{"id":2792,"date":"2023-02-19T16:10:49","date_gmt":"2023-02-19T16:10:49","guid":{"rendered":"https:\/\/content.one.lumenlearning.com\/introductiontobusiness\/chapter\/dig-deeper-2-1-understanding-economics\/"},"modified":"2025-05-19T18:07:10","modified_gmt":"2025-05-19T18:07:10","slug":"dig-deeper-2-1-understanding-economics","status":"publish","type":"chapter","link":"https:\/\/content.one.lumenlearning.com\/introductiontobusiness\/chapter\/dig-deeper-2-1-understanding-economics\/","title":{"raw":"Fresh Take 2.1: Understanding Economics","rendered":"Fresh Take 2.1: Understanding Economics"},"content":{"raw":"<section class=\"textbox learningGoals\">\r\n<ul>\r\n\t<li>Define scarcity<\/li>\r\n\t<li>Understand opportunity cost<\/li>\r\n\t<li>Understand the difference between microeconomics and macroeconomics<\/li>\r\n<\/ul>\r\n<\/section>\r\n<h2>Scarcity<\/h2>\r\n<section class=\"textbox example\">\r\n<p>[embed]https:\/\/www.youtube.com\/embed\/yoVc_S_gd_0[\/embed]<\/p>\r\n<p>You can\u00a0<a href=\"https:\/\/course-building.s3-us-west-2.amazonaws.com\/Intro+to+Business\/Transcriptions\/Episode2ScarcityandChoice_transcript.txt\" target=\"_blank\" rel=\"noopener\">view the transcript for \u201cEpisode 2: Scarcity and Choice\u201d (opens in new window).<\/a><\/p>\r\n<\/section>\r\n<h2>Opportunity Cost<\/h2>\r\n<section class=\"textbox example\">\r\n<p>[embed]https:\/\/www.youtube.com\/embed\/PSU-_n81QT0[\/embed]<\/p>\r\n<p>You can\u00a0<a href=\"https:\/\/course-building.s3-us-west-2.amazonaws.com\/Intro+to+Business\/Transcriptions\/Episode8OpportunityCost_transcript.txt\" target=\"_blank\" rel=\"noopener\">view the transcript for \u201cEpisode 8: Opportunity Cost\u201d (opens in new window).<\/a><\/p>\r\n<\/section>\r\n<h2>Microeconomics vs. Macroeconomics<\/h2>\r\n<section class=\"textbox example\">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.<br \/>\r\n<p>[embed]https:\/\/youtu.be\/w8tUIq7Blsg[\/embed]<\/p>\r\n<p>You can\u00a0<a href=\"https:\/\/course-building.s3-us-west-2.amazonaws.com\/Intro+to+Business\/Transcriptions\/Episode4MicroVsMacro_transcript.txt\" target=\"_blank\" rel=\"noopener\">view the transcript for \"Episode 4: Micro vs Macro\" (opens in new window).<\/a><\/p>\r\n<\/section>","rendered":"<section class=\"textbox learningGoals\">\n<ul>\n<li>Define scarcity<\/li>\n<li>Understand opportunity cost<\/li>\n<li>Understand the difference between microeconomics and macroeconomics<\/li>\n<\/ul>\n<\/section>\n<h2>Scarcity<\/h2>\n<section class=\"textbox example\">\n<p><iframe loading=\"lazy\" id=\"oembed-1\" title=\"Episode 2: Scarcity and Choice\" width=\"500\" height=\"375\" src=\"https:\/\/www.youtube.com\/embed\/yoVc_S_gd_0?feature=oembed&#38;rel=0\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<p>You can\u00a0<a href=\"https:\/\/course-building.s3-us-west-2.amazonaws.com\/Intro+to+Business\/Transcriptions\/Episode2ScarcityandChoice_transcript.txt\" target=\"_blank\" rel=\"noopener\">view the transcript for \u201cEpisode 2: Scarcity and Choice\u201d (opens in new window).<\/a><\/p>\n<\/section>\n<h2>Opportunity Cost<\/h2>\n<section class=\"textbox example\">\n<p><iframe loading=\"lazy\" id=\"oembed-2\" title=\"Episode 8: Opportunity Cost\" width=\"500\" height=\"375\" src=\"https:\/\/www.youtube.com\/embed\/PSU-_n81QT0?feature=oembed&#38;rel=0\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<p>You can\u00a0<a href=\"https:\/\/course-building.s3-us-west-2.amazonaws.com\/Intro+to+Business\/Transcriptions\/Episode8OpportunityCost_transcript.txt\" target=\"_blank\" rel=\"noopener\">view the transcript for \u201cEpisode 8: Opportunity Cost\u201d (opens in new window).<\/a><\/p>\n<\/section>\n<h2>Microeconomics vs. Macroeconomics<\/h2>\n<section class=\"textbox example\">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.<\/p>\n<p><iframe loading=\"lazy\" id=\"oembed-3\" title=\"Episode 4: Micro vs Macro\" width=\"500\" height=\"375\" src=\"https:\/\/www.youtube.com\/embed\/w8tUIq7Blsg?feature=oembed&#38;rel=0\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<p>You can\u00a0<a href=\"https:\/\/course-building.s3-us-west-2.amazonaws.com\/Intro+to+Business\/Transcriptions\/Episode4MicroVsMacro_transcript.txt\" target=\"_blank\" rel=\"noopener\">view the transcript for &#8220;Episode 4: Micro vs Macro&#8221; (opens in new window).<\/a><\/p>\n<\/section>\n","protected":false},"author":21,"menu_order":8,"template":"","meta":{"_candela_citation":"[{\"type\":\"cc\",\"description\":\"Episode 2: Scarcity and Choice\",\"author\":\"mjmfoodie\",\"organization\":\"\",\"url\":\"https:\/\/www.youtube.com\/watch?v=yoVc_S_gd_0\",\"project\":\"\",\"license\":\"cc-by-nc-nd\",\"license_terms\":\"\"},{\"type\":\"cc\",\"description\":\"Episode 8: Opportunity Cost\",\"author\":\"mjmfoodie\",\"organization\":\"\",\"url\":\"https:\/\/www.youtube.com\/watch?v=PSU-_n81QT0\",\"project\":\"\",\"license\":\"cc-by-nc-nd\",\"license_terms\":\"\"},{\"type\":\"cc\",\"description\":\"Episode 4: Micro vs Macro\",\"author\":\"mjmfoodie\",\"organization\":\"\",\"url\":\"https:\/\/www.youtube.com\/watch?v=w8tUIq7Blsg\",\"project\":\"\",\"license\":\"cc-by-nc-nd\",\"license_terms\":\"\"}]","pb_show_title":"on","pb_short_title":"","pb_subtitle":"","pb_authors":[],"pb_section_license":""},"chapter-type":[],"contributor":[],"license":[],"part":2786,"module-header":"fresh_take","content_attributions":[{"type":"cc","description":"Episode 2: Scarcity and Choice","author":"mjmfoodie","organization":"","url":"https:\/\/www.youtube.com\/watch?v=yoVc_S_gd_0","project":"","license":"cc-by-nc-nd","license_terms":""},{"type":"cc","description":"Episode 8: Opportunity Cost","author":"mjmfoodie","organization":"","url":"https:\/\/www.youtube.com\/watch?v=PSU-_n81QT0","project":"","license":"cc-by-nc-nd","license_terms":""},{"type":"cc","description":"Episode 4: Micro vs Macro","author":"mjmfoodie","organization":"","url":"https:\/\/www.youtube.com\/watch?v=w8tUIq7Blsg","project":"","license":"cc-by-nc-nd","license_terms":""}],"internal_book_links":[],"video_content":null,"cc_video_embed_content":{"cc_scripts":"","media_targets":[]},"try_it_collection":null,"_links":{"self":[{"href":"https:\/\/content.one.lumenlearning.com\/introductiontobusiness\/wp-json\/pressbooks\/v2\/chapters\/2792"}],"collection":[{"href":"https:\/\/content.one.lumenlearning.com\/introductiontobusiness\/wp-json\/pressbooks\/v2\/chapters"}],"about":[{"href":"https:\/\/content.one.lumenlearning.com\/introductiontobusiness\/wp-json\/wp\/v2\/types\/chapter"}],"author":[{"embeddable":true,"href":"https:\/\/content.one.lumenlearning.com\/introductiontobusiness\/wp-json\/wp\/v2\/users\/21"}],"version-history":[{"count":14,"href":"https:\/\/content.one.lumenlearning.com\/introductiontobusiness\/wp-json\/pressbooks\/v2\/chapters\/2792\/revisions"}],"predecessor-version":[{"id":9285,"href":"https:\/\/content.one.lumenlearning.com\/introductiontobusiness\/wp-json\/pressbooks\/v2\/chapters\/2792\/revisions\/9285"}],"part":[{"href":"https:\/\/content.one.lumenlearning.com\/introductiontobusiness\/wp-json\/pressbooks\/v2\/parts\/2786"}],"metadata":[{"href":"https:\/\/content.one.lumenlearning.com\/introductiontobusiness\/wp-json\/pressbooks\/v2\/chapters\/2792\/metadata\/"}],"wp:attachment":[{"href":"https:\/\/content.one.lumenlearning.com\/introductiontobusiness\/wp-json\/wp\/v2\/media?parent=2792"}],"wp:term":[{"taxonomy":"chapter-type","embeddable":true,"href":"https:\/\/content.one.lumenlearning.com\/introductiontobusiness\/wp-json\/pressbooks\/v2\/chapter-type?post=2792"},{"taxonomy":"contributor","embeddable":true,"href":"https:\/\/content.one.lumenlearning.com\/introductiontobusiness\/wp-json\/wp\/v2\/contributor?post=2792"},{"taxonomy":"license","embeddable":true,"href":"https:\/\/content.one.lumenlearning.com\/introductiontobusiness\/wp-json\/wp\/v2\/license?post=2792"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}