Economics for Secondary Students Video with Transcript


What is economics?

Economics is not a collection of facts to be copied down and memorized.

Nor is economics about a set of complex formulas to be solved or otherwise afraid of.

While economics can be very useful for running a business, is it is not all about business.

Rather, economics is the study of how people make choices under conditions of scarcity and the consequences of those choices for individuals and for the society as a whole.

We face scarcity in productive resources such as land, labor, and capital.

So economics provides us with a way of thinking about the world we live in through the lens of scarcity.

It helps us understand how we can optimize the outcome by economizing our scarce resources.

Know that, if there was no scarcity, there would be no need to economize and there would be no need to make choices and hence, there would be no need for the discipline of economics.

But the reality is that scarcity is everywhere.

Because we face scarcity in every aspect of our lives.

So why study economics?

Well, I will give you two reasons:

First, economics is everywhere and second, economics is useful on a personal level.

First, EIE … economics is everywhere.

SInce scarcity is everywhere, economics is everywhere.

So studying economics will allow you to bring economic solutions to real world problems and to improve people’s lives through better choices.

Are there solutions to world hunger and poverty?

What are the costs of invasive species and how to control them in a cost effective manner?

What is the potential for biofuel and the environment?

What is the impact of mega-retailers on worker compensation and wage?

How much health care do we need and how much can we afford?

How much will consumers pay for organic foods and to what extent can consumers demand for a product be affected by advertising and other social factors?

You see, economics is everywhere and it is applicable to a wide range of career options.

Graduates in economics can find jobs with international organizations such as the World Bank and FAO, Food and Agricultural Organization of the United Nations;

Or with government agencies such as the EPA, the Environmental Protection Agency, the BLS, Bureau of Labor Statistics of the United States Department of Labor, the Minnesota Department of Commerce;

Or with major corporations such as Cargill, General Mills, United Airlines, 3M;

Or with major financial institutions such as US Bank, TCF and Wells Fargo, just to name a few.

The second reason that you should study economics is that it is useful on a personal level.

Training in economics will provide you with the skill and knowledge to facilitate analytical thinking.

Not only will this open up many diverse career opportunities for you, but it will also help you navigate through your personal life for many years to come.

For example, by being mindful of the cost and benefit of an action or policy, you become a better manager of your own finance, a more productive worker of your company, and a more astute voter in choosing who to represent you in your community in various branches of the government.

Yes, E.I.E. - economics is everywhere.

Video Series: 
Grade Level: