Introducing Economics: Basic Concepts

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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

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