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Intro to scarcity, choices, incentives, and what economics means
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Intro to scarcity, choices, incentives, and what economics means
4:54
About this lesson
Definition of Economics Overview:
Definitions and Terminology
- Scarcity
- Choices
- Incentives
- Economics
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Video 1 of 8
Intro to scarcity, choices, incentives, and what economics means
5 min
• Selected
Microeconomics vs macroeconomics: the two branches
2 min
How the market works: buyers, sellers, and equilibrium price
8 min
Multiple choice: identifying scarcity from its definition
3 min
Multiple choice: Why scarcity forces us to make choices
2 min
Identifying which example is not microeconomics
2 min
Identifying the goal of a buyer or consumer
2 min
Multiple choice: Supply and demand balance at equilibrium
2 min