Scarcity, Opportunity Cost and the PPC

Thanks! Share it with your friends!

Close

The basic economic problem is one rooted in both the natural world and in human greed. We live in a world of limited resources, but we seem to have unlimited wants. This results in scarcity, which gives rise to the very field of Economics, which deals with how to allocate scarce resources between the competing wants and needs of society.

This lesson will introduce these basic economic concepts, along with the first (and perhaps the most useful) graph an Economics student will learn, the Production Possibilities Curve.

Scarcity, Opportunity Cost and the Production Possibilities Curve

Comments

Lecy says:

excellent vid

Chui Media says:

Great lecture! very informative and inspiring,thanks.

Marine Rahiman says:

Thank you :)

kotekmoyang12345 says:

Awesome lecture

AmbipomLover says:

Awesome lecture!

Gagan says:

amazing way to explain, Thanks :)

Fairoz Hasan says:

Amazing lecture! Thank you very much.

Preetha Joshua says:

Thanks a lot for making it so easy to understand for a medical student without any knowledge about economics…..Wish you could have done all my medicine subjects as easy as this one….. 

Just Michelle (Mish) says:

Thank You !

Miya Latef says:

Thank You Master! It was great! 

Frooobie says:

sick vid dude

JiYongChanyeolJimin BIASED says:

Thank you very much!! 🙂

Geffen Rahardjo says:

This is worthed watching

koduckey says:

You are my savior man. Saved me so much time on my exonomics homework! Thanks 🙂

Patrick Donovan says:

Printing money reduces the value of money already in circulation. It has been tried in the US in the 70's and, to catastrophic effects in German in the 20's. In 1921, the Mark had a rate of 60-1 to the Dollar. A few years later, it was over 4 trillion marks to 1 dollar.

SuperChristy79 says:

thank you very much i have a awful teacher and im so confused but your vid helped me alot.

eloibas says:

seems to me that our government have solve this problem by printing money

Nurdaulet Azimbek says:

I have exam after 2 hours and I hope everything will be ok !
Btw, Thanks ! I didnt want to read a chapter about scarcity; so, I just watched this video and I found it very helpful .

Pratibha Lodwal says:

this is the best explanation i have ever heard, amazing work done…….very useful.
Thank you very much for uploading…….

mer3abec says:

That why all now are in deep st. All wants infinity but not as an ought.

Sheila Callahan says:

very helpful. Thank you.

LucisFerre1 says:

Opportunity Cost: I think it was Milton Friedman who said, there is no such thing as free pussy. (LOL)

Write a comment

*