Skip to content

Module 3 Resources: Market Dynamics and Labor Markets

Interactive Simulations (McCreary)

These browser-based simulations let you explore Module 3 concepts hands-on. All simulations are from Dan McCreary's Introduction to Economics (CC BY-NC-SA 4.0).

Simulation What It Teaches Try It
Supply and Demand Shift supply and demand curves to see how equilibrium price and quantity change Open
Market Equilibrium Explorer Set prices above or below equilibrium and observe surplus or shortage forming Open
Market Structure Spectrum Compare output, pricing, and consumer surplus across perfect competition, oligopoly, and monopoly Open
Price Ceiling Simulator Set a price ceiling below equilibrium and watch a shortage develop — then consider rent control or fuel price caps Open
Price Floor Visualizer Set a minimum wage above equilibrium and explore the trade-off between higher wages and potential unemployment Open
Labor Force Breakdown Explore how the labor force divides by sector, formality status, and gender — with data parallels to India's PLFS Open
Unemployment Classifier Read real-world scenarios and classify each as frictional, structural, cyclical, or seasonal unemployment Open

Economist Stories (McCreary)

Biographical narratives of economists whose work connects to this module's themes.

Economist Key Insight Read It
Janet Yellen — From Labor Economist to Fed Chair How research on unemployment and labor markets shaped monetary policy at the highest level Open

Textbook Readings

Book Relevant Chapters / Sections
Chang, H.-J. (2014). Economics: The User's Guide Ch. 3: How Economics Developed (markets and the price system)
Wheelan, C. Naked Economics Ch. 1: The Power of Markets; Ch. 3: Government and the Economy (market failure)
Varoufakis, Y. Talking to My Daughter About the Economy Ch. 3: Markets and finance
Krugman, P. (1994). Peddling Prosperity Ch. 9: The economics of trade and geography
Krugman, P., Wells, R. & Graddy, K. Essentials of Economics Ch. 3: Supply and Demand; Ch. 4: Price Controls and Taxes; Ch. 7: Market Structure
Frank, R. H. (2011). The Economic Naturalist Examples on pricing, competition, and labor markets
Staley, S. R. (2018). Contemporary Film and Economics Ch. on financial crisis films (relevant to Margin Call)
Langlois, R. N. Economics Through Film (UConn) It's a Wonderful Life unit: financial intermediation, bank runs; The Founder unit: entrepreneurship, labor

Videos

  1. "How Supply and Demand Set Prices" — Marginal Revolution University, ~10 min. Clear visual explanation of the supply-demand model with real-world examples.
  2. Paul Krugman's Nobel Prize Lecture — nobelprize.org, ~45 min. Krugman explains new trade theory and economic geography in his own words.
  3. "Margin Call — Economics Explained" — YouTube, ~15 min. Walks through the economic mechanisms depicted in the film, including fire sales and liquidity crises.
  4. "India's Gig Economy: Zomato, Swiggy, and the Future of Work" — YouTube documentaries exploring labor market conditions for platform workers in India.
  5. "What is an Oligopoly?" — Marginal Revolution University, ~8 min. Explains strategic interdependence among firms with examples from the telecom and airline industries.

Indian Context

  • GST and Markets — how the Goods and Services Tax unified India's fragmented internal market
  • India's Informal Economy — the labor market reality for 89% of Indian workers
  • Digital India — UPI, Jio, and the digital infrastructure transforming market access

Back to Module 3