Scarcity and Opportunity Cost | Foundational Concepts in Economics with Howard Baetjer
Channel: Libertarianism.org
Date: 2017-05-23

Howard 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.

This is the second lecture in the series, Foundational Concepts in Economics. 

Download the .mp3 of this lecture: http://bit.ly/2qk8U08
Here is the next lecture in this Guide: https://youtu.be/s1OCAio_ntY 

Download a free digital copy of "Economics and Free Markets: An Introduction" here: https://www.libertarianism.org/books/economics-free-markets-introduction