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 before heading to the readings (which tend to cover the same information in more depth). A YouTube element has been excluded from this version of the text. You can view it online here: http://pb.libretexts.org/micro2/?p=34 As you watch the video, consider the following key points: Economics is the study of how humans make choices under conditions of scarcity. Scarcity exists when human wants for goods and services exceed the available supply. People make decisions in their own self-interest, weighing benefits and costs. CC licensed content, Original Introductory Text. Provided by : Lumen Learning. License : CC BY: Attribution CC licensed content, Shared previously Episode 2: Scarcity and Choice. Authored by : Mary J. McGlasson. Located at : https://youtu.be/yoVc_S_gd_0?t . License : CC BY-NC-ND: Attribution-NonCommercial-NoDerivatives