Title: The fundamentals of economic activity
Course: EN_Creation of Value > Section: Understanding economics

Desire - Needs - Demand - Market- Price and SCARCITY

Understanding economics
Watch the video about scarcity, need, desire and opportunity cost: by Jason Welker (2012, 14:11)

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 video 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.

Basic economical concepts

Basic concepts of the economy_1.h5p