This is the second video in the Economics Animated series. This one focuses on key economic concepts.It covers:
Economics defined
Goods and Bads
Resources
Key Economic Concepts:
--Scarcity implies tradeoffs and opportunity costs: TANSTAAFL
--People tend to choose rationally, responding to incentives and making decisions at the margin.
--Markets and Trade tend to work well and make people better off.
Microeconomics vs. Macroeconomics
Economic models
ceteris paribus
