Economics is the study of scarcity resources which means our needs exceed our limited resources available to fulfil this needs , And there is difference between needs and wants , needs is the basic things for survival like water and food but wants are things that complement our life and not necessary for survival like expensive car, apartment . Economics is classified into two things Micro economics and Macroeconomics .
In the space of scarce resources economics deals with four main problems or questions: 1.Consumption, how and why decide for particular goods? 2.Allocation, or how to decide efficiently? 3.Distribution, or who receives the economic results and why? 4.Order and Institutions, or what is the most convenient framework to act in? The mentioned subdisciplines consider these problems from different perspectives. Great video.
@@steelfox4437 Thanks! Overall, it was not a difficult major. The only course that I struggled in was Econometrics. From my experience, any degree could be fairly easy if you make the right connections and put some effort into it.
Hi! Just wanted to ask how much economics you had done before going to uni. I’m thinking about doing a joining degree so just want to know how much I should know
0:18 - Every time someone tells me whatever I'm talking about is "hard" or "too hard" I think to myself - Maybe is hard for you, or for someone who won't even start it for thinking is "hard", or for a beginner, but everyone starts from a point and if you start thinking it's "hard" you will never even start it, will never stop being a beginner and it will never became "easy" for you.
A pretty solid explanation of fundamental economics. Excellent work reducing a complicated subject into a simple and concise description. Your contrast of positive and normative economics was highly clear and simple to comprehend. Overall, I think this is an excellent introduction to economics, and I'd love to hear some of your more in-depth economic studies.
very good description of basic economics. Great job at condensing a difficult subject into a clear and short definition. I found your comparison between positive and normative economics very insightful and easy to understand. Overall i find this to be a great introduction to economics and i would love to hear some of your more in depth studies of economics.
its the purpose driven use of how a society functions within its capacity to combine its time, money, resources and expertise towards its needs and the study of how that becomes possible and how that changes. Its sociology of how and why countries grow to their own benefit and how global economic growth represents what is growing.
I have just started reading Basic Economics by Thomas Sowell. It has been a good read so far. You guys might want to check it out. I came across the exact same definition of economics in that book by the way. Has anyone read it?
this is exactly the problem im having I don't really like physics but like maths so i dont really know if i want to go down the engineering route looking at alternatives. Is it good so far?
surely not I’m on the same boat as you exactly! I cannot do physics so I sadly can’t do engineering in design. Instead I’m doing economics - hoping I enjoy it!
The fact that wants outstrip means implies that humans must set aside some wants for the achievement of others. It implies that humans must choose and economize. Economics is the study of choice.
Here's the simplest way to explain it: 1) People make choices. 2) Economists study those choices. Two hundred years ago, economists only studied the choices that people made in the marketplace. However, in the twentieth century they branched out into studying all human choice. Economics is the study of choice.
We never compared or even contrasted our countries economic standpoint/ exports imports compared to other countries, we never studied consumer consumption in our country compared to anothers. We never looked at a producers economic outlook business wise , we never looked at what most people can afford vs what items might be considered luxurious in other areas. We never applied any of the data we learned either in any real way.
నమస్తే ,, 1948 లో నిజాం నవాబు investments, shares, securities ఏమయ్యాయి? Uk & us bonds మన state ప్రజల కోసం trust లు పెట్టాడా? More information ఎక్కడ దొరుకుతుంది? Please reply
Economics is first divided into microeconomics and macroeconomics. Microeconomics is controllable by human choice, while macroeconomics is often uncontrollable by humans.
thanks... bt i have another dobut... my teacher told me that economics depends upon income of a family and some says that economics is a study of production, consumption , and distribution ... how can i interlink all definitions? please reply me as soon as possible....please sir
Why are you making so hard ... let me simplify Economics is basically about how people decide to use their resources, like time and money, to get what they need and want. It's like a big puzzle of how things are made, bought, and sold in a community or even globally
Thanks cuz I just picked it for my gcses and I barely know what it is😂😂I knew it was study of resources being used and stuff and was maths and geography related so I picked it
@@layanadalati1816 well, almost two years after leaving this comment, and a week left of school, i will miss economics because it was genuinely so interesting. it was fairly difficult but you have to stay focussed. it also depends on your teacher, i highly recommend it tho! i can't believe i left this comment just before i started econ and now I've finished omg
i understood meaning of economics but how they work in society if person study accounting his work is accountant when study economic how and where they work as economist i hope to get respond
oscar plato you could for the government, conduct research for website or magazine or organizations. You may also calculate risk factors involved in certain decisions relating to economics
li wrote a long answer, but then i realised i will just confuse you more. my advise, if you are into numbers, go for economics, even better, mathematical economics. marketing is more for creative type of people, and on top will give you a better general knowledge of business operations. so, the choice is easy, if numbers- economics, if words - marketing
English is a basterd lanquage, it has taken many (if not most) of its words from many different lanquages. That is why on many words, pronounciation is dependent on dialect. This is one of such words.
You mean 'pronunciation'. Classically pronouncing that word incorrectly! And why have you said "lanquage" twice ... using a 'q' and not a 'g'? It's 'language! Dear me!
Economics is about making choices, that is what we do everyday so i love Economics.
Economics is the study of scarcity resources which means our needs exceed our limited resources available to fulfil this needs , And there is difference between needs and wants , needs is the basic things for survival like water and food but wants are things that complement our life and not necessary for survival like expensive car, apartment .
Economics is classified into two things Micro economics and Macroeconomics .
I am doing Engineering course and taken Economics as an extra subject and my professor gave me this link to watch in my first Eco. class.
In the space of scarce resources economics deals with four main problems or questions:
1.Consumption, how and why decide for particular goods?
2.Allocation, or how to decide efficiently?
3.Distribution, or who receives the economic results and why?
4.Order and Institutions, or what is the most convenient framework to act in?
The mentioned subdisciplines consider these problems from different perspectives.
Great video.
I literally just got my Economics degree, idk why I'm watching this lol
Congratulations! And btw was it hard?
@@steelfox4437 Thanks! Overall, it was not a difficult major. The only course that I struggled in was Econometrics. From my experience, any degree could be fairly easy if you make the right connections and put some effort into it.
@@hadisaif2180 I'll keep that in mind. Good luck
Congratulations. Good stuff bro. What would you say was the best topic of Economics.
Hi! Just wanted to ask how much economics you had done before going to uni. I’m thinking about doing a joining degree so just want to know how much I should know
0:18 - Every time someone tells me whatever I'm talking about is "hard" or "too hard" I think to myself - Maybe is hard for you, or for someone who won't even start it for thinking is "hard", or for a beginner, but everyone starts from a point and if you start thinking it's "hard" you will never even start it, will never stop being a beginner and it will never became "easy" for you.
A pretty solid explanation of fundamental economics. Excellent work reducing a complicated subject into a simple and concise description. Your contrast of positive and normative economics was highly clear and simple to comprehend. Overall, I think this is an excellent introduction to economics, and I'd love to hear some of your more in-depth economic studies.
This is what I've bee researching for: economics is not only money. Great Video! I am super proud of you
Had to watch this for an assignment in my economics class, very helpful. Thanks!
Are you graduated now
very good description of basic economics. Great job at condensing a difficult subject into a clear and short definition. I found your comparison between positive and normative economics very insightful and easy to understand. Overall i find this to be a great introduction to economics and i would love to hear some of your more in depth studies of economics.
CDR BJ
😅
still.. dont take economics class.
Its s history class.Or maybe economic class cause ours is history class
Why ?
You are really a stumblin-block for other youtubers....This video is par excellence and exactly what I was looking for!
This video is actually great, way better than the one on investopedia.
"Economics is the study of the use of scarce resources that have alternative uses."
Yes
Checkout my playlist to see *World GDP* ua-cam.com/video/lvBJMiZZbEE/v-deo.html
An excellent introduction about the basics of economics.
Thanks so much for sharing, I was required to listen for my economics course. Was very helpful and simple to understand.
Cavelle Nelson
झ
its the purpose driven use of how a society functions within its capacity to combine its time, money, resources and expertise towards its needs and the study of how that becomes possible and how that changes. Its sociology of how and why countries grow to their own benefit and how global economic growth represents what is growing.
I have just started reading Basic Economics by Thomas Sowell. It has been a good read so far. You guys might want to check it out. I came across the exact same definition of economics in that book by the way.
Has anyone read it?
no how to get it online ?
who is the best economic teacher??
Economy is social sceince which explains how people engage our selves consumption,disturbution,and production of goods and service in to soceity
*Science
*society
*distribution
*ourselves
though, yes, you are correct.
Thank you, I taking Economics now, for next year, you gave me a nice overview.
Economics is the way people think about money .Value is the degree of avarice .
I literally just changed my whole alevel course/ subjects from engineering based to economics based now I dunno if I’m gonna regret it
this is exactly the problem im having I don't really like physics but like maths so i dont really know if i want to go down the engineering route looking at alternatives. Is it good so far?
surely not I’m on the same boat as you exactly! I cannot do physics so I sadly can’t do engineering in design. Instead I’m doing economics - hoping I enjoy it!
What software did you use to animate this?
Sir its better to understand it when you also show the meaning of the words like scarce resources etc
Nice video! Can I know what software or apps you are using to make the video?
Economics is deal with everything around the world .
Thank you sir for your information
I started in these year only
I think economics is being prepared for all platforms and be ready to do business with whatever youre given
"Multiplicity of wants and scarcity of means are the two foundation stones upon which the structure of Economics rests"..Explains please.
The fact that wants outstrip means implies that humans must set aside some wants for the achievement of others. It implies that humans must choose and economize. Economics is the study of choice.
This video is clear and easy to understand introduction to economics. Good work
If you are an economics student you may try my channel too
Thanks for the knowledge tommorrow is my first class at college.
Tell me what is economy please....
Great insights, always fascinating to explore other's thoughts! You inspired me to begin educating people on UA-cam, Thank you!
Im very interested in economics however I’m not so great in math. Do i have to be super great in math to study this?
Its very simple math
Personally you are a good teacher more over you know how to teach Easley. Keep it up
I just got my Economics degree, why I'm watching this!!!!
So sad to see this channel not taking off
my professor linked this. this is my third economics course. its required in highschool.
Bravo! Amazing Vocabulary and Great Clearance... Thanks...
Tq somuch for the class I did not understand when mam says now by this video I habe understand how economic helps on day to day life tq so much
I m going to start economic classes soon and this video is very amazing...
Thank you,so much .My class in Goa, enjoyed your lesson.
This is a golden video for me
Thanks dude
I didn't actually get anything ............
Here's the simplest way to explain it:
1) People make choices.
2) Economists study those choices.
Two hundred years ago, economists only studied the choices that people made in the marketplace. However, in the twentieth century they branched out into studying all human choice. Economics is the study of choice.
+The Economics Detective Thanks Man ! I guss I understand something !
Because you are an idiot.
@@K4MR4N1UK123 unnecessary
K4MR4N1UK123 rude
never heard someone say eeeconomics before. Where are you from?
We never compared or even contrasted our countries economic standpoint/ exports imports compared to other countries, we never studied consumer consumption in our country compared to anothers. We never looked at a producers economic outlook business wise , we never looked at what most people can afford vs what items might be considered luxurious in other areas. We never applied any of the data we learned either in any real way.
Thanks a lot I watched this is class and my teacher replayed this 5 times
Wonderful presentation.
నమస్తే ,, 1948 లో నిజాం నవాబు investments, shares, securities ఏమయ్యాయి? Uk & us bonds మన state ప్రజల కోసం trust లు పెట్టాడా? More information ఎక్కడ దొరుకుతుంది? Please reply
Simply Explained! I also liked the music.
I am not an economics major but this video was in my recommendations so i clicked it and it seemes interesting.
An experienced economics i am , but guess what am refreshing my mind and am here .
Economics is first divided into microeconomics and macroeconomics. Microeconomics is controllable by human choice, while macroeconomics is often uncontrollable by humans.
Amazing video
What is one way you could describe the Economy in one sentence
What keeps the world go around
@@youngtouch4201 In a world far far away.
very helpful ... can u do more videos about other topics in economics
Very good description,its give better understanding about economics.
whats a good book to read to get me into economics
Economics in One LessonWhat Ever Happened to Penny Candy?FreakonomicsHidden OrderLessons for the Young Economist
Or anything by Thomas Sowell.
thanks... bt i have another dobut... my teacher told me that economics depends upon income of a family and some says that economics is a study of production, consumption , and distribution ... how can i interlink all definitions? please reply me as soon as possible....please sir
Ngl I still don't get it
Its a very rushed video for a beginner
It a very good presentation...
Very nice quick, informative lecture. 😁👍
easy to understand with picturial presentation
What program did you use to edit and animate this video?
Keynote. It's the mac equivalent of powerpoint.
You teach me very well I'm so smart in school! I'm the smartest one there I love your videos
Ive signed up for evonomics for summer for my business major
Why are you making so hard ... let me simplify
Economics is basically about how people decide to use their resources, like time and money, to get what they need and want. It's like a big puzzle of how things are made, bought, and sold in a community or even globally
It's really helpful
Thank you so much 🥰
Sound is low and sharp ....cannot understand properly...do something of this please
I'm studying for this school year before school starts agian :D
its a very good video helped me alot😊
Still dont get it
What is economic’s i neeed to know
Lollll imagine being dumb
@@kermitdafrogge3685 ratio
Hahahaha
I am interested in economics and business studies
How can I contact you ?
Nicely explained
Don't bother me it's a consumption and utility and think of production and satisfaction to all with scarce knowledge.
Thanks cuz I just picked it for my gcses and I barely know what it is😂😂I knew it was study of resources being used and stuff and was maths and geography related so I picked it
is it easy?
@@layanadalati1816 well, almost two years after leaving this comment, and a week left of school, i will miss economics because it was genuinely so interesting. it was fairly difficult but you have to stay focussed. it also depends on your teacher, i highly recommend it tho! i can't believe i left this comment just before i started econ and now I've finished omg
Go through my work on Anthropological economics
hey can you make 1 about elasticity? great stuff by the way :)
Economices is by help me?
How far we can say that " Economics is a study of mankind in the ordinary business of life" ? Discuss and Simplify ?
Great introduction
im watching this as a year seven for my report and tbh it is pretty easy
Economics studies Human behaviors with relativity of business transactions" is it so? why ?
Very very well explained, thank you!
Great video!
what kind of software you used to this awesome presentation
keynote
Superb. Thank you, you saved my day.
Why it is called scarce
Good and simple
thanks .. this was alot of help
i understood meaning of economics but how they work in society if person study accounting his work is accountant when study economic how and where they work as economist i hope to get respond
yeah, you'll get a job as an economist, businessman, entrepreneur, etc.
That is the answer we still waits even iam student who studying economics really i don't know where i will working as economists
oscar plato you could for the government, conduct research for website or magazine or organizations. You may also calculate risk factors involved in certain decisions relating to economics
I dont know what to choose Marketing management or economics 😑
li wrote a long answer, but then i realised i will just confuse you more. my advise, if you are into numbers, go for economics, even better, mathematical economics. marketing is more for creative type of people, and on top will give you a better general knowledge of business operations. so, the choice is easy, if numbers- economics, if words - marketing
I will collect a lot of money 💪💪
Economics studies means choices!
wow great teaching
it is economics not eeconomics
English is a basterd lanquage, it has taken many (if not most) of its words from many different lanquages. That is why on many words, pronounciation is dependent on dialect. This is one of such words.
You mean 'pronunciation'. Classically pronouncing that word incorrectly! And why have you said "lanquage" twice ... using a 'q' and not a 'g'? It's 'language! Dear me!
eekonomix
Very informative
the tabla music in background is making it a 100 thousand times interesting
Thx I have a test on Tuesday and I need to learn.
ES INTERNASTE PERO NO ENTIENDO INGLES, POR FAVOR LO HAY EN CASTELLANO??