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Defining Economic Terms:Scarcity, Trade-offs, and Opportunity Costs

Hey guys, let's go ahead and define some key terms that will help us understand and answer the question, what is economics? So our first term here scarcity, It's the idea that in this world we have unlimited wants, but only limited resources to fulfill those wants, right? So for example, you know my wants, I want a new guitar. I love to travel shoot. I'd even love to go to the moon, but it's gonna be kind of tough. Right? What kind of resources do I have? I definitely don't have a spaceship, so that's not gonna be happening any time soon. I've got my time. So if I want to travel, yeah, I have the time for it. But what about the money? I don't have the money right now. I've got, well, I've got my empty bank account. At least I have that. Maybe I can put some money in it eventually. So that's the idea, right? We're gonna have to pick our battles here. We've only got limited resources and we've got all sorts of things that we're gonna want in this world. It kind of leads us to our next topic. Trade offs. It's the idea that we have to give up one thing to get something else. So for example, tonight I've been planning to go to the panthers game with my dad for a while here. Panthers, the florida panthers, that's our hockey team down here. Um and just last night, my friend calls me that there's a big party happening tonight and all my friends are gonna be there. Well, I'm gonna have to pick one or the other here, right? And I'm spoiler alert, I'm not gonna sell out my dad, so I'll go to the panthers game tonight. Um but it's not always two things that we're choosing between. Um what if it's your day off and you just want to go to the beach? Right? Maybe you got the day off, let's go to the beach. What are you giving up to go to the beach? Well, the opportunity to just stay home, right? You could have just stayed home instead, just relaxed at home. So, you know, there's always something you're giving up and that's the idea of an opportunity cost the value of the next best alternative to a choice, Right? So a good example is something you'll probably relate to going to college, right? When you go to college, um you're giving up the opportunity to get a full time job right away, right? Um Maybe some of you have part time jobs, I'm sure a lot of you are full time students too though. Uh the idea here is that when you go to college, yes, you have all the cost of college tuition fees, room and board books, Right? But there's also the opportunity cost of having gotten a job right away. So you're giving up all that money you could have already been making. So with these concepts, let's define economics

Opportunity Costs

So let's go ahead and do this. Practice problem. The opportunity cost of going to a baseball game is a the face value of the ticket. Be the face value of the ticket plus the cost of snacks at the ballpark. See the total cash spent plus the value of your time or D. Zero. If you enjoyed the baseball game, the answer here is gonna be c Remember when we're talking about opportunity cost we're thinking of the value of the next best alternative. I'm gonna write that here. Next best alternative. Right? What is that value? And that value is not only going to be the money cost right? The cash that you spent at the ballpark, but also the time cost the time that you spent there. You could have spent that time doing something else. All right. The answer here, see the total cash spent plus the value of your time. Let's move on.

Definition of Economics:Micro vs. Macro

Alright, so let's define economics now and then we'll compare micro economics, what we're learning in this course and macro economics. So economics is a social science that's focused on the choices made by individuals institutions and society under conditions of scarcity. So it's about choices under scarcity, right? Remember scarcity? Is this idea of having limited resources. We have unlimited wants, but we have limited resources. Um And when you think about economics, yeah, we're gonna be doing some math in this class. Did you feel that? I feel like when I said math there was like a collective shiver out there. Um Maybe it's just me, I don't know. Uh Yeah, so economics actually has a strong foundation in uh studying human behavior psychology. Um It's actually pretty interesting. So when we're doing micro economics, we're studying the choices that individuals and businesses make kind of on the day to day choices about setting prices, how a price change could affect supply and demand of a product. So, you know, if the price of cereal goes up, what's going to happen in the market, people will probably want less cereal, right? People might want to supply more cereal because the price went up. And that's also, you know, when we're thinking about prices, we're actually gonna deal with taxes to in this class and how taxes affect supply and demand as well. Another huge topic in this class is gonna be maximizing profit under different market structures. So we're gonna study monopolies, We're gonna study perfect competition, um stuff like that and how to maximize profit in these situations. Uh last is just operational stuff like knowing how many laborers to hire and what to pay them, Right? So these, you can see these are, you know, decisions made on a small scale compared to macro economics. We're studying the economy as a whole. So we're studying the nation's economy, the global economy, right? So much bigger ideas. We're gonna be studying recessions. You know, what, what causes a recession or a boom in the economy inflation? How does inflation affect interest rates, unemployment? Right. So you can see these issues are on a grander scale than what we'll be studying in this class.

Definition of Economics

So let's try this practice problem here. Economics can be best defined as the study of a profit maximization, be predicting inflation patterns, see income distribution and the effects of poverty, or d how society manages its scarce resources. Um although the first three are all economic concepts, the correct answer here is D how society manages its scarce resources. This is basically the definition of economics making choices under scarcity. Remember scarce resources? We have limited resources. So the answer here is D.

Hello!

Hey everyone, Welcome to Microeconomics. I'm brian and I'm gonna be your tutor in this course. We're gonna cover topics ranging from supply and demand, profit maximization and everyone's favorite taxes. But first we gotta lay some groundwork, why don't we dive right in?

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