Scarcity and Opportunity Cost

Concepts

Needs vs. Wants
Scarcity
Choice
Factors of Production
Trade-offs
Opportunity Cost

Overview

“The things you own, end up owning you.” In our first lesson we learn about the most fundamental concept in Economics, scarcity. We learn to distinguish needs from wants and that the constraint of scarcity forces us to make choices. When we choose to do one thing, we must acknowledge that we are giving up the opportunity to do something else. With this in mind, our lesson ends by discussing trade-offs and opportunity costs.

Materials

Lecture Notes
Practice Problems

Lecture

Video Coming at Later Date

Quiz

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