What is economics and what do economists do?

In this short introduction to the discipline of economics, Dr. Pete Schuhmann presents a basic overview of the fundamental issues of interest to economists and how they study those issues. He defines economics as the study of how people deal with scarcity and distribute scarce resources. He highlights the two broad branches of economics, macro and micro, and explains that macroeconomics focuses on the study of the entire economy at the national and international scales, while microeconomics looks at individual and firm-level decision-making and dynamics. He notes that economists use key concepts like opportunity cost to understand trade-offs and decision-making, and that questions of interest for economists arise by thinking at the margin.

[BramSarjana]

A great way in explaining the complexity economics in a way simple way. Make it easy to understand

[lavendela]

Love the simple forest example about macro & micro economics.

[edeline]

I love his teaching style and this is the first time I'm watching him,

[kopilalimbu]

Thank yuh sO much for wounderful explain

[daeviontaylor]

I am fascinated with economics, hopefully the honeymooning doesn’t stop when I’m mid course

[kalebtomas]

Thanks so much for good explantion, am kalib from Ethiopia, am economics student!

[tickedoffsheikh]

what are the essential books for first economics students?

[ferdieichhorn]

THANK YOU GOD BLESS YOU ALL AND YOUR LOVED ONES

[Supersmedicatedworld]

Tell me why I just smoked a fat doobie and went down the YouTube rabbit hole and ended up watching an economics lecture 😂

[talicatinai]

Where can I buy Mr Greenspan's book, " How to Sabotage the Wealth of any Country ?

[janasafieddine]

well im 9 years old and my brother is 19 and his studying economics

[subrotochatterjee]

The way I see it is that the vacuum and the falling objects are predictable phenomena. The leaves falling during a windy day is not. Economics is not an exact predictable science. There are numerous incidences in history that bear testimony to this fact: The Great Depression, the financial bubbles from wall Street, etc. experts notwithstanding.

[kentheengineer]

Scarcity is An Issue of The Utility of Built Systems & Process Engineering

[clarestucki]

There are no 'classical' (true) economists of the Adam Smith mold around today. Contemporary "economists" ar all political economists, not concerned with achieving maximum outputs with minimum inputs. but only concerned with how outputs are redistributed once they are produced.

[psikeyhackr]

They rationalize and justify the economic power game as designed and evolved by European culture. The economic wargame is a continuation of the military wargame by other means.

They ignore the depreciation of Durable Consumer Goods. How many automobiles have American consumers trashed since Sputnik?

Running a planet of 7 billion people on defective algebra makes so much sense.

[yicancu]

I don't understand the quote about how economists solve problems like leaves falling in a vacuum. Can someone elaborate on this please? The quote is at about 5:25

[perseveranceoverpower]

well, I’m usually not one to critique very small things but definitions are particularly important to me. I don’t necessarily have an issue with this definition of economics, but I think it uses unnecessary words. Simply calling it the scientific study of human action is a better way of doing it because all purposeful action already involves scarcity. It’s presupposed by the very fact that action even exists.

[kentheengineer]

Humans Reuse Food & Fluids All The Time the Difference Has to Do woth Comparing the Velocity of the transformation of resources to and from the lifecycle of a closed loop system

[trezhhh]

All (we) care about is food the main distribution.
How did we get to the point of famine
How do we get food to grow for large population

[saulgerardoaristasanchez]

estoy aqui porque me lo encargaron los del ceu