Foundational Concepts in Economics: 2: Scarcity and Opportunity Cost
Libertarianism.org Guides
English - May 15, 2017 19:40 - 21 minutes - 28.2 MB - ★★★★★ - 18 ratingsPolitics News History Homepage Download Apple Podcasts Google Podcasts Overcast Castro Pocket Casts RSS feed
Previous Episode: Foundational Concepts in Economics: 1: Subjective Value and Trade
Next Episode: Foundational Concepts in Economics: 3: Marginal Thinking
Baetjer explains scarcity, the problem that any given good of finite supply can only ever be put to some of the many ends for which we might use it, and opportunity cost, the concept that taking one option costs us the benefit we would have gotten from taking the next-best option instead.