What is economics? 0:38
People face tradeoffs 10:45
The cost of something is what you give up to get it 14:16
- Opportunity cost 15:43
People respond to incentives 21:48
- Types of incentives 22:53
People think at the margin 35:28
Trade can make everyone better off 43:22
Markets are usually the best way to organize economic activity 46:33
Sometimes government can improve the market outcome 49:12
A country's standard of living 50:30
Printing too much money creates inflation 51:46
Inflation vs unemployment 52:17

Dr. Azevedo
Department of Economics
University of Central Missouri