Fundamental Economic Principles

 

Video Background:

At the heart of economics are two basic principles:

  1. •Scarcity - that  resources are limited and that no one can have all they want

  2. •Opportunity Cost - If you have more of one thing, you must have less of another

This video identifies these principles as well as others to offer an introduction to something we participate in every day.

Prior to starting the video, acquire the viewing guide, linked at left, and fill in the blanks as the movie progresses - pause the video and rewind as necessary.

Video Viewing GuideEconomics_Video_files/Video%20Viewing%20Guide.pdf

Video: Economics: A Framework for Teaching the Basic Concepts: Fundamental Economic Concepts. United Learning (1997). Retrieved November 26, 2007, from unitedstreaming: http://streaming.discoveryeducation.com/