The market mechanism: demand and supply. Teaching unitCourses:INTRODUCTION TO ECONOMICSYear: Year 1 of Bachelor's in LawDegree: Bachelor's in LawDescriptionThe unit introduces the study of the market mechanism, its main components ¿ i.e. the demand and the supply - and the way they interact. The concept of elasticity it¿s also introduced.ObjectivesBe able to analyse the behaviour of economic units and the relationships amongst them.Be able to describe the basic foundations of economy and how market mechanism works in coordinating economic decisions.Recognise the main reasons for market regulation and the effects of regulations on markets performance.Identify market failures and understand the foundations of public sector interventions in order to prevent them.SubjectsLecture topicsConcept and basic operation of market mechanism.The demand function.The supply function.Shifts in demand and supply.The elasticity.Applications of basic demand and supply model.Laboratory topicsPractice problems and test questions on demand and supply.Practice problems and test questions on elasticities.Application of the demand and supply model to the analysis of the effects of minimum and maximum prices on the market.