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1. Scarcity and Planning -- 16 min -- Explains the concept of
scarcity: People want more goods in quantity and quality than are
available. Also covers the problem of organizing work to achieve
production.
2. Cost -- 20 min -- Explains the concept of opportunity costs. Cost
of any good, act or ;service is best alternative opportunity given up.
Cost of giving up a party used as an illustration.
3. Demand -- 21 min -- Economic analysis with explanation of the law
of demand. The more something costs, the less people want it. Factors such
as wealth, family size, tastes and type of work affect demand.
4. Supply -- 20 min -- Shows how amount produced and supplied responds
to market price, anticipated sales, selling price; how costs and profits
guide a potential producer.
5. Market Clearing Prices -- 23 min -- How price of a good equates
amount demanded with amount supplied. Explains the role of inventories in
helping provide a reliable supply at predictable prices.
6. Wages and Production -- 18 min -- Applies demand and supply
principles to labor. Explains how wage rates affect kinds and amount of
labor services offered and demanded. Also describes some factors affecting
wage rates.
7. Property Rights and Pollution -- 19 min -- Contrasts how exchange
of well-defined property rights can direct goods to their highest valued
uses with difficulties encountered when property rights are not used,
well-defined or exchangeable. Illustrated in the context of air and water
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