Scarcity, choice and opportunity cost

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Alham A. 5.0 (1)

London School of Economics (LSE) - BSc Economics

Maths and Economics teacher with 6 years experience in a high achieving secondary school academy in West London

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Online May half-term Economics Year 12 Recap Course
Consolidate your Year 12 knowledge and boost your essay writing skills with our two-day Economics Year 12 Recap Course, running 28–29th May. This course is designed to strengthen your understanding of key topics and build confidence ahead of Year 13. Find out more!

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The basic economic problem

This video explains the basic economic problem.

Scarcity, choice and the factors of production

This video explores the meaning of scarcity and understand how choice is inevitable for individuals, businesses and governments.

What will be produced? How will it be produced and for whom?

This video explores the three economic questions.

The margin and decision making at the margin

This video explains decision making at the margin and the importance of the law of diminishing marginal return.

Ceteris paribus

This video explains the concept of ceteris paribus.

Short run, long run and the very long run

This video explains the difference between the short run, long run and the very long run.

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