Economics is much more than just numbers and graphs. In fact, we can use economics to explain much of what we encounter in our daily lives. For instance, why is customer service at your local restaurant usually better than that of the cable company? To find the answer we can take a closer look at the incentives at play. For another example, we look to eighteenth century Great Britain. What did bad incentives have to do with the death rate of prisoners shipped from England to Australia? Let’s find out together in this first video of MRU’s course on Principles of Economics: Microeconomics.
***TEACHER RESOURCES***
Supply and Demand 5-day HS unit plan: https://mru.io/q3u
Assessment questions: https://mru.io/principles-1270a
EconInbox, a free weekly email of class-ready news articles, videos, and more: https://mru.io/econinbox-6387e
More high school teacher resources: https://mru.io/high-school-5b02b
More professor resources: https://mru.io/university-teaching-4f406
***CONTINUE LEARNING***
Next video – Marginal Thinking and the Sunk Cost Fallacy: https://mru.io/7o0
Practice questions: https://mru.io/introduction-microeconomics-0bcac
Full Microeconomics course: https://mru.io/8lk
00:00 Introduction
00:30 Incentives
01:06 Using Incentives to Improve Results
02:22 Why Should You Learn Economics?
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