This video teaches the concept of Gross Domestic Product (GDP). GDP is the total market value of all final goods and services produced within a country, usually measured over a year.
This video teaches the concept of Opportunity Cost. Opportunity cost is what you must give up to obtain something else, the second-best alternative.
This video teaches the concepts of Benefits of Trade and Comparative Advantage. Comparative advantage is the principle which holds that world output is higher if every country produces and trades the good in which it has a comparative advantage.
This video teaches the concept of scarcity. The total resources of society, including natural resources, human resources, capital goods and entrepreneurship, are limited, causing scarcity to exist.
This video teaches the concept of productivity. Productivity is a measure of the efficiency of a person, machine, factory, system, etc. in converting inputs into useful outputs.
This video explains the concept of human capital and how enhancing our skills, knowledge, and experience may improve our performance, productivity, and overall value in the workplace.