1.1 - What is Economics?

This video provides a brief introduction to economics, including the definition and nature of science, social science, and philosophy.
You will learn the distinction between microeconomics and macroeconomics.
You will learn about scarcity and value.
You will learn about the difference between making an observation and inferring causation.
You will learn about the distinctive methodological approaches brought by economics.
You will learn about the difference between descriptive/positive and normative/prescriptive economic statements.
You will also learn the term for one of the most overlooking underlying assumptions at the basis of economic policy recommendations: individual money-metric welfaristic utilitarianism!