Unit 1: Basic economics concepts About this unit Fundamental concepts like scarcity, opportunity cost, and supply and demand form the basis for the study of macroeconomics. How can …

We'll introduce key concepts like opportunity costs, trade-offs, and production possibilities. We'll also dive into why specialization and exchange are so important, and how property rights and …

Learn all about the fields of economics, microeconomics, macroeconomics, finance, and capital markets with hundreds of videos, articles, and practice exercises.

We'll introduce key concepts like opportunity costs, trade-offs, and production possibilities. We'll also dive into why specialization and exchange are so important, and how property rights and …

We'll introduce key concepts like opportunity costs, trade-offs, and production possibilities. We'll also dive into why specialization and exchange are so important, and how property rights and …

Unit 1: Basic economic concepts Introduction to economics Economic systems Production possibilities frontier Comparative advantage and the terms of trade

In this video, we introduce the field of economics using quotes from the person that many consider to be the "father" of economics: Adam Smith. Topics include the definition of …

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This article discusses the concept of scarcity in microeconomics. It covers the two types of scarcity (absolute and relative), and how scarcity informs the decisions we make.

Economic resources are scarce. Faced with this scarcity, we must choose how to allocate our resources. Economics is the study of how societies choose to do that. Microeconomics …