Basic economic concepts
Some fundamental principles Microeconomics versus Macroeconomics Definition of economics. Does this definition (problem) apply to everyone? Key concepts Oppo...
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About this video
Some fundamental principles
Microeconomics versus Macroeconomics
Definition of economics.
Does this definition (problem) apply to everyone?
Key concepts
Opportunity Cost
What is the opportunity cost to you of taking this course?
Allocation mechanisms.
Economic systems and their allocation mechanisms.
How would you characterized the economic system of the U.S.?
The concept of relative price.
Why do economists insist on the concept of relative price?
3 functions of relative price.
Incentive function.
Productive factors (an aside)
Incentive function (cont.)
Signaling function of relative price.
Rationing function.
3 fundamental questions.
What to produce?
How to distribute output/income?
Microeconomics versus Macroeconomics
Definition of economics.
Does this definition (problem) apply to everyone?
Key concepts
Opportunity Cost
What is the opportunity cost to you of taking this course?
Allocation mechanisms.
Economic systems and their allocation mechanisms.
How would you characterized the economic system of the U.S.?
The concept of relative price.
Why do economists insist on the concept of relative price?
3 functions of relative price.
Incentive function.
Productive factors (an aside)
Incentive function (cont.)
Signaling function of relative price.
Rationing function.
3 fundamental questions.
What to produce?
How to distribute output/income?
Video Information
Views
8
Total views since publication
Duration
5:45
Video length
Published
Jan 25, 2015
Release date