Episode 2: Scarcity & Choice
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your drawings are cute
2 years ago 7
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now i understood the scarcity n choice concepts ,, really thanx for explaining this difficult subject in a friendly way ..
2 years ago 4
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All Comments (51)
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Simple n effective!
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nice!
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Do you have anything on Communism?
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to answer your question at the end, what about someone who robs a convenient store because they currently have no money to feed their hungry children back at home? They know it isn't rational, but they do anyway, NOT out of self interest..
KiDxKraZiie 2 weeks ago
@KiDxKraZiie It most certainly IS out of self-interest -- if knowing that your children are safe and well-fed is important to you, then getting the food is also in your own interest.
mjmfoodie 2 weeks ago
@mjmfoodie. Your videos are great! Our instructor uses them in class all the time. I know you have been asked before, but here it goes ... Is there an episode-1??? Again, thanks for the videos.
billcox1962 4 months ago
@billcox1962 "Episode 1" is just an intro to my class website that my students watch before they start the series.
mjmfoodie 3 months ago
Hello Sir. Regarding on this link, it is always good to make a wise choice or decision. In this video, about the wallet with money, I would rather choose bringing back the money to the owner than leaving it on the place where I saw it. At least, I'm sure that the money will go to the true owner. We can say that even if we heve limited resources, we still know how to choose what is really right and good. And for me, in doing so, I made a wise decision, I made the right choice. - Balbuena, dianne
diannetherese07 1 year ago
@diannetherese07 It sounds like you know exactly what your rational decision would be! That would be my rational choice, as well (my conscience would never allow me to keep the money), but as an economist I like to understand how a different choice than the one I would make could be rational for someone else. Remember that differences in morals and ideologies can affect what is rational to the decision-maker.
mjmfoodie 1 year ago