For a better understanding of all the concepts we have talked about, watch these clips:
So far we have learned that economics is easy, and as many of you have told me - common sense. Basically, economics is the study of choices. We have to make choices, because our resources are limited. We have unlimited wants but we cannot always satisfy them. We have to make choices when we make trade offs. Its typically hard to make choices, but we have to look at the costs and benefits of every choice. We have to think about what we are giving up if we choose something. This is called opportunity cost. Its the next best option that we gave up to get something. For a better understanding of all the concepts we have talked about, watch these clips: CLICK HERE: http://bcove.me/sis78ues
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May 2015
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