What is Economics? An Intro to Economics

Welcome to an introduction to economics! In a basic sense, economics is the study of the choices people make to satisfy their wants and needs with a limited supply of resources. In this video, you'll learn about the difference between wants and needs, goods and services, the concepts of resources and scarcity along with the three basic economic questions.

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Music (all copyright free in YouTube Audio Library):
The Curious Kitten - Aaron Kenny
Everything You Wanted - Dan Lebowitz
Twilight Train - Dan Lebowitz
Jeremiah's Song - Dan Lebowitz

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[karlzalazowski]

I'm a CPA grandfather homeschooling my middle school granddaughter. Thank you for taking a complex topic and helping me put it in language a 6th grader can understand. Please expand your library to include other world history topics.

[Angel-ffov]

When you pay 70k for school and a youtube video teaches you better than your teachers💀💀

[catherinenachalwe]

Simplified everything for me. Thank you.

[turborrr]

Great videos for homeschooling. Keep them coming thank you

[IntroToLife]

Great insights, always fascinating to explore other's thoughts! You inspired me to begin educating people on YouTube, Thank you!

[doug]

Great video. Simplicity at it's finest.

[HistoryOfRevolutions]

Karl Marx once wrote:

"Accumulation of wealth at one pole is at the same time accumulation of misery, agony of toil, slavery, ignorance, brutality, mental degradation, at the opposite pole"

[zhpqqrp]

Interesting and very useful video. Thanks

[allierayesinging]

Thank you!! i am homeschooled in 8th civics and this helped me understand economics!!

[ES_raz]

Such a simply explained and well made video. Thanks!

[Fiorella_GarciaV]

Thank you I got 100% in my exam🎉 because of you videos

[FarmingUnclear]

First 10 seconds of video explained I'm poor

[leslovesliberty]

In the age of inflation, high gas prices & supply chain disruption I sure hope people are paying attention!

[psikeyhackr]

Marx mentioned depreciation 35 times in Das Kapital. He wrote about the depreciation of Machinery, Money and Morality. He did not distinguish between Capital Goods and Consumer Goods. Of course before 1884 consumers did not buy automobiles and air conditioners and televisions. But today our brilliant economists do not talk about the depreciation of durable consumer goods or planned obsolescence. The term e-waste did not exist when I went to college for Electrical Engineering.

Economists hardly mention the Net Domestic Product equation. These nitwits subtract the depreciation of durable capital goods like industrial robots and 18-wheel trucks but ignore air conditioners and washing machines.

We have been running the planet on defective algebra since WWII. The concept of GNP/GDP was developed shortly before the war. The Great Acceleration that followed the war caused GDP to skyrocket but the consumer depreciation due to all of the junk manufactured has never been subtracted. So we have global warming and a wrecked planet. Marx is just a bit obsolete.

[happywife]

Thank you for your awesome video. My 7th graders - 3rd period class think it's so sigma.

[wpineol]

Want is actually a desire to have something but you dont necessarily need it but great video

[gravityfan]

Lylye rath was right when he said he doesn't believe in economics.

[_a-]

as a bald person i can confirm this is true

[samurai-plays-yqgk]

Am only watching this cus i need to study for my social studies exam 😂

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