concept of economic equilibrium. Students are asked to engage in bartering animals with one another, with some animals having more value than others and several categories of animals needing fulfillment to do well in the exercise. With some animals hard to find (i.e. having more worth) and some very easy to get (i.e. over-supplied), students witness how the "animal economy" in their classroom achieves equilibrium.
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