Introduction to economics | Supply, demand, and market equilibrium | Microeconomics
Level: beginnerKhan Academy, 2012
This short video by the Khan Academy presents a classic introduction to economic teaching. Starting with the quote by Adam Smith in "The Wealth of Nations" on the invisible hand, it shows how economics deals with the question of the allocation of scarce resources and shortly presents different questions addressed by microeconomics and macroeconomics. It further makes reference to questions of simplification in mathematical models.
Adam Smith assumptions individual interests invisible hand macroeconomics markets maths microeconomics simplification welfare