[MUSIC PLAYING]
FERNANDO BERTRAN: A fundamental
aspect of this human condition
is our ongoing struggle with scarcity.
Resources are simply insufficient
to satisfy all our wants.
CARA MCDANIEL: This
applies to individuals
in the wealthiest of nations
as well as in the poorest.
It also applies to all
forms of organizations
ranging from businesses in the
private sector to government entities.
JOSE MENDEZ: This scarcity in
turn requires us to make choices.
The study of how individuals
and societies make
these choices and their consequences
is at the core of economics
and is the focus of this course.
CARA MCDANIEL: In this course, you will
learn a set of economic principles--
a toolkit of sorts--
that will help you
understand the decisions that
are made by individuals when confronted
by constraints in their roles
as consumers or business operators.
FERNANDO BERTRAN: These
types of decisions
are made every day, especially
when they involve transactions
that occur in the marketplace.
JOSE MENDEZ: Note,
however, that economics
is more than thinking about transactions
that are economic in nature.
It is about how to think about problems
involving choices, and as such,
it is relevant to a wide
variety of circumstances.
The analytical tool kit you
will learn in this course
has been applied to issues related
to education, health care, marriage,
family plannings, sports, airport
security measures, and gang violence
to name just a few.
CARA MCDANIEL: The
skills and knowledge you
will gain in this course will help
you become a better decision maker
and it will provide an important
foundation for your future courses
in economics.
FERNANDO BERTRAN: If you do eventually
decide to pursue a career in economics,
you will find a vast array of
career opportunities open to you
both in private industry
and the public sector.
JOSE MENDEZ: We look forward to
working with you in this exploration.
Thank you for joining us.
CARA MCDANIEL: This course
of microeconomic principles
is part of the Global Freshman
Academy at Arizona State University,
and is available be
taken for college credit.
