This video teaches the concept of Scarcity. The total resources of society, including natural resources, human resources, capital goods and entrepreneurship, are limited, causing scarcity to exist.

Key Concepts

Cost/Benefit Analysis, Decision Making, Economic Systems, Opportunity Cost, Productive Resources, Scarcity, Trade-off, Wants

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INTERACTIVE TOOL REVIEWS

  • “I would love to embed the html code for this, and other videos, on my website so students can reference them. As a flipped classroom teacher I need to be able to cleanly link to the videos and it would bring more people to your site.

    EconEdLink: At this point the best option is to link to the lesson and/or site for the video. If it is a PBS video (Making Sen$e with Paul Solman you can link directly to the video on their site but you lose the Question ability from EconEdLink)”

    Kristoffer B., Shawnee, KS   POSTED ON August 13, 2012

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