A. Scarcity, Choice, Opportunity Cost
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Scarcity and Choice
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Resources
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The three videos, above and to the left, cover the basic economic concepts of scarcity, resources, and opportunity costs.
Scarcity is the biggest economic problem -- a limited number of resources for unlimited wants. Resources include what is needed for production - land, labor, and capital. Opportunity cost is the benefit given up when another is gained. |
B. Production Possibility Curve
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Production Possibility Curve
This series of videos includes the Production Possibilities Curve (or frontier), which shows maximum possible production when all resources are allocated effectively. The second video in the series shows society's PPC, while the third video shows what happens to the curve as resources change. |
ACDC Leadership Video Series
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