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- Economic scarcity and the function of choice
- Opportunity cost
- Production possibilities model
- Production possibilities curve
1. Economic Scarcity and the Function of Choice
Discover the foundation of the social science of economics as we explore the basic economic problem of scarce resources and unlimited wants using key definitions that create a framework for understanding everyday behavior in a nation.
2. Opportunity Cost: Definition & Real World Examples
Learn the most important concept of economics through the use of real-world scenarios that highlight both the benefits and the costs of decisions. Opportunity cost is a simple yet powerful principle that reveals how to make the best economic decisions possible, and it explains why people make the choices they do.
3. How to Calculate Opportunity Cost
Learn the formula that reveals the economic value in any major choice between two possibilities. Every choice involves tradeoffs, and opportunity cost shows you how to measure these tradeoffs.
4. Applying the Production Possibilities Model
Producers in the economy use a visual model, called the production possibilities curve, to make the most efficient production decisions and maximize output. Learn how this model reveals the tradeoffs of every production decision with the simplified example of an economy that produces only two goods.
5. Shifts in the Production Possibilities Curve
In this lesson you will learn how changes inside an economy lead to changes in the production possibilities of a nation. See how different scenarios from everyday life lead to shifts in the production possibilities curve.
6. What is the Basic Economic Problem of Scarcity?
Why do we have to make choices and trade-offs? Why does it cost money to produce and consume the goods society wants? The answer is scarcity. Through this lesson, you will gain a better understanding of the concept of scarcity and why it forces us to make decisions and trade-offs everyday.
7. The Cobb Douglas Production Function: Definition, Formula & Example
The Cobb-Douglas production function represents the relationship between two or more inputs - typically physical capital and labor - and the number of outputs that can be produced. It's a commonly used function in macroeconomics and forecast production.
8. Shortage & Scarcity in Economics: Definition, Causes & Examples
What causes goods to become unavailable all of a sudden? Is that considered a scarcity or a shortage? These questions will be discussed in the lesson on shortages and what contributes to them.
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