Economics Studies

[Video(s)]: (one paragraph for EACH video you are assigned to watch. A part 1 & part 2 with the same title are treated as one video, only need one 4-bullet paragraph for both. (1 video = 1 Paragraph, 2 videos = 2 paragraphs, etc.)
1. 1st sentence – Write Name of video, after write what you learned most from the video. – This will be the #1 thing in the chapter that you are shocked about). This is your bullet #1.
* 2nd sentence
* 3rd sentence
* 4th sentence

Economics Studies

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Institution

Course

Instructor

Date

Economics Studies

1. LA1 What is Economics Pt 1 mp4

1. A resource is something required to get another commodity, for example, money.
2. Economics is simple the study of choices people make in times of scarcity.
3. Without finding a better alternative, people will continue to do what they do.
4. Opportunity cost is the next best alternative to the choices made.

1. LA1 What is Economics Pt 2 mp4

1. Without profit, there are no goods and services to buy, job opportunities, and retirement possibilities.
2. Government has a goal to raise the standards of living for all.
3. Microeconomics means studying something or a place as a whole.
4. Profit is the difference between revenue and cost.

1. LA2 Graphing 101 mp4

1. The budget line graph is common in economics.
2. Y-axis mostly contains money, while X-axis contains the quantity.
3. A sample should be statistically random to represent the population.
4. A sample should be representative.

1. LA3 Economic Problem pt 1 mp4

1. Economics addresses the problem of limited resources.
2. Standards of living should be growing.
3. Economics entails the efficient use of unlimited resources.
4. Land, capital, labor, and entrepreneurs are the four types of unlimited resources.

1. LA3 Economic Problem pt 2 mp4 

1. Assumptions help create an ideal situation for ease of evaluation.
2. Consumer goods are needed now, while capital goods are for the future.
3. A graph of consumer good and capital goods make the production possibility curve.
4. The increasing opportunity cost describes a trend in which capital goods decrease with the increase in consumer goods and vice versa.

1. LA4 How We Make Decisions mp4

1. Rational self-interest is the first assumption in making decisions.
2. Informed decisions are made using scientific methods based on facts.
3. Hypotheses are made from the facts and should be proven/tested.
4. Graphs are the best ways to explore relationships.

1. LA5 Misinformation mp4

1. Choices are made both logically and illogically.
2. Good choices should be based on facts, not opinions.
3. Bias, loaded terminologies, and lies lead to wrong decisions.

1. SINS (switch the subject, ignore the facts, name call, speculations) helps know that someone is misleading.