Fresh Take 2.1: Understanding Economics

  • Define scarcity
  • Understand opportunity cost
  • Understand the difference between microeconomics and macroeconomics

Scarcity

You can view the transcript for “Episode 2: Scarcity and Choice” (opens in new window).

Opportunity Cost

You can view the transcript for “Episode 8: Opportunity Cost” (opens in new window).

Microeconomics vs. Macroeconomics

Economics is such a broad field of study that it is broken down into two subfields: microeconomics and macroeconomics. Watch this video to learn about the distinction between the two.

You can view the transcript for “Episode 4: Micro vs Macro” (opens in new window).