Introducing Economics: Basic Concepts

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  • This is the second video in the Economics Animated series. This one focuses on key economic concepts.It covers:
    Economics defined
    Goods and Bads
    Resources
    Key Economic Concepts:
    --Scarcity implies tradeoffs and opportunity costs: TANSTAAFL
    --People tend to choose rationally, responding to incentives and making decisions at the margin.
    --Markets and Trade tend to work well and make people better off.
    Microeconomics vs. Macroeconomics
    Economic models
    ceteris paribus

Comments • 48

  • hussein satt
    hussein satt 22 hours ago

    what is your idea about Agribusiness define in different places . for example I reviewed this clip @

  • J S
    J S Month ago

    I was assigned this video to watch for my microeconomics class. I found the majority of your lecture very helpful, but I take exception to your statement that salvation is not a free gift. Since you chose to use an image of the cross in your video, I must assume that Christianity was the intended target and will address the issue from the Bible:

    1. You mention time as a cost. I will grant you that time is a limited resource, you cannot think more than one thought at a time, and it does take time to consider whether or not to accept a free gift. However, you are assuming that your time on earth is a resource which you own. According to the Bible, our time, thoughts, actions, and words belong to God. We are just stewards managing someone else's resources, and as it says in Matthew 12:36 "they shall give account thereof in the day of judgment". Spending someone else's resources on what they told you to spend it on is not a personal cost to you.
    2. You assert that you have to give up sinning to receive salvation. This is, in fact, a blatant untruth according to the Bible. While being saved should produce the desire to sin less, you do not have to become sinless in order to be saved. If it were possible to be sinless on your own, Christ would not have needed to become the sacrifice for sins in our place. He paid the entire price for our entire condition. ALL of your sins were in the future when He died on the cross, and according to Colossians 2:13-14 "And you, being dead in your sins and the uncircumcision of your flesh, hath he quickened together with him, having forgiven you all trespasses; Blotting out the handwriting of ordinances that was against us, which was contrary to us, and took it out of the way, nailing it to his cross".

    Salvation is a free gift because someone else paid the cost. Trusting that it is yours for all eternity is priceless.
    "For by grace are ye saved through faith; and that not of yourselves: it is the gift of God: Not of works, lest any man should boast." Ephesians 2:8-9

  • Sebron
    Sebron 2 months ago

    White Bright light made me chose another video. Sorry.

  • William John Wilson
    William John Wilson 6 months ago +1

    your explanations are amazing. Thank you very much for a nice tutorial.

  • Malcolm Johnston
    Malcolm Johnston 10 months ago

    Hi there. I totally agree with Jacob Christian Glover. Thank you

  • mahesh madha
    mahesh madha 11 months ago +1

    It is very helpful video thank you sir

  • neha laddha
    neha laddha Year ago +1

    Hi Mike ,
    Which is the first video in the Economics Animated series ?? Can't locate the same in your channel

  • Soso Kaled
    Soso Kaled Year ago

    Thank you aloooooot ♥️♥️♥️

  • malice
    malice Year ago +3

    Dude, this guy is my professor.

  • Kartik Gupta
    Kartik Gupta 2 years ago

    Inhaling air is free

  • Pamana
    Pamana 2 years ago

    Thanks for this video. It is an awakening on my part. I wasn't paying attention much during Economics subject ; now that I am not financially well off, I decided to review Economics, and realized where I went wrong. More power to you.

  • Johanna Florez
    Johanna Florez 2 years ago

    I am new into the world of economics and i found this video very useful. Thanks for your work.

  • Minhax Mamtax
    Minhax Mamtax 3 years ago

    Sir please tell me in Urdu.

  • crafty 5 min DIY
    crafty 5 min DIY 3 years ago

    so great sir thank you

  • Raj Banik
    Raj Banik 3 years ago

    really too good...

  • David Mokobia
    David Mokobia 3 years ago

    you're the best. Sweet video. thanks

  • Pulok Sarker
    Pulok Sarker 3 years ago

    Great appreciate vedio

  • Suruchi S
    Suruchi S 3 years ago

    Loved the video.

  • Myung-hak Lee
    Myung-hak Lee 4 years ago +4

    salvation in christianity actually is free :P dont want to start a discussion, but it is cuz you dont need to do sth to get it

  • RHA V
    RHA V 4 years ago

    Dank u wel.

  • Abdullah AlShammari
    Abdullah AlShammari 4 years ago +1

    ان شاء الله كلنا نجيب فل مارك ي عيال :) JIC

  • Marissa Hosein
    Marissa Hosein 4 years ago +9

    Hey, I fine your video very useful as I am new to the whole economics thing/concepts or whatever. I am now learning about it at school 📓📓☺️☺️☺️

  • Florezel Thompson
    Florezel Thompson 4 years ago

    Why does the opportunity cost of producing a good rise as more resources are devoted to producing that good?

  • Florezel Thompson
    Florezel Thompson 4 years ago

    Why does the opportunity cost of producing a good rise as more resources are devoted to producing that good

  • Nida Syeda
    Nida Syeda 4 years ago +16

    Can I tell you I'm in love with your voice

  • Selenge Galbaatar
    Selenge Galbaatar 4 years ago +5

    Thank You for uploading this video on what is Economics and where it comes from. It really helped with Economic's 405 class paper that I am doing it on. you have a passion for teaching and the way you teach is very understandable.

  • Goutam Venkatesh
    Goutam Venkatesh 5 years ago +1

    Okay, here are 10 things that I think you must know about economics, apart from what the video said.
    There are 10 really important aspects and after you spend 5 minutes reading them, you'll start having your own ideas about the economy.
    tenfigures.in/2015/03/10-things-everybody-must-know-about-economics/

  • Evans Labossiere
    Evans Labossiere 5 years ago +1

    Wow, thanks for your great video! From what I've seen, you seem to be a very good teacher. Great video! The composition was wonderful! Extremely organized and very engaging. Props to the editor :)

  • Jacob Christian Glover
    Jacob Christian Glover 5 years ago +28

    I digested much of what you went over in the first setting, now I will review the video again for leftovers. You have an excellent teaching style, thank you for your effort, especially since the time spent producing this video could've been spent doing something else. Be well!

  • Pratik Patel
    Pratik Patel 5 years ago +1

    nice one !!

  • poonam vohra
    poonam vohra 5 years ago +1

    Well explained

  • Ольга Володченкова

    Where is the rest of the course? Wanna see more videos.

  • Jane w
    Jane w 6 years ago +1

    I understood that so it has to be well explained! Thanks

  • TrakumaArt
    TrakumaArt 6 years ago +8

    thanks for the video
    you explained it more in detail

  • Kathryn Stockwell
    Kathryn Stockwell 6 years ago +2

    Kind of helpful for me. I just don't understand it as a whole. The only thing I have a problem with is "There ain't no such thing as a free lunch." That's a double negative. My prof. says "There is no such thing as a free lunch." Just as a heads up. Other than that it helps more than my textbook.

  • Javier Acevedo
    Javier Acevedo 6 years ago +1

    Great Video

  • Geleta Lemessa
    Geleta Lemessa 6 years ago +1

    thanks for your cooperation

  • Nani Kai
    Nani Kai 6 years ago +1

    why the video's are not movements ? Please movements the video. How we can play video ?

  • Nani Kai
    Nani Kai 6 years ago +1

    This is good. I think sort will more help to economics student and it is hope that it is better that other social science also upload for social science student & geography...

    • Elisa Jamal
      Elisa Jamal 6 years ago +3

      have you been using google translate ?

  • Christian Bracamontes
    Christian Bracamontes 6 years ago +1

    Thanks alot man, this realy helped me out

  • saman sheikh
    saman sheikh 6 years ago

    very nice contribution for students. God bless u

  • elchulitoriko
    elchulitoriko 7 years ago

    This video was very helpfull and graphics helped very much for the understanding of the basics of economics. Please upload more

  • The Dark
    The Dark 7 years ago

    thanks so much..

  • Jacob Swannersong
    Jacob Swannersong 7 years ago

    how do i find the subsequent videos? Can't find the "myth of the..." video anywhere!

  • Dolly Dollie
    Dolly Dollie 7 years ago

    Thanks for your time & effort!

  • MikeHammockEconomics
    MikeHammockEconomics  7 years ago

    I agree that this might turn off some students, but I do not think that it is misleading or confusing. Simplifying assumptions really are, by definition, untrue (if they were true they wouldn't be simplifying). Instead of trying to avoid turning off students by avoiding telling them that simplifying assumptions are lies, I prefer to address it head-on, while explaining there is a very important reason why economists (and all sorts of scientists) use them.

  • Zach Heckard
    Zach Heckard 7 years ago

    test

  • optionqb
    optionqb 7 years ago

    There is much I like about your video. I'm a high school economic instructor. I do wish you had used some other characterization other than "useful lie" when discussing the bounded rationality of human agents. For starters, students immediately dismiss the foundations of economics as resting on lies about basic human behavior. Secondly, I simply don't think calling them "lies" is true. Simply calling them abstractions or generalizations is sufficient without causing confusion.