In this program we look at some of the basic concepts in economics, from theories on how and why people in society make economic choices to how the government and each one of us influences the economy. Economics is the study of choices, what people want and how they obtain it. Economics is a social science and can be used as a way of solving problems, a way of viewing the world, or a way to study the choices people make when they're faced with scarcity. Important definitions that are covered in this program are: opportunity cost, market, demand, supply, competition, inflation, and employment. Examples of how economics is involved with such things as credit cards, labor unions, voting, minimum wage, environmental regulations, and taxes are also given. Key economic concepts like monetary policy, fiscal policy, consumer price index, and gross domestic product are introduced. Keeping up with economic news and knowing how to read charts and graphs that contain economic information will help when preparing for this portion of the GED test.
Broadcast In: English Duration: 0:26:40