{"id":8614,"date":"2018-05-29T19:55:05","date_gmt":"2018-05-29T19:55:05","guid":{"rendered":"https:\/\/courses.lumenlearning.com\/wm-microeconomics\/chapter\/understanding-economics-and-scarcity\/"},"modified":"2018-08-23T04:45:42","modified_gmt":"2018-08-23T04:45:42","slug":"understanding-economics-and-scarcity","status":"publish","type":"chapter","link":"https:\/\/courses.lumenlearning.com\/cuny-kbcc-microeconomics\/chapter\/understanding-economics-and-scarcity\/","title":{"raw":"Understanding Economics and Scarcity","rendered":"Understanding Economics and Scarcity"},"content":{"raw":"<h2>What you\u2019ll learn to do: explain\u00a0what economics is and explain why it is important<\/h2>\r\nMost people think of money when they think of economics. While that is certainly one aspect of it, economics is about a lot more than money. Really, it is a study about decision-making and choices, and how scarcity and competition lead people to behave.\r\n<div class=\"textbox examples\">\r\n<h3>Watch It<\/h3>\r\nWatch this video for a brief overview of economics. You'll often encounter videos like this, enclosed inside of \"Watch It\" boxes, in this course. These are <em>highly recommended<\/em> and serve as wonderful tools to review and enhance your understanding of the concepts presented. Even if you feel like you understand the material in the reading, it is worthwhile to watch the videos.\r\n\r\n<iframe src=\"https:\/\/www.youtube.com\/embed\/g9uUIUqhrSQ?rel=0&amp;showinfo=0\" width=\"800\" height=\"470\" frameborder=\"0\"><\/iframe>\r\n\r\n<\/div>\r\nIn order to understand economics, it's important to master a set of key definitions and understand how they interconnect. These concepts will be used many times throughout the course. At the most basic level:\r\n<ul>\r\n \t<li><strong>Scarcity<\/strong> means that there are never enough resources to satisfy all human wants<\/li>\r\n \t<li><strong>Economics<\/strong> is the study of the trade-offs and choices that we make, given the fact of scarcity<\/li>\r\n \t<li><strong>Opportunity cost<\/strong> is the next best alternative we give up when we make a choice<\/li>\r\n<\/ul>\r\nIn this section, we will spend more time with these definitions, and understand how they're used\u00a0in the context of this discipline.\r\n<div class=\"textbox learning-objectives\">\r\n<h3>Learning Objectives<\/h3>\r\n<ul>\r\n \t<li>Describe scarcity and explain its economic impact<\/li>\r\n \t<li>Describe factors of production<\/li>\r\n<\/ul>\r\n<\/div>\r\n\r\n[caption id=\"attachment_5170\" align=\"aligncenter\" width=\"541\"]<a href=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images-archive-read-only\/wp-content\/uploads\/sites\/1511\/2016\/05\/10202218\/7115229223_9dee762474_k.jpg\" rel=\"attachment wp-att-5170\"><img class=\"wp-image-5170\" src=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images\/wp-content\/uploads\/sites\/2042\/2018\/05\/29195502\/7115229223_9dee762474_k-1024x517.jpg\" alt=\"Photo of Kansas summer wheat and storm panorama: dark purplish sky, brilliant golden wheat field.\" width=\"541\" height=\"273\" \/><\/a> <strong>Figure 1.<\/strong> Food, like the wheat shown here, is a scarce good because it exists in limited supply.[\/caption]\r\n<h2>Scarcity<\/h2>\r\nThe resources that we value\u2014time, money, labor, tools, land, and raw materials\u2014exist in limited supply. There are simply never enough resources to meet all our needs and desires. This condition is known as\u00a0scarcity.\r\n\r\nAt any moment\u00a0in time, there is a finite amount of resources available. Even when the number of resources is very large, it's limited. For example, according to the U.S. Bureau of Labor Statistics, in 2016, the labor force in the United States contained more than\u00a0158 million workers\u2014that's a lot, but it's not infinite. Similarly, the total area of the United States is 3,794,101 square miles\u2014an impressive amount\u00a0of acreage, but not endless. Because these resources are limited, so are the numbers of goods and services we can produce with them. Combine this with the fact that human wants seem to be virtually infinite, and you can see why scarcity is a problem.\r\n<div class=\"textbox tryit\">\r\n<h3>Try It<\/h3>\r\nThroughout the course, you will find these \"Try It\" boxes with questions to help you check your understanding and apply the concepts from the reading. Choose an answer, then select \"check answer\" to get feedback about how you did.\r\n\r\nhttps:\/\/assessments.lumenlearning.com\/assessments\/7064\r\n\r\n<\/div>\r\n<h2>Economics<\/h2>\r\nWhen faced with limited resources, we have to make choices. Again, economics is the study of how humans make choices under conditions of scarcity. These decisions can be made by individuals, families, businesses, or societies.\r\n\r\nLet's consider a few decisions that we make based on limited resources. Take the following:\r\n<p style=\"padding-left: 30px\">1. What classes are you taking this term?<\/p>\r\nAre you the lucky student who is taking every class you wanted with your first-choice\u00a0professor during the perfect time and at\u00a0the ideal\u00a0location? The odds are that you have probably had to make trade-offs\u00a0on account\u00a0of scarcity. There is\u00a0a limited number of time slots each day\u00a0for classes and only so many faculty available to teach them.\u00a0Every faculty member can't be assigned to every time slot. Only one class can be assigned to each classroom at a given time. This means that each student has to make trade-offs between the time slot, the instructor, and the class location.\r\n<p style=\"padding-left: 30px\">2. Where do you live?<\/p>\r\nThink for a moment, if you had all the money in the world, where would you live? It's probably not where you're\u00a0living today. You have probably made a housing decision based on scarcity. What location did you pick? Given limited time, you may have chosen to live close\u00a0to work or school. Given\u00a0the demand for housing, some locations are more expensive than others, though, and you may have chosen to spend more money for a convenient location or to spend less money for a place that leaves you spending more time on transportation. There is a limited amount of housing in any location, so you are forced to choose from\u00a0what's available at any time. Housing decisions always have to take into account what someone can afford. Individuals making decisions about where to live must deal with limitations of financial resources, available housing options, time, and often other restrictions\u00a0created by builders, landlords, city planners, and government regulations.\r\n<div class=\"textbox examples\">\r\n<h3>Watch it: Scarcity and Choice<\/h3>\r\nThroughout 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 and understand the readings (which tend to cover the same information in more depth).\r\n\r\n<iframe src=\"https:\/\/www.youtube.com\/embed\/yoVc_S_gd_0?rel=0\" width=\"800\" height=\"470\" frameborder=\"0\"><\/iframe>\r\n\r\nAs you watch the video, consider the following key points:\r\n<ol>\r\n \t<li>Economics is the study of how humans make choices under conditions of scarcity.<\/li>\r\n \t<li>Scarcity\u00a0exists when human wants for goods and services exceed the available supply.<\/li>\r\n \t<li>People make decisions in their own self-interest, weighing benefits and costs.<\/li>\r\n<\/ol>\r\n<\/div>\r\n<h2>The Problem of Scarcity<\/h2>\r\nEvery society, at every level, must make choices about how to use its resources. Families must decide whether to spend their money on a new car or a fancy vacation. Towns must choose whether to put more of the budget into police and fire protection or into the school system. Nations must decide whether to devote more funds to national defense or to protecting the environment. In most cases, there just isn't enough money in the budget to do everything.\r\n\r\nEconomics helps us understand the decisions that\u00a0individuals, families, businesses, or societies make, given the fact that there are never enough resources to address all needs and desires.\r\n<div class=\"textbox tryit\">\r\n<h3>Try It<\/h3>\r\nhttps:\/\/assessments.lumenlearning.com\/assessments\/7065\r\n\r\n<\/div>\r\n<h2>Economic Goods and Free Goods<\/h2>\r\nMost goods (and services) are <strong>economic goods<\/strong>, i.e. they are scarce. Scarce goods are those for which the supply would be greater than the demand if their price were zero. Because of this shortage, economic goods have a positive price in the market. That is, consumers have to pay to get them.\r\n\r\nWhat is an example of a good which is not scarce? Water in the ocean? Sand in the desert? Any good for which there is sufficient supply to satisfy everyone's wants would be considered not scarce (yet)...as a result no market emerges, meaning that such good is offered at a price were zero. Colloquially,\u00a0 we may refer to it as a \"<strong>free good.\"\u00a0<\/strong>Note that when a good or service becomes scarce, a market emerges and price increases the scarcer it becomes.\r\n\r\nQuestion: Is there such a thing as a free lunch?\r\n<div class=\"textbox tryit\">\r\n<h3>Try It<\/h3>\r\nhttps:\/\/assessments.lumenlearning.com\/assessments\/7067\r\n\r\n<\/div>\r\n<h2>Productive Resources<\/h2>\r\nHaving established that resources are limited, let's take a closer look at what we mean when we talk about resources.\u00a0There are four <strong>productive resources<\/strong> (resources\u00a0have to be able to produce something), also called <strong>factors of production<\/strong>:\r\n<ul>\r\n \t<li><b>Land (Natural Resource):\u00a0<\/b>any natural resource, including actual land, but also trees, plants, livestock, wind, sun, water, etc. Such natural resources can be further categorized in renewable and exhaustible. Exhaustible natural resources are non-renewable, while renewable resources can be used indefinitely if used conservatively.<\/li>\r\n \t<li><b>Physical (economic) capital: <\/b>anything that\u2019s manufactured in order to be used in the production of goods and services. This may include buildings, equipment, machines, structures, and infrastructure.\u00a0 Note the distinction between financial capital (which is not productive) and economic capital (which is). While money isn't directly productive, the tools and machinery that it buys can be.<\/li>\r\n \t<li><b>Labor:<\/b>\u00a0physical and mental capacity to produce goods and services.<\/li>\r\n \t<li><b>Human Capital:<\/b>\u00a0knowledge and skills acquired through education and experience that can be used to produce goods and services.<\/li>\r\n \t<li><strong>Entrepreneurship<\/strong>: the ability of someone (an entrepreneur) to\u00a0recognize a profit opportunity, organize the other factors of production, and accept\u00a0risk.<\/li>\r\n<\/ul>\r\n<div class=\"textbox tryit\">\r\n<h3>Try It<\/h3>\r\nhttps:\/\/assessments.lumenlearning.com\/assessments\/7066\r\n\r\n<\/div>\r\n<div class=\"textbox examples\">\r\n<h3>Watch It<\/h3>\r\nProductive resources and factors of production are explained again in more detail in the following video:\r\n\r\n<iframe src=\"https:\/\/www.youtube.com\/embed\/0PgP0dXAGAE?rel=0\" width=\"800\" height=\"470\" frameborder=\"0\"><\/iframe>\r\n\r\n<\/div>\r\n<div class=\"textbox learning-objectives\">\r\n<h3>Glossary<\/h3>\r\n[glossary-page][glossary-term]economic goods: [\/glossary-term]\r\n[glossary-definition]goods or services a consumer must pay to obtain;\u00a0 also called scarce goods [\/glossary-definition][glossary-term]free goods: [\/glossary-term][glossary-definition]goods or services that a consumer can obtain for free because they are abundant relative to the demand[\/glossary-definition][glossary-term]productive resources:[\/glossary-term][glossary-definition]\u00a0the inputs used in the production of goods and services to make a profit: land, economic capital, labor, and entrepreneurship;\u00a0also called \u201cfactors of production\u201d[\/glossary-definition]\r\n[\/glossary-page]\r\n\r\n<\/div>","rendered":"<h2>What you\u2019ll learn to do: explain\u00a0what economics is and explain why it is important<\/h2>\n<p>Most people think of money when they think of economics. While that is certainly one aspect of it, economics is about a lot more than money. Really, it is a study about decision-making and choices, and how scarcity and competition lead people to behave.<\/p>\n<div class=\"textbox examples\">\n<h3>Watch It<\/h3>\n<p>Watch this video for a brief overview of economics. You&#8217;ll often encounter videos like this, enclosed inside of &#8220;Watch It&#8221; boxes, in this course. These are <em>highly recommended<\/em> and serve as wonderful tools to review and enhance your understanding of the concepts presented. Even if you feel like you understand the material in the reading, it is worthwhile to watch the videos.<\/p>\n<p><iframe loading=\"lazy\" src=\"https:\/\/www.youtube.com\/embed\/g9uUIUqhrSQ?rel=0&amp;showinfo=0\" width=\"800\" height=\"470\" frameborder=\"0\"><\/iframe><\/p>\n<\/div>\n<p>In order to understand economics, it&#8217;s important to master a set of key definitions and understand how they interconnect. These concepts will be used many times throughout the course. At the most basic level:<\/p>\n<ul>\n<li><strong>Scarcity<\/strong> means that there are never enough resources to satisfy all human wants<\/li>\n<li><strong>Economics<\/strong> is the study of the trade-offs and choices that we make, given the fact of scarcity<\/li>\n<li><strong>Opportunity cost<\/strong> is the next best alternative we give up when we make a choice<\/li>\n<\/ul>\n<p>In this section, we will spend more time with these definitions, and understand how they&#8217;re used\u00a0in the context of this discipline.<\/p>\n<div class=\"textbox learning-objectives\">\n<h3>Learning Objectives<\/h3>\n<ul>\n<li>Describe scarcity and explain its economic impact<\/li>\n<li>Describe factors of production<\/li>\n<\/ul>\n<\/div>\n<div id=\"attachment_5170\" style=\"width: 551px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images-archive-read-only\/wp-content\/uploads\/sites\/1511\/2016\/05\/10202218\/7115229223_9dee762474_k.jpg\" rel=\"attachment wp-att-5170\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-5170\" class=\"wp-image-5170\" src=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images\/wp-content\/uploads\/sites\/2042\/2018\/05\/29195502\/7115229223_9dee762474_k-1024x517.jpg\" alt=\"Photo of Kansas summer wheat and storm panorama: dark purplish sky, brilliant golden wheat field.\" width=\"541\" height=\"273\" \/><\/a><\/p>\n<p id=\"caption-attachment-5170\" class=\"wp-caption-text\"><strong>Figure 1.<\/strong> Food, like the wheat shown here, is a scarce good because it exists in limited supply.<\/p>\n<\/div>\n<h2>Scarcity<\/h2>\n<p>The resources that we value\u2014time, money, labor, tools, land, and raw materials\u2014exist in limited supply. There are simply never enough resources to meet all our needs and desires. This condition is known as\u00a0scarcity.<\/p>\n<p>At any moment\u00a0in time, there is a finite amount of resources available. Even when the number of resources is very large, it&#8217;s limited. For example, according to the U.S. Bureau of Labor Statistics, in 2016, the labor force in the United States contained more than\u00a0158 million workers\u2014that&#8217;s a lot, but it&#8217;s not infinite. Similarly, the total area of the United States is 3,794,101 square miles\u2014an impressive amount\u00a0of acreage, but not endless. Because these resources are limited, so are the numbers of goods and services we can produce with them. Combine this with the fact that human wants seem to be virtually infinite, and you can see why scarcity is a problem.<\/p>\n<div class=\"textbox tryit\">\n<h3>Try It<\/h3>\n<p>Throughout the course, you will find these &#8220;Try It&#8221; boxes with questions to help you check your understanding and apply the concepts from the reading. Choose an answer, then select &#8220;check answer&#8221; to get feedback about how you did.<\/p>\n<p>\t<iframe id=\"lumen_assessment_7064\" class=\"resizable\" src=\"https:\/\/assessments.lumenlearning.com\/assessments\/load?assessment_id=7064&#38;embed=1&#38;external_user_id=&#38;external_context_id=&#38;iframe_resize_id=lumen_assessment_7064\" frameborder=\"0\" style=\"border:none;width:100%;height:100%;min-height:400px;\"><br \/>\n\t<\/iframe><\/p>\n<\/div>\n<h2>Economics<\/h2>\n<p>When faced with limited resources, we have to make choices. Again, economics is the study of how humans make choices under conditions of scarcity. These decisions can be made by individuals, families, businesses, or societies.<\/p>\n<p>Let&#8217;s consider a few decisions that we make based on limited resources. Take the following:<\/p>\n<p style=\"padding-left: 30px\">1. What classes are you taking this term?<\/p>\n<p>Are you the lucky student who is taking every class you wanted with your first-choice\u00a0professor during the perfect time and at\u00a0the ideal\u00a0location? The odds are that you have probably had to make trade-offs\u00a0on account\u00a0of scarcity. There is\u00a0a limited number of time slots each day\u00a0for classes and only so many faculty available to teach them.\u00a0Every faculty member can&#8217;t be assigned to every time slot. Only one class can be assigned to each classroom at a given time. This means that each student has to make trade-offs between the time slot, the instructor, and the class location.<\/p>\n<p style=\"padding-left: 30px\">2. Where do you live?<\/p>\n<p>Think for a moment, if you had all the money in the world, where would you live? It&#8217;s probably not where you&#8217;re\u00a0living today. You have probably made a housing decision based on scarcity. What location did you pick? Given limited time, you may have chosen to live close\u00a0to work or school. Given\u00a0the demand for housing, some locations are more expensive than others, though, and you may have chosen to spend more money for a convenient location or to spend less money for a place that leaves you spending more time on transportation. There is a limited amount of housing in any location, so you are forced to choose from\u00a0what&#8217;s available at any time. Housing decisions always have to take into account what someone can afford. Individuals making decisions about where to live must deal with limitations of financial resources, available housing options, time, and often other restrictions\u00a0created by builders, landlords, city planners, and government regulations.<\/p>\n<div class=\"textbox examples\">\n<h3>Watch it: Scarcity and Choice<\/h3>\n<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 and understand the readings (which tend to cover the same information in more depth).<\/p>\n<p><iframe loading=\"lazy\" src=\"https:\/\/www.youtube.com\/embed\/yoVc_S_gd_0?rel=0\" width=\"800\" height=\"470\" frameborder=\"0\"><\/iframe><\/p>\n<p>As you watch the video, consider the following key points:<\/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<\/div>\n<h2>The Problem of Scarcity<\/h2>\n<p>Every society, at every level, must make choices about how to use its resources. Families must decide whether to spend their money on a new car or a fancy vacation. Towns must choose whether to put more of the budget into police and fire protection or into the school system. Nations must decide whether to devote more funds to national defense or to protecting the environment. In most cases, there just isn&#8217;t enough money in the budget to do everything.<\/p>\n<p>Economics helps us understand the decisions that\u00a0individuals, families, businesses, or societies make, given the fact that there are never enough resources to address all needs and desires.<\/p>\n<div class=\"textbox tryit\">\n<h3>Try It<\/h3>\n<p>\t<iframe id=\"lumen_assessment_7065\" class=\"resizable\" src=\"https:\/\/assessments.lumenlearning.com\/assessments\/load?assessment_id=7065&#38;embed=1&#38;external_user_id=&#38;external_context_id=&#38;iframe_resize_id=lumen_assessment_7065\" frameborder=\"0\" style=\"border:none;width:100%;height:100%;min-height:400px;\"><br \/>\n\t<\/iframe><\/p>\n<\/div>\n<h2>Economic Goods and Free Goods<\/h2>\n<p>Most goods (and services) are <strong>economic goods<\/strong>, i.e. they are scarce. Scarce goods are those for which the supply would be greater than the demand if their price were zero. Because of this shortage, economic goods have a positive price in the market. That is, consumers have to pay to get them.<\/p>\n<p>What is an example of a good which is not scarce? Water in the ocean? Sand in the desert? Any good for which there is sufficient supply to satisfy everyone&#8217;s wants would be considered not scarce (yet)&#8230;as a result no market emerges, meaning that such good is offered at a price were zero. Colloquially,\u00a0 we may refer to it as a &#8220;<strong>free good.&#8221;\u00a0<\/strong>Note that when a good or service becomes scarce, a market emerges and price increases the scarcer it becomes.<\/p>\n<p>Question: Is there such a thing as a free lunch?<\/p>\n<div class=\"textbox tryit\">\n<h3>Try It<\/h3>\n<p>\t<iframe id=\"lumen_assessment_7067\" class=\"resizable\" src=\"https:\/\/assessments.lumenlearning.com\/assessments\/load?assessment_id=7067&#38;embed=1&#38;external_user_id=&#38;external_context_id=&#38;iframe_resize_id=lumen_assessment_7067\" frameborder=\"0\" style=\"border:none;width:100%;height:100%;min-height:400px;\"><br \/>\n\t<\/iframe><\/p>\n<\/div>\n<h2>Productive Resources<\/h2>\n<p>Having established that resources are limited, let&#8217;s take a closer look at what we mean when we talk about resources.\u00a0There are four <strong>productive resources<\/strong> (resources\u00a0have to be able to produce something), also called <strong>factors of production<\/strong>:<\/p>\n<ul>\n<li><b>Land (Natural Resource):\u00a0<\/b>any natural resource, including actual land, but also trees, plants, livestock, wind, sun, water, etc. Such natural resources can be further categorized in renewable and exhaustible. Exhaustible natural resources are non-renewable, while renewable resources can be used indefinitely if used conservatively.<\/li>\n<li><b>Physical (economic) capital: <\/b>anything that\u2019s manufactured in order to be used in the production of goods and services. This may include buildings, equipment, machines, structures, and infrastructure.\u00a0 Note the distinction between financial capital (which is not productive) and economic capital (which is). While money isn&#8217;t directly productive, the tools and machinery that it buys can be.<\/li>\n<li><b>Labor:<\/b>\u00a0physical and mental capacity to produce goods and services.<\/li>\n<li><b>Human Capital:<\/b>\u00a0knowledge and skills acquired through education and experience that can be used to produce goods and services.<\/li>\n<li><strong>Entrepreneurship<\/strong>: the ability of someone (an entrepreneur) to\u00a0recognize a profit opportunity, organize the other factors of production, and accept\u00a0risk.<\/li>\n<\/ul>\n<div class=\"textbox tryit\">\n<h3>Try It<\/h3>\n<p>\t<iframe id=\"lumen_assessment_7066\" class=\"resizable\" src=\"https:\/\/assessments.lumenlearning.com\/assessments\/load?assessment_id=7066&#38;embed=1&#38;external_user_id=&#38;external_context_id=&#38;iframe_resize_id=lumen_assessment_7066\" frameborder=\"0\" style=\"border:none;width:100%;height:100%;min-height:400px;\"><br \/>\n\t<\/iframe><\/p>\n<\/div>\n<div class=\"textbox examples\">\n<h3>Watch It<\/h3>\n<p>Productive resources and factors of production are explained again in more detail in the following video:<\/p>\n<p><iframe loading=\"lazy\" src=\"https:\/\/www.youtube.com\/embed\/0PgP0dXAGAE?rel=0\" width=\"800\" height=\"470\" frameborder=\"0\"><\/iframe><\/p>\n<\/div>\n<div class=\"textbox learning-objectives\">\n<h3>Glossary<\/h3>\n<div class=\"titlepage\">\n<dl>\n<dt>economic goods: <\/dt>\n<dd>goods or services a consumer must pay to obtain;\u00a0 also called scarce goods <\/dd>\n<dt>free goods: <\/dt>\n<dd>goods or services that a consumer can obtain for free because they are abundant relative to the demand<\/dd>\n<dt>productive resources:<\/dt>\n<dd>\u00a0the inputs used in the production of goods and services to make a profit: land, economic capital, labor, and entrepreneurship;\u00a0also called \u201cfactors of production\u201d<\/dd>\n<\/dl>\n<\/div>\n<\/div>\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-8614\">\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>Revision and adaptation. <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>What Is Economics, and Why Is It Important?. <strong>Authored by<\/strong>: OpenStax College. <strong>Provided by<\/strong>: Rice University. <strong>Located at<\/strong>: <a target=\"_blank\" href=\"https:\/\/cnx.org\/contents\/vEmOH-_p@4.44:mdNAtxNF\/What-Is-Economics-and-Why-Is-I\">https:\/\/cnx.org\/contents\/vEmOH-_p@4.44:mdNAtxNF\/What-Is-Economics-and-Why-Is-I<\/a>. <strong>License<\/strong>: <em><a target=\"_blank\" rel=\"license\" href=\"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\">CC BY: Attribution<\/a><\/em>. <strong>License Terms<\/strong>: Download for free at http:\/\/cnx.org\/contents\/bc498e1f-efe9-43a0-8dea-d3569ad09a82@4.44<\/li><li>Kansas Summer Wheat and Storm Panorama. <strong>Authored by<\/strong>: James Watkins. <strong>Located at<\/strong>: <a target=\"_blank\" href=\"https:\/\/www.flickr.com\/photos\/23737778@N00\/7115229223\/\">https:\/\/www.flickr.com\/photos\/23737778@N00\/7115229223\/<\/a>. <strong>License<\/strong>: <em><a target=\"_blank\" rel=\"license\" href=\"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\">CC BY: Attribution<\/a><\/em><\/li><li>Episode 2: Scarcity and Choice. <strong>Authored by<\/strong>: Dr. Mary J. McGlasson. <strong>Located at<\/strong>: <a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=yoVc_S_gd_0\">https:\/\/www.youtube.com\/watch?v=yoVc_S_gd_0<\/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><li>Episode 3: Resources. <strong>Authored by<\/strong>: Dr. Mary J. McGlasson. <strong>Located at<\/strong>: <a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=0PgP0dXAGAE&#038;feature=youtu.be\">https:\/\/www.youtube.com\/watch?v=0PgP0dXAGAE&#038;feature=youtu.be<\/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><li><strong>Authored by<\/strong>: Steven Greenlaw and 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\">All rights reserved content<\/div><ul class=\"citation-list\"><li>Introduction to Economics. <strong>Provided by<\/strong>: Marginal Revolution University. <strong>Located at<\/strong>: <a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=g9uUIUqhrSQ\">https:\/\/www.youtube.com\/watch?v=g9uUIUqhrSQ<\/a>. <strong>License<\/strong>: <em>All Rights Reserved<\/em>. <strong>License Terms<\/strong>: Standard YouTube License<\/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":29,"menu_order":2,"template":"","meta":{"_candela_citation":"[{\"type\":\"cc\",\"description\":\"What Is Economics, and Why Is It Important?\",\"author\":\"OpenStax College\",\"organization\":\"Rice University\",\"url\":\"https:\/\/cnx.org\/contents\/vEmOH-_p@4.44:mdNAtxNF\/What-Is-Economics-and-Why-Is-I\",\"project\":\"\",\"license\":\"cc-by\",\"license_terms\":\"Download for free at http:\/\/cnx.org\/contents\/bc498e1f-efe9-43a0-8dea-d3569ad09a82@4.44\"},{\"type\":\"cc\",\"description\":\"Kansas Summer Wheat and Storm Panorama\",\"author\":\"James Watkins\",\"organization\":\"\",\"url\":\"https:\/\/www.flickr.com\/photos\/23737778@N00\/7115229223\/\",\"project\":\"\",\"license\":\"cc-by\",\"license_terms\":\"\"},{\"type\":\"original\",\"description\":\"Revision and adaptation\",\"author\":\"\",\"organization\":\"Lumen Learning\",\"url\":\"\",\"project\":\"\",\"license\":\"cc-by\",\"license_terms\":\"\"},{\"type\":\"cc\",\"description\":\"Episode 2: Scarcity and Choice\",\"author\":\"Dr. Mary J. 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