Introduction to the Economic Problem and its Impact

🌍 The world faces one economic problem that affects all countries and people.

🤔 We will explore the reasons behind this economic problem and how it impacts our wants and needs.

💼 Various individuals and entities, including workers, businesspeople, and governments, are all grappling with this economic problem.

💡 The video discusses how we live in a world where we compete for limited resources to build and sustain our lives.

🌍 Understanding this concept is crucial in comprehending how our economy functions.

🤔 The characters in the video, Linden, Evie, and Kate, face daily choices due to the scarcity of resources.

💰 Every individual constantly makes economic decisions about what to buy and what not to buy due to limited resources and unlimited wants.

⚖️ The fundamental economic problems of scarcity, choice, and opportunity cost need to be understood to tackle the economic problem effectively.

🌍 In today's world, the human race faces the challenge of limited resources and unlimited wants, emphasizing the urgency of addressing the economic problem.

🌍 The world's population has grown rapidly over the past century, reaching 2 billion by 1900 and tripling to 6 billion in the next 100 years. It is estimated to reach 10 billion in the next 50 years.

📈 This population growth has led to an increasing list of wants and needs for each individual, resulting in almost unlimited demands on the planet's resources.