Why YOU should learn economics!

Jacob Clifford introduces economics, emphasizing its value in decision-making and understanding scarcity. He explains microeconomics with a flight cost example and discusses macroeconomics, focusing on tariffs and unseen costs. The video aims to broaden understanding of markets and improve decision-making skills.

Why should one be interested in learning economics according to the video?

• To manage personal finances

• To fulfill graduation requirements

• To gain skills that improve life

• To learn about the stock market

What is the primary concept introduced in economics that deals with limited resources?

• Inflation

• Market Equilibrium

• Scarcity

• Supply and Demand

In the flight example, what was the unseen cost that changed the decision?

• The price of the flight

• The distance to the airport

• The opportunity cost of lost wages

• The convenience of the flight time

What is the main focus of microeconomics?

• The study of inflation

• The study of international trade

• The study of government policies

• The study of individual markets

Why do most economists oppose tariffs according to the video?

• They increase government revenue

• They create more jobs in manufacturing

• They have unseen costs that outweigh benefits

• They make imported goods cheaper