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"!

Want to learn more about economics, or just be ready for an upcoming quiz, test or end of year exam? Jason Welker is available for tutoring, IB internal assessment and extended essay support, and other services to support economics students and teachers. Learn more here! http://econclassroom.com/?page_id=5870