What is Scarcity, Choice, Opportunity Cost, Utility &The Basic Economic Problem? | IB Microeconomics

Join over 25,000+ people who have chosen my online Economics courses to better understand the world around them: www.bradcartwr....
Read what students said: www.bradcartwr...
"The best Economics course I have ever taken."
"Brad is an incredible teacher!"
"The best thing I did for my IB Economics studies!"
"Brad has an exceptional ability to simplify complex things."
Read More Testimonials: www.bradcartwr...
------------------------------------------------
Join 7,000+ Readers every Friday for my weekly newsletter: learn-brad-car...
Each Friday you'll receive one practical Economics tip, thought, or teaching strategy to help you become a more empowered student or teacher:
LINKEDIN: / brad-cartwright
INSTAGRAM: / bradleyocartwright
FACEBOOK: / bradleyocartwright
WEBSITE: www.bradcartwr...
IB ECONOMICS STUDENTS
Student Home Page: www.bradcartwr...
IB ECONOMICS TEACHER WORKSHOPS, MEMBERSHIPS, AND RESOURCES
Teacher Home Page: www.bradcartwr...
IB ECONOMICS YEARLY SCHOOL MEMBERSHIP
Yearly School Membership: www.bradcartwr...
IB CORE WORKSHOPS AND TRAININGS
Home Page: www.bradcartwr...
ON-SITE AND ONLINE PROFESSIONAL DEVELOPMENT TRAININGS:
Contact Information: [e-mail]
THE WORLD IS OUR CLASSROOM!
Brad

[@momtahinatarannum9943]

i just started my alevels, and since i didn't take economics in olevels, i was struggling to understand some concepts, this really helped me!!!

[@prazeenatamang9142]

The way you talk is amazing...Your teaching level is really so nice...thank uh for your help😍😘😘

[@naomitiyan7438]

Thank yiu so much tgis helped me for my test even though am watching it 4yrs later after it has been posted

[@BradCartwrightEconomics]

Ha! I'm so glad! Goodluck!

[@georgenyumbu-pz4vs]

Great explanation,that anybody can understand

[@diegoferreira6556]

I love economics. This is so usefull.

[@ramazonpine4151]

Awesome. Saved my plenty of time

[@RichardKalumba-d6l]

Well explained

[@Cat_Trainer]

I love it, its a Good explanation, anyone can understand it ☺️

[@merlin4649]

"...if you want weed cereal u gotta grow the weed first". Truer words...

[@samyukthasrikanth4214]

This video helped me immensely. Thank you so much!

[@BradCartwrightEconomics]

You're so welcome! You may find my website useful as well - www.bradcartwright.com

[@silindilemnyandu954]

Wow this video is so good

[@cathrinemorris6781]

Thank you very much, your teaching has helped me alot ❤️

[@BradCartwrightEconomics]

Happy to hear that!

[@henryfayol6667]

Perfect explanation

[@BradCartwrightEconomics]

Glad it was helpful!

[@asenaiahjumez1362]

thanks for sharing your knowledge! Can I use your ideas for my assignment?

[@Shamhan_Shandy]

Thank you so much ❤️

[@DemeGutema-cy6ob]

I like it really

[@mritunjaykumarmisra2360]

Thankyou

[@ummrumaannasar5562]

I have never in my life studied economics and now im takin economics in my a levels. So can anyone plz reccomend a playlist or somethin which wud help. DIS VID WAS VERY HELPFUL

[@CERTI-SY786]

Go to physics and maths tutor revision summary sheets, they are very helpful good luck

[@waliullahphulpoto4557]

Where can we get notes? Are those free?

[@a.g2329]

Thanks

[@Azahii17Ag-gl4ei]

Hello do you hv question answered pls

[@dorcasmwende1850]

Thank so much

[@BradCartwrightEconomics]

You are welcome

[@Everyday_is_the_best_day_ever]

could you maby put a voice in

[@firemanmwenyewe]

TUJUANE WATU WA BHRM APA😅😅😅

[@Astrologon]

Hm, except humans don't have infinite needs and wants, tho. Not most of them. Let's take food - even if the standard would be set at people eating the maximum amount of food of their highest preference before it would kill them, that is a finite amount of resources and work. And most people feel way less than that would be enough. Is enough, as in reality, almost everyone is fine with less than that.
There may be a minority of humans with a particular psychological pathology who are never subjectively satisfied with anything and who are envious of everyone, in which case their real objective need is some sort of therapy, which would come at finite cost using finite resources. Using a pathology as a premise to our whole system of thought about economics explains why all of the solutions that have been implemented so far are arguably pathological.