Scarcity, the Basic Economic Problem

What would you do if you showed up to class and there weren't nearly enough chairs to go around? Well, you're facing and economic problem that requires an economic system to solve! This lesson introduces the basic economic problem of scarcity and defines "Economics" and "Economic systems", both key concepts for a student starting out on his or her journey to study the "dismal science"!

[saraal]

I’ve just graduated from university and came across one of your videos in my recommended. I clicked on it because I missed and wanted to hear that tune in the beginning of your videos. It took me back to my first few years at uni, binge watching your videos before my exam and ultimately really being able to understand economics through your incredible explanations. Thank you.

[theprofessor]

Thanks! You're doing great!
I'm currently an Economics teacher who graduated with a 1st class result in Economics and all you are saying aren't new to me. But I'm thrilled by the simplest form you used to explain this. I didn't see that coming!

[simonneguilherme]

Thanks a lot for this video Jason! You have been a savior to my Econ classes! I was asked to teach it without too much training and since last year I ve been using your materials and it has helped me a lot!

[will-cwqu]

You teach economics WAY better than my self proclaimed economics expert

[weepingwillow-udxl]

I never studied economics at college, but I'm intrigued to learn more. From a practical point of view, regarding chair scarcity at the school, I'd call into the woodwork class, borrow four planks of wood. I'd make a square bench over six chairs five on each long side, three top & bottom making 16. Everyone has a seat.

[theegreatestever]

Reading Thomas Sowell's brilliant masterpiece : Basic Economics and I am about to complete it so loved this beautiful explanation as well

[jonathanjohnsonNPC]

This was a amazing lecture, Thank you Jason!

[samisaad]

thanks for making the video! it has really helped me prepare for my eco test.

[yinyin]

Short and clear video. Thank you for your teaching.

[adutanyang]

Hello and good Afternoon: So more likely like youtube channel. Your gotten it clearly into my mine, the basic economic problem this day.

[meraaleta]

Would have been interesting to see 20 chairs at the front of class, but off limits and 6 chairs available for use. This would represent the way the 1% stash cash as opposed to circulating it back into the system, hoarding it instead.

[amariahtackett]

What was that song at the first part of this video?

[truerealpearl]

Very thankful for these videos! I just started macroeconomics in an online class, so these videos are really helping me!!!

[simonevega]

In this age of artificial scarcity which is inherintly rooted in the curent economic model we are left with no chose to fully enlighten ourselfs with knowledge that is the only solution for an individual to live a proserous and happy life, because ultimelty ignorance and fear is the root of all man made colamities .

[evanmoore]

The first system for the allocation of chairs that popped in to my head was divided time for use by all students among the chairs. I was disappointed my idea was not listed =(

[dtn.namiii]

currently taking macroeconomics for fiu my proctor for the class is a jerk 😣

[papi]

everyone can sit on the floor ...the chair isnt really necessary

[shraddhasgoodlife]

Scarcity in this question can be solved by first come first gets the chair.because in day to day life also the product which are available in the market are according to that bases.The first customer gets the product so same we can do over here.

[Dianneftw]

Thank you!

What program are you using there?

[sumitsherma]

What kind of cost a firm bears by allocating scarce resources?