Hi guys, Welcome to the Advanced Video Search Engine, and you are watching Scarcity, Trade-offs, and Cost/Benefit Analysis. That video is uploaded by Professor Dave Explains at 2021-04-28T08:59:18-07:00. We are promoting this video only for entertainment and educational purpose only. So, I hope you like & enjoy it. [gg_qfPRd-mo]
| Name | Scarcity, Trade-offs, and Cost/Benefit Analysis |
| Video Uploader | Video From Professor Dave Explains |
| Upload Date | This Video Uploaded At 28-04-2021 15:59:18 |
| Video Discription | A core concept we must discuss if we are to understand economics is scarcity. Our wants and needs are endless, but the things we want and need are necessarily finite in nature. Therefore, we can say that these things are scarce. They run out. If they didn't, economics would not exist, because economics is all about making choices based on scarcity. If we spend money on one thing, there is necessarily a trade-off, because we have less money to spend on something else. This is true for both rich and poor, as no one has infinite wealth. When we make choices, there is always an opportunity cost. This is the thing we give up when we make a choice. In analyzing these choices, we can sometimes think at the margin, where we identify marginal costs and marginal benefits for the choices we make, which can be labeled a cost/benefit analysis. This will all make more sense with some simple examples, so let's take a look! Script by Matt Beat: https://www.youtube.com/user/iammrbeat Animation by Ignacio Triana: https://www.youtube.com/c/Unraveled Watch the whole Economics playlist: http://bit.ly/ProfDaveEcon Mathematics Tutorials: http://bit.ly/ProfDaveMath American History Tutorials: http://bit.ly/ProfDaveAmericanHistory History of Drugs Videos: http://bit.ly/ProfDaveHistoryDrugs General Chemistry Tutorials: http://bit.ly/ProfDaveGenChem Classical Physics Tutorials: http://bit.ly/ProfDavePhysics1 EMAIL► ProfessorDaveExplains@gmail.com PATREON► http://patreon.com/ProfessorDaveExplains Check out "Is This Wi-Fi Organic?", my book on disarming pseudoscience! Amazon: https://amzn.to/2HtNpVH Bookshop: https://bit.ly/39cKADM Barnes and Noble: https://bit.ly/3pUjmrn Book Depository: http://bit.ly/3aOVDlT gg_qfPRd-mo |
| Category | Education |
| Tags | scarcity | opportunity cost | trade-offs | cost/benefit analysis | marginal cost | marginal benefit | thinking at the margin | economics | microeconomics |
