Heimlers History
@heimlershistory·1.3M subscribers·773 videos
What is Economics? Opportunity Cost, Scarcity, and Choices [AP Macroeconomics Review]
Posted
July 30, 2018
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5:44Now PlayingINSTAGRAM: @heimlers_history
In this video I tell you all about the nasty want-hole resident in every human being and how the study of economics tries to cope with that by coming to terms with scarcity. Human beings have infinite wants but only have access to finite resources.
So whenever we choose one resource over the other (like land, labor, capital, or entrepreneurship) then we must count the opportunity cost. So an economy is just a system that helps coordinate all those choices. In a market economy we have a lot more choice in the matter, but in a command economy, not so much.
If you're here to study for AP Macroeconomics, then consider SUBSCRIBING so I can help you get a FIVE on your AP Exam this year.
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