What is economics? 0:38 People face tradeoffs 10:45 The cost of something is what you give up to get it 14:16 - Opportunity cost 15:43 People respond to incentives 21:48 - Types of incentives 22:53 People think at the margin 35:28 Trade can make everyone better off 43:22 Markets are usually the best way to organize economic activity 46:33 Sometimes government can improve the market outcome 49:12 A country's standard of living 50:30 Printing too much money creates inflation 51:46 Inflation vs unemployment 52:17 Dr. Azevedo Department of Economics University of Central Missouri