Overview
What is economics? We often think about money when we hear the word “economics.” But what else should we think about? In this video, we learn the six fundamental concepts crucial to understand economics: Individual action, scarcity, choice, trade-offs, subjective value and incentives. Pair with: The Fundamentals of Economics is a good standalone video to explain the basis of economics, but it can be paired with In Defense of Capitalism, which is streamed on SITC.org and is included on the 2020 DVD.

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Grade level and subjects
• Recommended for grades 6-12
• Subjects: Economics
• Works in Classroom, Hybrid, and Homeschool settings

Sample discussion questions
• The “professor” in the video said economics is about people. What did he mean?
• Do you always make good decisions? Why not?
• How does scarcity affect the choices we make? Can you give an example?
• What are incentives? What are some examples? Why do incentives matter? How are incentives related to economics?
• Kevin, the host, said that markets make us better off than we would ever be otherwise. What does he mean? Can you give some examples? Name ______________________________ Date ____________________________ Class _____________________ Per _____ Teacher _________________________ The Fundamentals of Economics

What’s in the free teacher’s guide
This printable 2-page Teacher's Guide includes a lesson description and discussion and analysis questions.

Standards alignment
Aligned to state standards — use the SITC Standards Tool to match this video to the standards in your state.