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  • Intro To Economics: Economics Crash Course #1

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    fatima shah
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    Economics is the study of how individuals, governments, and nations make choices on allocating scarce resources. It examines the tension between unlimited wants and needs versus limited resources. Governments use economic theory to guide policymaking and address issues related to scarcity through incentives that influence people's choices between alternatives. The video introduces key concepts in economics including opportunity costs, scarcity, incentives, and the differences between macroeconomics and microeconomics.

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    Economics is the study of how individuals, governments, and nations make choices on allocating scarce resources. It examines the tension between unlimited wants and needs versus limited resources. Governments use economic theory to guide policymaking and address issues related to scarcity through incentives that influence people's choices between alternatives. The video introduces key concepts in economics including opportunity costs, scarcity, incentives, and the differences between macroeconomics and microeconomics.

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    214 views1 page

    Intro To Economics: Economics Crash Course #1

    Uploaded by

    fatima shah
    Economics is the study of how individuals, governments, and nations make choices on allocating scarce resources. It examines the tension between unlimited wants and needs versus limited resources. Governments use economic theory to guide policymaking and address issues related to scarcity through incentives that influence people's choices between alternatives. The video introduces key concepts in economics including opportunity costs, scarcity, incentives, and the differences between macroeconomics and microeconomics.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    of 1

    Intro to Economics: Economics Crash Course #1

    Available at https://youtu.be/3ez10ADR_gM or just youtube/google “Crash Course Economics 1”

    1. Economics is the study of ____________________ and _________________________.

    2. What is opportunity cost?

    a. How would the picture to the right be an


    example of opportunity cost?

    3. Scarcity is the tension between __________________________________________ and


    ________________________________.

    a. What did Dwight Eisenhower explain as the opportunity cost of the nuclear
    buildup due to scarcity?

    4. Government officials use economic theory to guide


    _____________________________.

    5. Incentives are a set of external (rather than intrinsic) _____________________________


    that explain people’s choices.

    a. What’s your current incentive for watching this video and filling out this
    worksheet?

    6. What is the difference between macroeconomics and microeconomics?

    a. What would be an example of something studied in


    macroeconomics?

    b. What would be one example of something studied in


    microeconomics?

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