Module 1- What Is Economics

Summary

This video script introduces the fundamental concepts of economics, emphasizing its relevance to daily life and decision-making. It explains economics as the study of choices under scarcity, highlighting the importance of understanding opportunity costs and trade-offs. The script also outlines the role of economics in shaping policies, evaluating market messages, and enhancing personal and societal well-being. It encourages viewers to embrace economic literacy as a tool for informed decision-making and to appreciate the value of studying economics for personal growth and civic participation.

Takeaways

• 📚 Economics is a study of choices and decision-making under conditions of scarcity.
• 🤔 The unpredictability of the stock market teaches us that even experts cannot always foresee future economic trends.
• 🛠 Economics provides a framework for understanding the world and offers decision-making tools for individuals, businesses, and governments.
• 💼 Economic education can boost earning potential, as skills acquired in economics are valued in various fields such as business, finance, and government.
• 🏛 Economic literacy helps in evaluating messages from advertisers, the media, and can assist in making better decisions as a citizen.
• 🌐 Economics is not just about money and factories; it's also about personal choices and the value of time.
• 🔄 Scarcity is a fundamental economic concept, defined by the existence of more desires than can be fulfilled with available resources.
• 🔄 Trade-offs are inherent in a world of scarcity, where choosing one thing means giving up another.
• 💰 Opportunity cost is a central economic concept, representing the value of the next best alternative given up when a choice is made.
• 🏢 Economics deals with both individual and societal choices, where society's trade-offs often involve balancing needs and wants.
• 🌳 Resources, classified as land, labor, capital, and entrepreneurship, are the building blocks for producing all goods and services in an economy.

Q & A

What is the main focus of the opening module in the economics class?

The main focus of the opening module is to answer the question 'What is economics?' and to introduce students to the concept of economics as the study of choices under conditions of scarcity.

Why is it said that even experts cannot predict the stock market's movements?

It is said that even experts cannot predict the stock market's movements because economics, despite its analytical tools, cannot foresee all the variables and uncertainties that affect market behavior.

How does economics help individuals in their daily lives?

Economics helps individuals by providing a framework for understanding the world around them, offering decision-making tools, and aiding in making informed choices about time and money, which can lead to a happier and more satisfying life.

What is the economic concept of 'opportunity cost'?

Opportunity cost is the value of the next best alternative given up when a choice is made. It captures the full trade-off involved in a decision, including not just the monetary cost, but also the value of time or other resources that could have been used differently.

What are the four types of resources in economics?

The four types of resources in economics are land, labor, capital, and entrepreneurship. These resources are used to produce goods and services that satisfy our wants and needs.

Why is labor considered a resource in economics?

Labor is considered a resource in economics because it is the work that people do, which can be physical or mental, and it contributes to the production process of goods and services.

What is the difference between 'wants' and 'needs' in economic terms?

In economic terms, 'needs' are essential for survival, such as food, water, and shelter, while 'wants' are things desired but not essential for survival, like a television or a new outfit.

How does scarcity relate to the concept of trade-offs?

Scarcity exists when we desire more of something than we can have. Because of scarcity, we must make trade-offs, giving up one thing to get another, as resources are limited and cannot be used for unlimited production or consumption.

What is the role of entrepreneurship in the production of goods and services?

Entrepreneurship is the willingness of people to organize, operate, and assume the risks involved with business ventures. Entrepreneurs bring together land, labor, and capital to produce goods and services that satisfy our wants and needs.

How does the study of economics help in evaluating messages from advertisers and the media?

The study of economics helps in evaluating messages from advertisers and the media by providing economic literacy, which allows individuals to navigate debates and be wary of claims that may not be substantiated, such as the predictability of stock investments.

What is the significance of scarcity in the context of international trade?

The significance of scarcity in the context of international trade is that even when countries trade with each other, they still face scarcity and trade-offs. Resources used to produce goods for export are not available for domestic production, highlighting that scarcity is a universal economic condition.

Outlines

00:00

📚 Introduction to the Study of Economics

This paragraph introduces the subject of economics to students, emphasizing that even though the stock market is unpredictable, economics as a discipline provides a framework for understanding the world and making informed decisions. It outlines the benefits of studying economics, such as better decision-making, economic literacy for personal and societal issues, and the potential for higher earnings. The paragraph also highlights the importance of asking the right questions and approaching decision-making logically, setting the stage for an exploration of economic concepts.

05:00

🤔 The Concept of Scarcity and Economic Choices

This section delves into the fundamental economic concept of scarcity, explaining that it arises when desires exceed available resources. It uses relatable examples to illustrate scarcity and trade-offs, such as choosing between a new pet and eating out. The paragraph clarifies that scarcity applies to both time and money, and that economists focus on how individuals allocate these scarce resources. It introduces the term 'opportunity cost' as a way to fully understand the implications of making choices under scarcity.

10:02

🚲 Understanding Opportunity Costs and Trade-offs

The paragraph further explores the concept of opportunity cost, defining it as the value of the next best alternative given up when a choice is made. It emphasizes that opportunity cost includes not just monetary expenses but also the value of time and other forgone alternatives. Using the example of choosing to see a movie, the paragraph illustrates how opportunity cost encompasses both the direct cost (movie ticket price) and the indirect costs (time and the value of the next best use of that time). It also touches on the broader implications of individual and societal choices under scarcity.

15:04

🏗️ The Role of Resources in Economic Production

This paragraph discusses the role of resources in the production of goods and services. It categorizes resources into land, labor, capital, and entrepreneurship, explaining each type's contribution to the economy. The paragraph also introduces the concept of inputs, or factors of production, and how they are the building blocks for all goods and services. It emphasizes the scarcity of resources and the necessity for societies to make trade-offs in the allocation of these resources.

20:07

🌐 The Global Impact of Scarcity and Trade-offs

The final paragraph of the script addresses the global implications of resource scarcity and trade-offs. It explains that even international trade involves the use of resources and does not eliminate the need for trade-offs. The paragraph concludes by reiterating the importance of studying economics, suggesting that it is crucial for understanding societal trade-offs and for making informed decisions that affect both individual lives and the broader economy.

25:08

🎓 Conclusion: The Importance of Studying Economics

In the concluding paragraph, the script reinforces the significance of economics education. It suggests that studying economics is vital for making informed decisions and understanding the complex interplay between resources, production, and societal needs. The paragraph ends with a catchy, repetitive phrase set to music, 'economics stud,' which serves as a mnemonic device to encourage students to embrace the study of economics.

Keywords

💡Economics

Economics is the social science that studies the production, distribution, and consumption of goods and services. In the video, it is presented as a framework for understanding the world, making decisions, and leading a more satisfying life. It is central to the theme, as it helps individuals and societies navigate choices under conditions of scarcity.

💡Stock Market

The stock market is a platform where shares of publicly traded companies are issued and traded. The script mentions it to illustrate the unpredictability of economic events and the limitations of economic knowledge in predicting future market movements.

💡Scarcity

Scarcity refers to the basic economic concept that human wants are unlimited while the resources to fulfill them are limited. The video uses scarcity to explain why individuals and societies must make choices and trade-offs, a fundamental principle in economics.

💡Trade-offs

Trade-offs are the decisions made when an individual or society must forgo one thing to obtain another due to scarcity. The script uses the example of spending money on a pet versus ice cream to illustrate the concept of trade-offs in everyday life.

💡Opportunity Cost

Opportunity cost is the value of the next best alternative that is given up when making a choice. The video explains it as a more complete way of thinking about cost, emphasizing that it includes not just monetary costs but also the value of time and other forgone alternatives.

💡Needs and Wants

Needs are essential requirements for survival, while wants are desires that are not essential. The script distinguishes between the two to highlight that most societal trade-offs involve wants because our needs are limited, but our wants are unlimited.

💡Goods and Services

Goods are physical items produced in an economy, while services are activities that provide benefits. The video explains that economies produce both, and the script uses examples like a doctor's checkup and a bus ride to illustrate the difference.

💡Resources

Resources are the basic elements used to produce goods and services. The video categorizes them into land, labor, capital, and entrepreneurship, and discusses how their scarcity necessitates trade-offs in production.

💡Land

In economics, land refers to natural resources and the space used for production. The script mentions fields for growing strawberries and properties for building restaurants as examples of land used as a resource.

💡Labor

Labor represents the work done by people, both physical and mental, which contributes to the production process. The video script uses examples such as a farmer planting strawberries or a teacher giving a lesson to explain labor as a resource.

💡Capital

Capital in economics refers to anything created by humans for use in the production of other goods and services. The script differentiates between physical capital, like machinery, and human capital, which refers to the skills and knowledge of workers.

💡Entrepreneurship

Entrepreneurship is the act of organizing, operating, and assuming the risks of a business venture. The video script highlights entrepreneurs as individuals who bring together resources to produce goods and services, using examples like Glenn Bell of Taco Bell and the founders of Google and Facebook.

Highlights

Economics is about making sense of the world and making good decisions about time and money.

Economics provides a framework for understanding and a set of decision-making tools for individuals, businesses, and governments.

The unpredictability of the stock market teaches that even experts cannot always foresee economic outcomes.

Economics helps evaluate messages from advertisers, the media, and protect against financial scams.

Economic education can increase earning potential due to valued skills in business, finance, and government.

Studying economics aids in becoming a better citizen by navigating debates on budgets, the environment, health care, and taxes.

Economics teaches the right kinds of questions to ask and a logical approach to decision-making.

Economics is the study of choices under conditions of scarcity, including personal desires for more than is available.

Scarcity is the concept that not all desires can be fulfilled due to limited resources.

Trade-offs are necessary choices made when resources are scarce, such as choosing between a pet and ice cream.

Opportunity cost is the value of the next best alternative given up when a choice is made.

Economics differentiates between needs, which are essential for survival, and wants, which are desirable but not necessary.

An economy is a system for coordinating the production and distribution of goods and services.

Resources are classified into land, labor, capital, and entrepreneurship, which are all used to produce goods and services.

Scarcity of resources requires societies to make trade-offs in production and consumption.

International trade involves trade-offs as countries exchange goods using their own resources.

Studying economics is important for understanding the impact of scarcity on society's ability to satisfy its wants and needs.

The video concludes with a musical emphasis on the importance of studying economics.

Transcripts

now that you are in a class studying

economics don't be surprised if people

start asking you questions like what's

going to happen with the stock market if

you don't know exactly what the stock

market is don't worry you'll learn about

it later in this class but here's a

secret even if you memorized every bit

of economic wisdom ever written you

still wouldn't be able to predict

whether the stock market will rise or

fall tomorrow in fact as you will learn

in a later chapter not even the experts

know what will happen to the stock

market but economics has a lot to offer

it can help you to make sense of the

Daily News it can help you make good

decisions about your time and money and

it can help you lead a happier more

satisfying life now how can economics do

all that well because economics provides

a framework for understanding the world

around you it offers a powerful set of

decision-making tools for individual

business organizations and governments

economics can help you figure out what

to do with your earnings develop a

successful business and plan for the

future when businesses stumble as many

have recently economic shapes policies

to help workers hold on to their jobs

and their homes throughout the world in

the wake of severe weather oil spills

and other disasters economic forecasts

help people prepare for jolts to food

and energy

prices your study of economics ICS will

also help you evaluate messages from

advertisers the media and the troubling

number of tricksters out to capture your

hard-earned money for example you've

already seen that the stock market is

unpredictable so you know to be wary of

claims that a particular stock

investment is a sure thing economic

education can also boost your earnings

people with training and economics often

earn high salaries because they have

acquired skills valued in fields such as

business finance and government beyond

that you can expect familiarity with

economics to help you become a better

citizen before long as a voter a member

of a household and a participant in the

life of your community you will have

opportunities to make important

decisions economic literacy will help

you navigate the swirling debates over

budgets the environment health care and

taxes your exposure to economics might

even inspire you to seek public office

or change the world in some

way in fact many former presidents

members of Congress business Executives

rockstars and philanthropists were

economic majors in college an

introduction to economics will not give

you all the answers but it will teach

you the right kinds of questions to ask

and give you a logical way to approach

decision-making ultimately the economic

way of thinking will help you explore

your possibilities for success and

happiness so let's get started with our

stud study of

Economics our first question that we are

going to focus on in this opening module

is to answer the question what is

economics what is it that you are going

to be studying for this semester in high

school what you're doing right now

listening to this lesson is the result

of an economic decision now that might

surprise you when people think of

Economics they usually think about money

complicated graphs and charts or

factories producing cars or they think

about words like prices unemployment and

stocks economics is about all of these

things as you will see but it is also

about you right now making the choice to

be in this class and listen to this

lesson because economics at its core is

about

choices economics is the study of choice

under conditions of

scarcity now scarcity exists if we exi

if we desire more of something that we

can have for example individuals face a

scarcity of time businesses face a

scarcity of the materials used to make

what they sell governments face a

scarcity of tax dollars and countries

face a scarcity of energy sources a good

way to understand scarcity is to think

about your own life so in this module

we'll have several objectives first we

will explain what economics is and why

it is important

we'll Define the term opportunity

costs we will differentiate between your

wants and your

needs and we will identify society's key

economic

resources so the first thing we will

look at is this concept of scarcity what

is it and what does it mean what is

scarce for you in other words

what do you desire that you can't have

if you would like a better cell phone

your own car more clothes and more time

playing your favorite sport these things

are scarce for you behind these examples

are two more basic forms of scarcity one

is the scarcity of money available for

you to spend as you know it doesn't

exactly grow on trees the other is

time sleeping eating doing chores

relaxing with family or friends going to

concerts or sporting events reading

surfing the internet and your favorite

studying economics but there are only so

many hours in the day you don't have as

much time as you would like so your time

is scarce each of us must deal with the

scarcity of time and money so when

economists study choices that we make

they usually focus on how people spend

their scarce time and their scarce money

so economics is the study of choices

that we make under conditions of

scarcity and as we've said scarcity

exists when we desire more of something

than we can have a something is defined

as being scarce if it meets two

conditions number one if it's desirable

and if it is ultimately limited now

Sunshine is desirable but it is not

limited so therefore it's not

scarce a disease like

polio is Li is not

limited but it's also not desirable so

because of that it's not scarce but most

things in this world whether it's

gasoline for our cars the phones that we

have the food that we eat most of those

things are desirable but they're

ultimately Limited there may be a huge

quantity of them but they're ultimately

limited so because of that we say that

they are

scarce whenever the scarcity of money or

time forces you to make a choice you

face what we call a

tradeoff you make a trade off when you

give up one thing to get something else

for example suppose you have $25 to

spend you've considered buying a new cat

but you're fond of eating at the ice

cream shop if you spend your $25 on a

pet you do not also have that same $25

to spend on Banana Splits with an

unlimited amount of money you would not

face a

tradeoff you could have a personal zoo

and still eat ice cream every day but

because money is scarce the trade-off is

necessary you can't have your cat and

eat banana splits too choices involving

time also have trade-offs for example

right now you've made a choice to be in

class and listen to this lesson but even

if a teacher or parent told you to be

here you still chose to do it rather

than face the consequences of

disappointing them but you could always

be using your time in many other ways

instead for example right now you could

be watching television you could be

talking to your friends you could be

texting you could be reading a different

you know

book but you're still here in class so

if so your choice to be here in class

means that you cannot do those other

activities at the same time

that's the tradeoff involved in choosing

to be here in class economists are

interested in how people like you

respond to tradeoffs if you're wise you

consider the consequences of choices

that arrive far into the future which is

one of the reasons why you're in class

not because it's giving you pleasure

right now but because what what your

education will give you in the

future so for example your choice to be

here is part of a larger decision to

become more educated your education in

turn will help you determine the types

of jobs you can have in the future the

lifestyle that you will lead and your

understanding of the world around you so

next we'll look at more aspects of

tradeoffs that wise decision makers

never

neglect as you study economics you'll

learn valuable new ways to think about

some familiar Concepts one of these

Concepts is is cost for example example

if you go to a movie what does it cost

you you might be tempted to say that the

cost is what you pay for the ticket if

the price of the ticket is $10 that's

the cost of going to the

movie economics however uses a more

complete way of thinking about cost it's

called opportunity cost the opportunity

cost of a choice is the value of the

next best alternative given up when that

choice is made the opportunity cost

captures the full trade-off involved in

a

choice another way of thinking about

opportunity cost is to call it the

opportunity

lost what is the opportunity you lose

when you choose to do something when you

choose to spend your time one way you

lose the opportunity to spend your time

another way when you choose to spend

your money on one thing you lose the

opportunity to spend your money on

something else so the opportunity cost

of a decision is what you give up to

make that choice

so what is the opportunity cost of

seeing a movie the $10 price of the

ticket is part of the opportunity cost

but not the only thing if you pay for a

movie ticket you will have $10 less to

spend on other things so in addition to

scarce money the movie uses up some of

your scarce time if you do not go to the

movie you can spend both your money and

your time on something else the activity

that you would give up for the movie is

part of its opportunity cost now let's

be more specific what would you do at

that time if you did not see the movie

would you go to the mall with friends

practice basketball

study if you didn't see the movie you

would choose the best of these other

options suppose the best alternative

would be to practice basketball then to

see the movie you must give up

practicing basketball during that time

you don't actually really give up a trip

to the mall or study

time because you would not have the

choice you would not have chosen the

activities anyway the basketball

practice you do give up is one part of

the opportunity cost of the movie The

Other part is the $10 you actually pay

for the ticket because opportunity cost

is Central to the economic way of

thinking you will see the concept in

many chapters in this course always

remember that the opportunity cost of a

choice is whatever you must give up for

the choice not just the amount of money

you spend if a choice uses up time the

next best alternative for using that

time is part of the opportunity

cost in addition to choices for

individuals economics deals with choices

for society by Society we mean any

collection of people who share a common

Bond such as those living in the same

city or country tradeoffs for society

arise from scarcity just as they do for

individuals to understand what scarcity

means to society we must first consider

our desires and how we attempt to

satisfy

them everyone in a society has needs

that must be met for

survival these include food water and

shelter in addition we have wants things

that we desire that are not essential a

television is an example of a want your

life might be less fun without a

television but you don't need it to

survive

people often confuse needs and wants do

you ever say that you need something a

haircut a candy bar a new outfit that

you could actually live without if so an

economist would say you really meant

want you want a candy bar you need

enough food to stay

alive it is vitally important to satisfy

needs but most of the trade-offs in our

society involve wants that's because our

needs are limited but our wants are

Unlimited limited no matter how well we

live we can usually think of ways to

live better you can probably imagine

having a more luxurious home a snazzier

bike nicer clothes and so on economies

form as societies seek to satisfy their

needs and wants an economy is a system

for coordinating the production and

distribution of goods and services

goods are physical items produced in an

economy jeans tennis rackets popcorn

cars and even houses are

Goods think of some of the goods that

you are currently carrying look at what

you have with you what's in your

possession what are you wearing what you

know what do you own that you you have

with you right now if you can touch it

and feel it it's a physical

good but it economies also produce

Services services are activities

produced in an

economy the lesson that I am teaching

right now the examination physical that

your doctor gives you a beauty treatment

that you have a haircut that you get the

pilot that flies you on an airplane the

waitress that serves you your meal at a

restaurant services are used up at the

same time they are produced but they

don't leave any physical object behind

that you can touch and feel but many of

the things that we desire in our economy

are actually Services performed for us

so economies produce both goods and

services when a doctor checks your

throat or listens to your heart you are

reserving medical services true the

doctor uses some Goods during the

examination such as a tongue depressor

and a stethoscope but the checkup itself

is a service you cannot put the checkup

in a bag and carry it home you use many

services every day perhaps more than you

think I am your economics teacher and

I'm providing you with Educational

Services if you ride the bus to school

your bus driver provides transportation

services the janitor here at Rock Canyon

High School provides cleaning services

your phone and computer wouldn't be the

same without phone and internet service

providers and your favorite musicians

and bands provide entertainment services

you may also benefit from Services

provided by waiters lifeguards police

officers plumbers government officials

and mechanics am among others most of

the discussion of goods in this book

apply equally to Services although

sometimes the services category goes

unmentioned for the sake of

brevity to create any good or service we

must tap into our limited supply of

resources in economics the term

resources has a very specific meaning

resources are the basic elements from

which all goods and services are

produced economists classify resources

into four types land labor capital and

Entrepreneurship let's now take a closer

look at each

one land describes anything that is

drawn from nature for use in the

production of goods or

services we often call these the gifts

of nature anything that comes from the

earth that comes from the land itself is

put in the category of a land

resource this includes the fields where

strawberries are grown and the

properties where Taco Bell restaurants

are built but land also includes the

natural resources found on the ground or

under the ground such as the forests

used to make books the water sprayed to

irrigate Cotton Fields the oil refined

to make gasoline and the iron or smelted

to make

steel the second type of resource used

to produce goods or services is labor

labor comes from people labor is the

work that we do it can be physical or

mental labor is the time and effort

people contribute to the production

process labor is provided whenever a

farmer plants strawberries when a cook

makes a burrito when a lumberjack cut

Downs a tree a teacher teaches a lesson

or an engineer designs an irrigation

system the third type of of resource is

capital capital is anything longlasting

that is created by humans for use in the

production of other things there are two

types of

capital physical capital is any

longlasting good that is used to make

other goods or services examples include

tractors pans axes irrigation systems

and oil refineries although o oil itself

is used to fuel everything from tractors

to chainsaws it is not considered

Capital because it is used up in the

production

process human capital refers to the

skills and knowledge of workers if

you've ever tried to drive a tractor

cook a fancy meal or cut down a tree you

know these acts take more time and

effort people with more skills and

knowledge produce better results if you

have surgery fly in an airplane or eat

out the human capital of the people

providing the service matters to you

the fourth type of re scarce resource is

entrepreneurship this is the willingness

of people to organize operate and assume

the risks involved with business

ventures entrepreneurs bring together

the land labor and capital to produce

goods and services that satisfy our

wants and needs although most towns have

the land labor and capital required for

a Taco Bell restaurant they will have no

restaurant unless there is an

entrepreneur willing to make it happen

entrepreneur Glenn Bell opened the first

Taco Bell in Downey California in

1962 among other examples of

entrepreneurs Oprah Winfrey started the

giant Media Company Harpo which is Oprah

spelled backward Larry Page and Sergey

Brin founded Google and Mark Zuckerberg

founded

Facebook the term inputs is used to

describe these four types of

resources inputs are sometimes called

factors of production

so whether we call them factors of

production inputs or resources we're

talking about the same thing land labor

capital and Entrepreneurship that is

used to produce the goods and services

that we

want and so these resources are used to

make something else like cement steel

lumber and plastic because all of these

resources are scarce the goods and

services that we want are also

considered scarce and because all inputs

are either resources or made with

resources it is safe to say that

resources are the building blocks of

every good and services that you

consume we've seen that to address some

of our needs and wants we must use

resources to produce goods and

services the more resources we have the

more goods and services we can

produce on fortunately we cannot wave

Harry Potter's magic wand and make

resources appear out of thin air instead

we are limited by the availability of

resources at any point in time a country

like the United States has a given

number of people who can Pro provide a

fixed amount of Labor we have a fixed

amount of land we have a fixed amount of

physical and human capital and we have a

limited amount of

entrepreneurs countries like people face

a scarcity of resources ultimately all

of the resources that are used to

produce all the goods and services that

we want are limited and therefore they

are

scarce because they are scarce because

resources are scarce every society has

to make tradeoffs we must make choices

if more resources are committed to the

production of one good or service fewer

resources are left for making other

things to make more bicycles the

manufacturers would need more rubber for

the wheels metal for the frames and

space for the factories and thus more

land they would also need more capital

in the form of Machinery to make bicycle

frames and parts labor for assembling

and selling the bicycles and

entrepreneurs to organize the bicycle

making

process if we do this the resources used

in the bicycle industry would be drawn

away from the production of other things

such as computers and cars so the

decision to have more bicycles means we

must give up something

else even if a country buys goods from

other countries it still faces scarcity

and trade-offs imagine you buy a bicycle

made in Canada that bicycle was made

using Canadian resources instead of

American resources did we escape a

trade-off by getting the bicycle in a

different country not at all purchases

across International borders go both

ways the American dollars used to

purchase Canadian Goods goods are likely

to return home as Canadian purchase as

Canadians purchase American Goods the

result is really a trade Canada provides

bicycles to the United States in

exchange for goods made in the United

States using American resources so to

obtain the bicycle from Canada we end up

using some of our own resources to make

goods for Canadians resources that we

could have used to produce something

else in general a country cannot escape

the scarcity of resources and the

trade-offs it creates the next module in

this course takes a closer look at these

tradeoffs so can you answer this

question how does the scarcity of

resources affect society's ability to

satisfy its wants and

needs we will now conclude this lesson

by looking at a video that will show you

a little bit more of why studying

economics is important to you

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