Tag: econ

Basic Income Explained

Basic Income Explained

Imagine a world where everyone gets cash from the government every month, no strings attached. It’s a proposal called universal basic income, or UBI for short. The idea is to provide an economic safety net for everyone, with as little bureaucracy as possible. And supporters of the policy say it could reduce poverty and decrease …

Elon Musk’s Basic Economics

Elon Musk’s Basic Economics

This video was made possible by Hover. Buy your domain before its gone for 10% off by going to hover.com/Wendover. Imagine a $2,000 car… or a $100 laptop… or a $70 iPhone… or imagine any product ten times cheaper than it was. Imagine the fundamental market change that would bring. Imagine the amount of demand …

The Biology of Business

The Biology of Business

Long ago, humans realized that living things are made of cells. Moving, replicating, blobs of water, which, when arranged just right, produce a bigger blob that moves, and replicates, and makes YouTube videos. And then a biologist boarded a boat called the Beagle to better understand the beaks of birds. He noticed that islands rich …

Short-Run Cost Curves (Part 2)- Micro Topic 3.2

Short-Run Cost Curves (Part 2)- Micro Topic 3.2

HEY! How are you doing econstudents! This is Mr. Clifford Welcome to AC-DC-ECON In the previous video, I defined the types of costs: Fixed cost, variable cost, total cost, and marginal cost. You used the chart calculate each one of these and you also calculated the average cost curves: average variable cost, average fixed cost, …

3.0 Earning Income – How We Create Value Through Our Labor

3.0 Earning Income – How We Create Value Through Our Labor

Young children have a very limited understanding of income. From birth children have wants. They innately understand that their wants are greater than what is available in the world. And they understand that their wants are satisfied by their parents. So a child’s view is very simple: Want=get. If they want food, parents provide. If …

Why Chicken Sandwiches Don’t Cost $1500

Why Chicken Sandwiches Don’t Cost $1500

About a year ago, Andy George from the channel How to Make Everything released a video called “How to Make a $1500 Sandwich In Only 6 Months.” I made a chicken sandwich completely from scratch, which cost $1500 and six months of my life. The video was hugely successful—it got millions of views. Then, a …

Money and Finance: Crash Course Economics #11

Money and Finance: Crash Course Economics #11

Adriene: Welcome to Crash Course: Economics. I’m Adriene Hill. Jacob: And I’m Jacob Clifford. And today we’re going to talk about money and finance. Adriene: I know we said in the first episode that economics isn’t really about money… Jacob: Economics isn’t about getting rich quick, but it all boils down to trading things you …

The Costs and Benefits of Monopoly

The Costs and Benefits of Monopoly

♪ [music] ♪ – [Alex] In our final talk in monopoly, we’re going to discuss the costs of monopoly, but also the potential benefits. The major costs of monopoly is that compared to competition, monopoly is inefficient. It leads to a loss in the gains from trade or a deadweight loss. Let’s remind ourselves about …

Specialization and Trade: Crash Course Economics #2

Specialization and Trade: Crash Course Economics #2

Adriene Hill: Hi I’m Adriene Hill. Mr. Clifford: And I’m Mr. Clifford. Welcome to Crash Course Economics. Adriene: Here at Crash Course, we recognize that difficult subjects are sometimes fraught with truly unintelligible vocabulary that’s difficult for us regular people to understand. Mr. Clifford: But it doesn’t have to be that complicated. Remember, economics is …