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Economic basics… in animated musical form.
Because the most important lessons in life are learned on PBS… when you're 5.
More people want new iPhones than Apple can produce, and Apple won't jack up the price to the equilibrium point. Hello shortages…
You might be able to live without an iPhone, but running out of critical drugs is a more serious problem.
Want to see the principle of scarcity in action? Check out what happens to the bid prices on that ultra-rare Kareem Abdul Jabbar bobblehead you've been wanting to add to your collection.