Economics In Daily Life
Economics is a study of how we use opportunities, spend time, make choices, respond to incentives, and share limited resources. Join us in this lively exploration of basic economic ideas we use everyday. Learn about cost, supply and demand, prices, profits and losses, and trade using everyday examples from making a bed to buying an ice cream cone to sharing housework. Discover how "the invisible hand" guides everyday decisions.
- What is "cost?" Learn by asking "what is the cost of watching television?"
- Discover that "price" is a powerful force that helps us share limited resources.
- What is the law of supply and demand, and how does it influence you?
- What role do profits play in society and why are losses just as important?
- Learn about "unintended consequences." What would happen if automakers produced completely safe cars and we found a cure for cancer?
- What is trade? It's NOT an exchange of two things of equal value? Would you trade ten dollar bills for a ten dollar bill?
- Find out the adage "If a job is worth doing, it's worth doing as well as you possibly can" might seem inspirational, but it's not sound economics.
- What is the invisible, hand and how does it guide our decisions?
Runtime: 22 minutes
Copyright 2004 Learning Seed
