Ever wonder why your snack costs so much, or why you can't just take a year off to travel the world? โ๏ธ ๐ค
It all comes down to one powerful idea: Economics.
But economics isn't just about money and stocks. At its heart, it's the study of choice. I made this short animated video to break down the most important concept in economics:
โข Scarcity: Why we have unlimited wants but limited resources.
โข Opportunity Cost: The real hidden price you pay for every single decision you make.
From your personal budget to global markets, these ideas explain how our world works. Check it out and let me know what you think!
High school economics
Making senior high school economics simple.
05/05/2023
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High School Economics - YouTube Making economics simple
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At any point in time, we have to make choices because we have a tall list of wants which can not be satisfied by the resources we have in our possession. And therefore, we have to arrange them in order of priority.the most pressing wants come first followed by the least pressing ones. We use the resources available to satisfy the first want, followed by the second till the resources get exhausted. So we say "choice" refers to choosing among alternatives(wants), the one which can be satisfied with the available resources.
Good morning to y'all. We are on "choice" this morning.
What brings about choices In economics?
What is scarcity? Scarcity is the excess of human wants over what can actually be produced to satisfy them.that is, human wants are unlimited while resources to satisfy them(wants) are limited.
Fundermental economic questions
1.What to produce.
2.how to produce.
3.for whom to produce.
Who can give us an example of opportunity cost? Tell us in the comment section below ๐
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