Instructions: An economic way of thinking applies whenever a person is faced with making a choice under scarcity, which means that economics matters in the smallest and biggest decisions in life. Understand each of the five foundations of economics enables people to make better choices. You are to watch the following video clips and to identify which foundation(s) of economics each video clip shows. You then have to write up a summary ( in paragraph style) on how and where on each video clip reflects those foundations of economics. You will then post your summary on the discussion board. Here are several questions that you should think about while watching the first video. https://youtu.be/1hPg1GRQzD0 1. Which economic foundations does this video present? There are more than a few economic foundations presented in this video. 2. What are the trade-offs we are seeing in this video clip? Here are several questions that you should think about while watching the second video. https://youtu.be/aFYlgqv3T-w What economic foundations and What are economic lessons do you learn from this video? In particular, does your real estate agent have your best interest in mind? What is the big incentive for the real estate agents? Summarize what you learn from this example about the power of incentives.
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