Explore the fundamental concepts of economics in this 30-minute lecture, focusing on scarcity and resource allocation. Delve into the first two principles of economics: the trade-off between efficiency and equity, and the concept of opportunity cost. Gain insights into the scope of economics and learn how to apply these principles through practical examples.
Ten Principles of Economics - Part 1: Scarcity and Resource Allocation
Overview
Syllabus
Introduction
Scarcity
Face Tradeoffs
Efficiency and Equality
Opportunity Cost
Examples of Opportunity Cost
Taught by
NPTEL-NOC IITM
