Scarcity, choice and opportunity cost

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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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