Scarcity and Choice

Here is a resource covering a range of terms and concepts regarding scarcity, opportunity cost, and government debt in economics. 

Use this resource as a basic review of economic principles. There are six questions relating to the factors of production, opportunity costs, wants and needs, tangibles and intangibles, and more.

A reading of Patrick Henry's "Speech in the Virginia Convention," Henry David Thoreau's "Civil Disobedience," and Rev. Martin Luther King, Jr.'s "Letter from Birmingham Jail" launch a discussion about the price one is willing to pay to...

Holiday gift-giving seasons can be lucrative for an individual business, but does a profitable season bode well for the market as a whole? A video from Crash Course Economics discusses how giving gifts to people who are uninterested in...

The Columbian Exchange completely changed the way the world traded goods with one another. Scholars watch a video to get a close look at the positives and negatives of the Columbian Exchange—and how the world would never be the same. 

Learners are introduced to fluctuating currency exchange rates and the role therein of supply and demand. They understand the inverse relationship between supply and price based on these concepts, and view a hypothetical scenario...

Learners are introduced to fluctuating currency exchange rates and the role therein of supply and demand. They understand the inverse relationship between supply and price based on these concepts, and view a hypothetical scenario...

What is the concept of a cost curve, and how are they used? Watch as this instructor demonstrates and explains marginal cost curve, average total cost, average variable cost, and average fixed cost.

The 20th century saw many new possibilities open up to women in America, thanks to many well-known female historical figures — and some women who are not as famous but who are equally accomplished. Learn about the women who contributed...

The concept of opportunity cost challenges historians to analyze how some choices come at a loss in the opening lesson of a 21-part economic series. Podcasts offer insight into the subject of what a decision costs the consumer....