{"id":4998,"date":"2016-07-20T21:08:00","date_gmt":"2016-07-20T21:08:00","guid":{"rendered":"https:\/\/courses.lumenlearning.com\/microeconomics\/?post_type=chapter&#038;p=4998"},"modified":"2016-07-20T21:08:00","modified_gmt":"2016-07-20T21:08:00","slug":"video-scarcity-and-choice","status":"publish","type":"chapter","link":"https:\/\/courses.lumenlearning.com\/atd-herkimer-microeconomics\/chapter\/video-scarcity-and-choice\/","title":{"raw":"Video: Scarcity and Choice","rendered":"Video: Scarcity and Choice"},"content":{"raw":"<p>Throughout this course you'll encounter a series of short videos that explain complex economic concepts in very simple terms. Take the time to watch them! They'll help you master the basics\u00a0before heading to the readings (which tend to cover the same information in more depth).\n\nhttps:\/\/youtu.be\/yoVc_S_gd_0?t=1s\n\nAs you watch the video, consider the following key points:\n<\/p><ol><li>Economics is the study of how humans make choices under conditions of scarcity.<\/li>\n\t<li>Scarcity\u00a0exists when human wants for goods and services exceed the available supply.<\/li>\n\t<li>People make decisions in their own self-interest, weighing benefits and costs.<\/li>\n<\/ol>","rendered":"<p>Throughout this course you&#8217;ll encounter a series of short videos that explain complex economic concepts in very simple terms. Take the time to watch them! They&#8217;ll help you master the basics\u00a0before heading to the readings (which tend to cover the same information in more depth).<\/p>\n<p><iframe loading=\"lazy\" id=\"oembed-1\" title=\"Episode 2: Scarcity and Choice\" width=\"500\" height=\"375\" src=\"https:\/\/www.youtube.com\/embed\/yoVc_S_gd_0?start=1&#38;feature=oembed\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<p>As you watch the video, consider the following key points:\n<\/p>\n<ol>\n<li>Economics is the study of how humans make choices under conditions of scarcity.<\/li>\n<li>Scarcity\u00a0exists when human wants for goods and services exceed the available supply.<\/li>\n<li>People make decisions in their own self-interest, weighing benefits and costs.<\/li>\n<\/ol>\n\n\t\t\t <section class=\"citations-section\" role=\"contentinfo\">\n\t\t\t <h3>Candela Citations<\/h3>\n\t\t\t\t\t <div>\n\t\t\t\t\t\t <div id=\"citation-list-4998\">\n\t\t\t\t\t\t\t <div class=\"licensing\"><div class=\"license-attribution-dropdown-subheading\">CC licensed content, Original<\/div><ul class=\"citation-list\"><li>Introductory Text. <strong>Provided by<\/strong>: Lumen Learning. <strong>License<\/strong>: <em><a target=\"_blank\" rel=\"license\" href=\"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\">CC BY: Attribution<\/a><\/em><\/li><\/ul><div class=\"license-attribution-dropdown-subheading\">CC licensed content, Shared previously<\/div><ul class=\"citation-list\"><li>Episode 2: Scarcity and Choice. <strong>Authored by<\/strong>: Mary J. McGlasson. <strong>Located at<\/strong>: <a target=\"_blank\" href=\"https:\/\/youtu.be\/yoVc_S_gd_0?t\">https:\/\/youtu.be\/yoVc_S_gd_0?t<\/a>. <strong>License<\/strong>: <em><a target=\"_blank\" rel=\"license\" href=\"https:\/\/creativecommons.org\/licenses\/by-nc-nd\/4.0\/\">CC BY-NC-ND: Attribution-NonCommercial-NoDerivatives <\/a><\/em><\/li><\/ul><\/div>\n\t\t\t\t\t\t <\/div>\n\t\t\t\t\t <\/div>\n\t\t\t <\/section>","protected":false},"author":18,"menu_order":3,"template":"","meta":{"_candela_citation":"[{\"type\":\"cc\",\"description\":\"Episode 2: Scarcity and Choice\",\"author\":\"Mary J. 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