The Law of Demand and Basic Economic Principles
George Mason University economics professor discussed basic economic concepts that he believes consumers should understand. He discussed the idea of there being no "free lunch" and the law of demand.
Description
George Mason University economics professor discussed basic economic concepts that he believes consumers should understand. He discussed the idea of there being no "free lunch" and the law of demand.
Bell Ringer Assignment
- What is meant by "there is no such thing as a free lunch?"
- What is the second rule that Professor Boudreaux discusses? How does this relate to public policy?
- Explain the principle of the Law of Demand. Based on this definition, what would be an example of this?
Additional Resource
Participants
Vocabulary
- "free Lunch"
- Benefits
- Cost
- Economics
- Law Of Demand
- Public Policy