[MUSIC] In lectures eight, nine, and ten of our studies, we'll delve further into the business side of the supply and demand equation. By studying how firms use the three so called factors of production, land, labor and capital. These factors are the three major inputs into the production process, where the final goods and services that are produced are called the outputs. A study of the labor market will help us come to understand how wages are determined. While an analysis of the capital markets will help us come to better understand how to evaluate the profitability of investments, such as those in new planned equipment. Studying land economics we'll also get a better grasp of how rents are set in real estate markets. Along the way, we'll acquire a number of very important analytical tools. Concepts like net present value and rate of return, that will be of enormous use to us in our business and personal lives. Lecture 11 looks much more closely at two particularly market failures. Externalities and public goods both of which provide important rationales for large scale government intervention into the private marketplace. You can see then, from this overview, that we have a lot of work to do but it will be very good work because it will serve you very well. In economic terms, I can guarantee you that the time you put into the study of this subject, will yield a very high return in both your personal and professional life. [MUSIC].