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Economics

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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.

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Micro Playlist-
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What is Economics?

We hope you are enjoying this video! For more in-depth learning, check out Miacademy.co, an online learning platform with lessons and practice games that go along with our videos.

In this video, you will learn about the study of resources.

Miacademy also offers many hands-on learning activities including a business simulation, writing in the Miacademy weekly, and creating artwork. Teaching social skills is also one of the key values at Miacademy. On the site, kids can interact safely in a moderated environment and share their artwork, videos, and ideas with each other.

Homeschoolers, Parents, Teachers, or anyone with kids in grades K-8, check out and use coupon code VIDEOSPECIAL for a discount
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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.

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What is Economics?

Economics often is considered a dry or “dismal” science. In schools, it is often taught with a focus on abstract supply and demand charts or complicated mathematical formulas. When we think about economics or “the economy,” we think about money, goods, or services — or perhaps government policy. Although these are aspects of an economy, economics at its core is about human actions.

It’s about the choices and actions we make as individuals. It’s about our individual wants, needs, and abilities. And it’s about how we interact with others to benefit each other and build the society around us.

Imagine, for example, if a single person were stranded on a deserted island.

For this person, let’s call him Bob, the top priority is obvious — survival. He needs water, food, and shelter. Some of Bob’s resources are obvious; there may be coconuts or berries that can be foraged for food. Just as important, however, is his time. He must economize his time, dedicating it so as to best ensure his own survival. Does Bob focus on finding water, or does he dedicate his first few hours to building a shelter? Right away, Bob is forced to make decisions about trade-offs — the costs of making one decision over another.

Bob may decide that he can survive three days without water and so focuses instead on creating a shelter for the night. Another person in this situation may choose differently, but it is Bob’s individual judgment that guides the choices he makes.

Bob’s decision may not be the right one. Risk and uncertainty are an inherent part of our human existence. Perhaps Bob ends up spending so much time building a shelter that he does not give himself enough time to find water when he desperately needs it. Bob’s decision affects the number of days he can survive on the island. In this case, his profit is measured in terms of the number of days he is able to live having made this choice. A loss could be his death.

Notice that Bob’s economic decisions have nothing to do with money—they are simply the choices that he makes facing an uncertain future.

Luckily most of our economic decisions are not matters of life and death, but basic decisions that we all make every day. These decisions all have costs and benefits that must be weighed by the individual, and this is as true for every person anywhere in the world as it is for someone on a deserted island.

Economics does not tell us what any individual should do.

Instead, economics is about understanding the costs of our decisions, about understanding how we can create value by satisfying our wants and the wants of others, and about the ways that we as individuals all play a role in contributing to the rise—or fall—of human civilization.

Questions:

How often are your daily decisions actually economic decisions?

Do you find it useful to think about trade-offs when making decisions?

Is economics about making you rich, or about better understanding the world around you?

Articles:

Economics Is Not Rocket Science — It's Even More Complicated
Star Trek is Wrong, There Will Always Be Scarcity

Free Book:

Lessons for the Young Economist:

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.


To learn more about Economic Principles visit:


[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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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

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To gild refined gold is just silly.


TO: Dana
FROM: Cameron

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

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Elon Musk's Basic Economics

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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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An Economics Degree Is Worth The Money... (Complete Economics Degree Review)

I studied Economics for 3 years. It has changed my life (I'm not lying...). Today I review my experience studying for an economics major, economic degree and let you know what surprised me about my studies. This video should help you decide if doing an economics degree is a good choice for you.

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Economics is a very popular major and degree. Some people get stuck between choosing a business, finance, accounting or economics degree and this video should help you choose. Economics degree in UK. Economics Degree in the US. Economics degree in Australia. With Alevel results day around the corner, this is the perfect time to bring out a full review of my Bsc economics and finance degree. It's a high paying degree meaning if you study for an economics degree or an economics major you should have a good salary and make good money and it shouldn't be too hard either ;). Is economics a good degree? Is economics a good major?

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Micro Unit 1 Summary- Basic Economic Concepts (Old Version)

Here is the Updated Version:


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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What causes an economic recession? - Richard Coffin

How can factors like inflation, supply and demand, and interest rates trigger recessions? Learn the economic basics of modern markets.

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For millennia, the people of Britain had been using bronze to make tools and jewelry, and as a currency for trade. But around 800 BCE, that began to change: the value of bronze declined, causing social upheaval and an economic crisis— what we would call a recession today. So what causes recessions? Richard Coffin digs into the economic fluctuations that affect our modern markets.

Lesson by Richard Coffin, directed by Augenblick Studios.

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Is An Economics Degree Worth It?

Today's video is going to be about economics degrees and whether it's worth it or not

This is technically not a business degree but graduates may end up competing for the same job, so I sort of group them together

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There are a lot of college degrees out there and economics is one of those degrees where it's not 100% obvious that it's a good one

So we will go over some of the careers that you can get, the salary, the job satisfaction, the job outlook, and also the x factors that go into choosing these types of jobs

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These videos are for educational and entertainment purposes only. I am not an attorney, CPA, insurance, or financial advisor and the information presented shall not be construed as tax, legal, insurance, safety or financial advice. If stocks or companies are mentioned, Shane might have an ownership interest in them. Please don’t make buying or selling decisions based on Shane’s videos. If you need such advice, please contact the qualified legal or financial professionals, not the opinion of a stranger on the internet.

Sources and further readings:
bls.gov(bureau of labor statistics)
nces.ed.gov(national center for educational statistics)
payscale(provides information on jobs and degrees)

6 Biggest Lies About Majoring in Economics

Should I major in economics? I get that question a lot, but there are so many misconceptions about what an economics major brings. In this video, I wanted to clarify them.

Questions I cover:
Do economics majors get jobs?
How much money do economics majors make?
Is an economics major worthless without a PhD?
Is economics too ideological?
Is economics a science?
Do you have to be good at math? I address all of these questions and more!

RECOMMENDED VIDEOS
15 Jobs You Can Get With An ECONOMICS MAJOR
The 5 Best Books For Learning Economics
5 Books that Helped Me LOVE Economics
How To Understand Elasticity
Home Depot proves economics is wrong!

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Adam Smith: The Grandfather Of Economics

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This is Adam Smith. Adam Smith was a Scottish philosopher and author who is probably best known for writing a book titled “An Inquiry Into the Nature and Causes of … The Wealth of Nations!”

This book effectively marked the beginning of economics as an academic discipline as Adam Amith, (now heralded as the father of economics) laid the foundation for economic rules and principles that guide decision making the world over.

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???? If you want to learn more about this topic, be sure to check out the book The Wealth of Nations by Adam Smith ???? (note: as an Amazon associate, EE earns from qualifying purchases. Thanks for supporting our show!)

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#AdamSmith #WealthOfNations #Economics

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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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Covid-19: why the economy could fare worse than you think | The Economist

Three months after lockdown was relaxed in China, its economy is now running at around 90% of normal levels. Although 90% may sound fine, for many it could be catastrophic. Read more here:

Further reading:

Sign up to The Economist’s daily newsletter to keep up to date with our latest covid-19 coverage:

Find The Economist’s most recent coverage of covid-19 here:

Read our leader on lifting lockdowns:

Tracking the economic recovery:

How covid-19 is undoing progress in curbing poverty:

See the data: unemployment and unemployment insurance in America:

Britain’s public debt is rising to its highest level in decades:

Covid-19: Bill Gates predicts the end of the pandemic | The Economist

Bill Gates had long warned of the risk that a new virus would go global. Now he explains to Zanny Minton Beddoes, our editor-in-chief, how—and when—the covid-19 pandemic is likely to end.

To find out more read here:

00:00 Introduction
00:50 Are we spending enough?
01:51 Why aren't we spending the billions to save the trillions?
03:35 What is realistic for the global coverage of a vaccine?
04:55 Will anti-vaxxers be a problem?
06:07 How far has this set back progress in the emerging world?

Further reading:

Find The Economist’s most recent coverage of covid-19 here:

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Bill Gates on how to fight future pandemics:

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The pandemic shows the urgency of reforming care for the elderly:

Read about economic recovery in emerging-market countries:

Official economic forecasts for poor countries are too optimistic:

Read our article on America’s delayed second stimulus package:

Why the true number of Africa’s covid-19 cases must be much higher than official figures:

Covid-19 testing labs are being overwhelmed:

How the U.S. Economy Just Lost 33% of its Value

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Last Thursday on the 30th of July 2020, the U.S. Bureau of Economic Analysis released its 2nd quarter Gross Domestic Product report.

The report noted a 32.9% contraction in annual GDP growth in the months of April, May, and June.

For reference, the 2008 subprime mortgage crisis of 2008 saw an 8% drop in annualized GDP figures at its peak.

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#recession #stocks #economics

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