LECTURE – Opportunity Costs, Part 1 – Frederic Bastiat, “What Is Seen and What Is Not Seen”

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This lecture introduces the concept of opportunity costs, a foundational concept in the economic way of thinking. The central idea in the module is the importance of evaluating a given use of a resource by looking at what benefits might have been forgone by not making some alternative use of that resource. The module focuses on exploring why it is sometimes difficult for people to consider opportunity costs, and how understanding opportunity costs can help us remember to consider the effects of our actions for different people and at different times.

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