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Economics

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Intro to Economics: Crash Course Econ #1

In which Jacob Clifford and Adriene Hill launch a brand new Crash Course on Economics! So, what is economics? Good question. It's not necessarily about money, or stock markets, or trade. It's about people and choices. What, you may ask, does that mean. We'll show you. Let's get started!

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Culpzilla's students are amazing! You guys rock!

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DFTBA and keep being the exception like the Mongols.

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What is Economics?



The typical first-year student walks into his first economics class with very little idea of what economics is. He might have heard something like, economics is the study of money, or economics is another word for accounting, or economics is hard, don't take that class, but none of those are true.

Economics is the study of the use of scarce resources that have alternative uses. That's the classic definition of economics. Basically, there are people, and people need resources to fulfil their desires. These resources cannot be infinite, but the desires can be, so people need to make choices about how to use their scarce resources. Economists study these choices.

All economic questions fall into one of two categories: positive and normative. Positive economics describes what is and normative economics argues for what ought to be, so a question like, why do people use money? is a positive question and should people use money? is a normative question.

A general rule of thumb is that if your economic model has no value judgements, it's positive economics, and if it does have value judgements it's normative economics, since to tell someone what he ought to do, you first have to judge what is best for him.

Economics is also divided into microeconomics and macroeconomics. Microeconomics studies the behaviour of individual agents and markets, while macroeconomics studies the behaviour of the entire economy.

Economists also have their own branch of statistics called econometrics that's specialized to analyzing economic data. Since economic data usually comes from the real world, and not from controlled experiments, econometrics faces mathematical challenges that other fields might not.

The tools economists have developed to study human behaviour have broad uses outside of what we would traditionally consider economics. Economists study not only markets, but things like crime, war, the family, religion, culture, politics, law, and even genetics. That's why it's not unusual to see papers by psychologists, sociologists, criminologists, political scientists, anthropologists, biologists, neuroscientists, or legal scholars being co-authored by economists.
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Introduction to economics | Supply, demand, and market equilibrium | Economics | Khan Academy

Learn about some of the key ideas that influenced early economic thinkers, such as Adam Smith, in this video.

Practice this yourself on Khan Academy right now:




Economics on Khan Academy: Economics is the study of individuals and societies allocate scarce resources. Learn how markets work, how individuals maximize their happiness and firms maximize profits, and how economies grow. We hit the topics you would expect to see in high school and college level introductory economics courses.

About Khan Academy: Khan Academy offers practice exercises, instructional videos, and a personalized learning dashboard that empower learners to study at their own pace in and outside of the classroom. We tackle math, science, computer programming, history, art history, economics, and more. Our math missions guide learners from kindergarten to calculus using state-of-the-art, adaptive technology that identifies strengths and learning gaps. We've also partnered with institutions like NASA, The Museum of Modern Art, The California Academy of Sciences, and MIT to offer specialized content.

For free. For everyone. Forever. #YouCanLearnAnything

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Elon Musk's Basic Economics

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Micro Unit 1 Summary- Basic Economic Concepts

The Micro Unit 1 Summary video is designed to help you understand economics and goes hand-in-hand with my Ultimate Review Packet. In this video I cover the basics: scarcity, opportunity cost, the economic systems, the production possibilities curve, and comparative advatage. I also show you the quick and dirty (22:22). Don't worry, it's school appropriate. Thanks for watching and please subscribe.

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How The Economic Machine Works by Ray Dalio

Economics 101 -- How the Economic Machine Works.

Created by Ray Dalio this simple but not simplistic and easy to follow 30 minute, animated video answers the question, How does the economy really work? Based on Dalio's practical template for understanding the economy, which he developed over the course of his career, the video breaks down economic concepts like credit, deficits and interest rates, allowing viewers to learn the basic driving forces behind the economy, how economic policies work and why economic cycles occur.


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[Also Available In Chinese] 经济这台机器是怎样运行的:

[Also Available In Russian] Как действует экономическая машина. Автор: Рэй Далио (на русском языке):

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Why YOU should learn economics!

Why should you learn economics? Put simply, it's becasue it will make you a better decision maker and help you see the unseen. Economics is the study how we deal with scarcity so we can use our resources as efficiently as possible. So whether it's in your personal life or when you run a business or when you promote a government policy, thinking like an economist will help you maximize your own happiness, make the most profit, or help the most people.

I've made a ton of videos to help you learn and practice economics. Feel free to check out the macroeconomics and microeconomics playslist below, as well as, the playlist of some of my favorite videos. Thanks for watching.

Macro Playlist-
Micro Playlist-
Favorite Videos-

60 Second Adventures in Economics (combined)

Ever shaken an invisible hand? Been flattened by a falling market? Or wondered what took the bend out of Phillips' curve? David Mitchell helps reveal some of the great dilemmas faced by governments trying to run an economy - whether to save or spend, control inflation, regulate trade, fix exchange rates, or just leave everyone to get on with it and not intervene. You'll learn why Adam Smith put such a high price on free markets, how Keynes found a bold new way to reduce unemployment, and what economists went on to discover about the impact of policy on people's and businesses' behaviour - which may not always be entirely rational.

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Free learning from The Open University - Economics

Study a free course on Managing my money at the Open University

Study R30 BA (Honours) Economics


The Open University is the world’s leading provider of flexible, high-quality online degrees and distance learning, serving students across the globe with highly respected degree qualifications, and the triple-accredited MBA. The OU teaches through its own unique method of distance learning, called ‘supported open learning’ and you do not need any formal qualifications to study with us, just commitment and a desire to find out what you are capable of.

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Economic Systems and Macroeconomics: Crash Course Economics #3

In which Jacob Clifford and Adriene Hill teach you about Economic Systems and Macroeconomics. So, economics is basically about choices. We'll look at some of the broadest economic choices when we talk about the difference between planned economies and market economies. We'll get into communism, socialism, command economies, and capitalism. We'll look at how countries choose the kind of system they're going to use (spoiler alert: many end up with mixed economies). We'll also look into how individuals make economic choices.

Crash Course is now on Patreon! You can support us directly by signing up at

Thanks to the following Patrons for their generous monthly contributions that help keep Crash Course free for everyone forever:

Mark Brouwer, Jan Schmid, Anna-Ester Volozh, Robert Kunz, Jason A Saslow, Christian Ludvigsen, Chris Peters, Brad Wardell, Beatrice Jin, Roger C. Rocha, Eric Knight, Jessica Simmons, Jeffrey Thompson, Elliot Beter, Today I Found Out, James Craver, Ian Dundore, Jessica Wode, SR Foxley, Sandra Aft, Jacob Ash, Steve Marshall

TO: Everyone
FROM: Martin

To gild refined gold is just silly.


TO: Dana
FROM: Cameron

Still holding out. We're going to make it!

Thank you so much to all of our awesome supporters for their contributions to help make Crash Course possible and freely available for everyone forever:

Raymond Cason, Marcel Pogorzelski, Cowgirlgem, Chua Chen Wei, Catherine Emond, Victoria Uney, Robin Uney, Damian Shaw,
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Is Economics Good Major?

Check out my number one recommended book on economics:


What can you do with a Economics degree? Are there jobs in Economics? What's the difference between business economics & economics? What are jobs in Economics?

Music
Artist: Jacoo
Track: Watching You Breathe

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What is Economics?

Defining economics in plain terms.

Macroeconomics- Everything You Need to Know

Check out the Ultimate Review Packet for FREE


In this video I quickly cover all the concepts and graph that you will see in an AP macroeconomics or college-level introductory macroeconomics course. Dn't take notes. Just get the big picture.

*Note* At 25:48, the signs are reversed.

I talk about scarcity, opportunity cost, the PPC, comparative advantage, supply and demand, GDP, unemployment, inflation, aggregate demand and supply, LRAS, Phillips Curve, economic growth, fiscal policy, money, banking, monetary policy, the Money Market, loanable funds, the balance of payments, and exchange rates. Wow! That's a lot of stuff. Good luck on your test!

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Supply and Demand: Crash Course Economics #4

In which Adriene Hill and Jacob Clifford teach you about one of the fundamental economic ideas, supply and demand. What is supply and demand? Well, you’ll have to watch the video to really understand it, but it’s kind of important for everything economically. Supply and demand sets prices, and indicates to manufacturers how much to produce. Also, it has a lot to do with strawberries.

Crash Course is on Patreon! You can support us directly by signing up at

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Mark, Jan Schmid, Simun Niclasen, Robert Kunz, Daniel Baulig, Jason A Saslow, Eric Kitchen, Christian, Beatrice Jin, Anna-Ester Volozh, Eric Knight, Elliot Beter, Jeffrey Thompson, Ian Dundore, Stephen Lawless, Today I Found Out, James Craver, Jessica Wode, Sandra Aft, Jacob Ash, SR Foxley, Christy Huddleston, Steve Marshall, Chris Peters

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The Magic Economics of Gambling

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References:
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Basic Economics - Thomas Sowell Audible Audio Edition

Basic Economics is a citizen’s guide to economics-for those who want to understand how the economy works but have no interest in jargon or equations. Sowell reveals the general principles behind any kind of economy-capitalist, socialist, feudal, and so on. In readable language, he shows how to critique economic policies in terms of the incentives they create, rather than the goals they proclaim. With clear explanations of the entire field, from rent control and the rise and fall of businesses to the international balance of payments, this is the first book for anyone who wishes to understand how the economy functions.
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Topic 1.3 - Economic Systems

Welcome to You Will Love Economics!

This video lecture discusses the three most common economic systems around the world: free-market, centrally-planned, and mixed economies. It also investigates how each system combats scarcity, and how each system answers the economic questions of what economic goods to produce, how to produce them, and for whom are they produced. It is the perfect way to begin a substantial education in the economic systems!

Enjoy!

1. What is Economics? (অর্থনীতি কী?) [HSC]

Series: অর্থনীতির পরিচিতি (Introduction to Economics)
Instructor: Nahian Bin Khaled (Department of Economics, University of Dhaka)

১০ মিনিট স্কুলের সাথে শেখা কখনও থামিও না, যেখানে তুমি পাবে ভিডিও টিউটোরিয়াল যা থেকে শিখে তুমি কুইজ দিয়ে নিজেকে যাচাই করে নিতে পারো, নিজের দক্ষতা বাড়ানোর জন্য পাবে অসাধারণ প্রশিক্ষক যারা তোমাকে নির্দেশনা দিবে। ১০ মিনিট স্কুলে তুমি পাবে লাইভ ক্লাস, ইন্টার্যাক্টিভ ভিডিও, ব্লগ, ডেভেলপমেন্ট সেকশন, স্মার্টবুক যার মাধ্যমে পুরো শিক্ষাগ্রহণ প্রক্রিয়াই হয়ে উঠবে আনন্দদায়ক এবং সকলে সুযোগ পাবে যাতে তারা শেখার, অনুশীলনের এবং উন্নতি করতে পারে।

আমাদের ওয়েবসাইট:


আমাদের সাথে ফেসবুকের মাধ্যমে যোগাযোগ করতে পারো এবং আমাদের পেইজে লাইক দাও যাতে আমাদের সম্প্রতি আপলোড করা ভিডিওগুলো দেখতে পারো


আমাদের Live Class গুলো পাবে 10 Minute School Live Channel এ!
#10MS #Education

Macroeconomics: Crash Course Economics #5

This week, Adriene and Jacob teach you about macroeconomics. This is the stuff of big picture economics, and the major movers in the economy. Like taxes and monetary policy and inflation and policy. We need this stuff, because if you don't have a big picture of the economy, crashes and panics are more likely. Of course, economics is extremely complex and unpredictable. Today we'll talk about GDP as a measure of a country's economic health, the basics of economic analysis, and even a little about full employment, unemployment

Crash Course is on Patreon! You can support us directly by signing up at

Thanks to the following Patrons for their generous monthly contributions that help keep Crash Course free for everyone forever:

Mark, Jan Schmid, Simun Niclasen, Robert Kunz, Daniel Baulig, Jason A Saslow, Eric Kitchen, Christian, Beatrice Jin, Anna-Ester Volozh, Eric Knight, Elliot Beter, Jeffrey Thompson, Ian Dundore, Stephen Lawless, Today I Found Out, James Craver, Jessica Wode, Sandra Aft, Jacob Ash, SR Foxley, Christy Huddleston, Steve Marshall, Chris Peters

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The Economics of Uber

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Uber may be the highest-valued private company in the world, but its economic troubles are profound and concerning.

This includes a paid sponsored promotion which had no part in the writing, editing, or production of the rest of the video.

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Special thanks to for looking over the script in advance. Ridester offers resources for ride share drivers.

Brief music clip: Teddy Bear Waltz Kevin MacLeod (incompetech.com)
Licensed under Creative Commons: By Attribution 3.0 License


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Dr Seuss Style Font: “Yikes” by Rick Montgomery







































The Economy of The United Kingdom

The economy of the united kingdom is really a tale of two cities, it was the best of times and it was the worst of times, it is an economy with the highest levels of foreign investment per capita in the world and it is an economy with a major poverty crisis. It is an economy that is home to the second largest financial centre in the world and yet its entire economy is smaller than that of California.

It’s this one that I really want to focus on though, the united kingdom as a country is heavily dependent on its financial services industry to a level that brings it in line with nations like Singapore and hong kong which in and of themselves are basically just giant cities full of banks.
This for the most part sounds brilliant, a strong financial services sector is hugely beneficial to a national economy. It creates thousands of extremely high paying jobs and can attract profits from all over the world to be introduced to the local economy and the United Kingdom is a great example of this.

London is home to the offices of over 500 banks from small banks with local operations in the country to major international banks like HSBC

In this video we will explore why these financial institutions decide to call London home.

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References -

Drennan, M.P., 1996. The dominance of international finance by London, New York and Tokyo. The global economy in transition

Sandford, C.T., 2015. Economics of public finance: an economic analysis of government expenditure and revenue in the United Kingdom

Lewis, M.K., 1999. International banking and offshore finance: London and the major centres. In Offshore Finance Centres and Tax Havens

Cassis, Y., 2010. Capitals of capital: the rise and fall of international financial centres 1780-2009. Cambridge University Press.

Dunnett, P., 2013. The Decline of the British Motor Industry (Routledge Revivals): The Effects of Government Policy

Amit, R., Liechtenstein, H., Prats, M.J., Millay, T. and Pendleton, L.P., 2008. Single family offices: Private wealth management in the family context

Glucksberg, L. and Burrows, R., 2016. Family offices and the contemporary infrastructures of dynastic wealth.

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