1. Choice, Utility, and Demand

Economics begins with the concepts of scarcity and choice. If there was no scarcity it would all be free. Resources like time and materials need to be allocated to economically feasible uses. This will depend on the consumers' demand for the final product.

Lecture 1 of 16 from Austrian Economics: An Introductory Course, presented at New York Polytechnic University in 1972.