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How Markets Work

5 Units   3H 45M
Parts
  • Introduction
  • The Price System
    • Lesson 1: The Invisible Hand
    • Lesson 2: Economic Choices
    • Lesson 3: Supply & Demand
  • Pre-Conditions for Wealth
    • Lesson 4: Property Rights
    • Lesson 5: Legal Institutions
    • Lesson 6: Virtue
  • The Entrepreneur
    • Lesson 7: The Entrepreneur
    • Lesson 8: The Knowledge Problem
    • Lesson 9: Spontaneous Order
  • Money
    • Lesson 10: The National Economy, Part 1
    • Lesson 11: The National Economy, Part 2
    • Lesson 12: Monetary Policy
  • Economic Growth
    • Lesson 13: Trade
    • Lesson 14: Poverty
    • Lesson 15: The Economic Future

Lesson 2 Lesson 2: Economic Choices

Presented by: Dr. Tawni Ferrarini
Northern Michigan University

Playlist

  1. Scarcity, Choice, and Opportunity Cost, Part 1
  2. Scarcity, Choice, and Opportunity Cost, Part 2
  3. Scarcity, Choice, and Opportunity Cost, Part 3

Scarcity, Choice, and Opportunity Cost

Every field of study has its own key ideas and ways of thinking. To think like an economist, you have to understand terms such as competition, incentives, scarcity, and opportunity cost. They are central to our daily lives, and integral to a productive economic system. This lesson shows you why.

Lesson Two Quiz

Test Your Understanding of Lesson Two

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HMW Lesson 2: Economic Choices

Step 1 of 3

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One of the ways of understanding the consequences of economic decisions is to look at them in terms of the incentives they create, rather than simply the goals they pursue. This means that consequences matter more than intentions—and not just the immediate consequences, but also the longer run repercussions.

Thomas Sowell

Learn More

h Video

Scarcity, the Basic Economic Problem

Play Now
h Video

Opportunity Cost with Dr. Mario Villarreal-Diaz and Learn Liberty

Play Now
h Video

Incentives Matter with Naked Economics

Play Now
h PDF

Opportunities and Costs

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How Markets Work

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