Micro Unit 1 Summary- Basic Economic Concepts (Old Version)
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- Опубліковано 9 лип 2024
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• Micro Unit 1 Summary (...
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 course you are learning
======================= There is the owner and the employee. ==============
Ultimately, the 'Employee' makes the products, takes those products to the market, sells the same products, he made, to himself and finally he pays a fee known as Profit to some 'Owner' for a permission to own the same products he made and sold to himself.
The owner gets to collect profit for doing nothing.....and many call that 'earning' instead of 'taking'.
The way forward to a better society is to increase and maintain a strong minimum purchasing power of the end-consumer using the magic formula.
(Magic Formula: 'Your minimum Purchasing Power' = 'minimum wage' + 'Benefits payments' - 'Cost of dignified living from cradle to grave' - 'Taxes, fees, penalties')
Firms are no more "legal entities" than your back-up power generator is a "legal entity", and it does not matter if it runs on fossil fuels or if a bunch of humans must run on treadmills all day.
Save the minimum purchasing power of the human citizens instead of saving businesses/firms.
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