Half way through this video I realized that many of you may have never seen the movie the Matrix. Have you see it? Do you think capitalism enslaves us or liberates us? Let me know
+ACDCLeadership I believe that capitalism enslaves us to holding monetary value high in our hearts but at the same time liberates us from a plateau in sectors like technology and other forward thinking fields due to constant incentives in an ever-evolving market (something most other forms of economies wouldn't provide). I do not think the country could be much better/rational with a different economy. p.s. i cant explain how much i appreciate the time you put into your videos! thank you!
+ACDCLeadership Neither. But it does allow me the freedom and opportunity to succeed or fail on my own. Whereas Socialism would try to protect me from failing; Communism would not allow me the opportunity to try.
Man.. I'm back to studies after a decade. And I'm a mechanical engineer studying this economics as part of my MBA; you can't imagine how much your videos are helping. thank you so much Sir!
@@JacobAClifford The entire model is a lie. ==========< 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. Firms are just property and should be treated as such by the laws. Save the minimum purchasing power of the human citizens instead of saving businesses/firms.
I know it's been 5 years but I just went back to school after a decade to try for my MBA. This is SO helpful. hope you got that degree or found a business!
As a future educator myself, I must say that what you are doing is absolutely remarkable! Not only is the education of fantastic quality, but the fact that you have gained such popularity as a self-proclaimed high school teacher is EXACTLY what we need in a current system where many people disregard teaching as a viable career because of how it is perceived in society and how it is run bureaucratically. Thank you for inspiring young minds, including my own!
I was just referred to this channel by a friend, and I just want to say what an incredible channel this is. As a content producer myself, I can tell there is an extraordinary amount of effort put into these videos, so I want you to know that does not go unnoticed. Your explanations are clear and concise, and I am finally able to understand the material. Furthermore, I was very impressed to see how interactive you are in the comment section and how you provoke intellectual discussions. Great job, I will continue watching your videos and hopefully grasp the material better! Thanks!
I viewed your videos as a compliment to my online materials for Micro two semesters ago, and now for Macro, your videos are still my go-to when I don't completely grasp a topic. Your method for teaching is FANTASTIC!
How can you have such an impeccable understanding? u r blessed!! Are u teaching in some college? I am a Masters student in Duke University pursuing MIDP . Your videos are really helpful.....
This is actually wrong on a number of points. 1. Capitalism didn’t create the iPhone the internet or most major innovations. Look up “current affairs - capitalism didn’t invent the iPhone” literally all the innovation is produced in the public sector then appropriated by the private sector. The ussr had markets too. The ussr had MANY innovations including things like oh I don’t know. Satellites?? Don’t need private markets for any innovations. Also look up “how privatization fails” by the channel Shaun on how things like airlines and railroads fail in the private sector. The other thing that’s never mentioned is Marxian economics. How can you know how captialist economics are if you never study Marxian? Look up Brendan McCooney channel on UA-cam or professor Richard wolff. You don’t know what you think you know about economics. You’re wrong.
@@hopperthemarxist8533 the railroads were literally created my the private sector in America Sure, socialist. Except the USSR is no more while Apple still exists.
@@hopperthemarxist8533 I get what you think you're saying, but I dont think you know what you think you know either. Sure capitalism didn't create the Iphone. It's silly to think an idea and economic system created anything. That really isnt the point. Socialism did not create any of that stuff either. Because socialism is an idea, a system. And that's not really the point either. The impetus for the innovation isn't as relevant as the impact that's generated as a result of it. Said another way, there's a fundamental difference between the discovery or creation of something to meet a need and the innovation of that discovery to provide widely available and cheap access. The former can be the brought on my any mechanism. Ideas are bountiful and know no boundaries. The latter, however, a direct result of capitalism, is the reason Iphones are in every person's hands today
You can't wonder how helpful your videos are, I am a student of international business and I'm honestly so grateful! If I pass my microeconomics test it will be thanks to your awesome and fully understanding videos. The content of your channel is enormously helpful for economics students.
My online studies are costing me roughly 4 thousand dollars to an institute that uses your videos as their course content. I learn more from you in 2hrs than I have this whole week. I wish I could pay you! Thank you so much. I also believe the matrix can enslave and liberate us, it is dependent on your mindset and what you believe. You can chose to feel enslaved or you can chose to feel liberated- emphasis on the FEELING & BELIEVE
Like usual, I waited to the night before my mid-term to learn the entire course. I literally learned the whole course in about 5 hours of your videos, I don't know how to thank you. Maybe I better wait till after the test tomorrow haha
0:20 Circular Flow Model 0:35 Households and Businesses, Product Market, Resource Market 1:31 Money: Consumer Spending, Revenue, Cost of Production, Income 1:53 4 Kinds of Income 2:12 A few questions (A) Mall (B) Do Businesses Demand or Supply? 2:55 Add in the Government and the public sphere
I AM COMING TO YOU FOR ALL MY ECONS CONCEPT HELP FROM NOW ON. Seriously, I haven't seen something been broken down into ways that actually stick in such a well produced and entertaining video. Thank you so much!
Brilliance i tell you....I studied the guide a few months ago and got so confused but your version, Mr Jacob Clifford, is brilliant so simple and so relevant
I love that you teach teachers as well as us students. My current AP macro teacher went to one of your teacher workshops and says he learned a lot! love what you guys do and good work!
Thank you Mr Clifford ! After 2 attempts at this module, The 3rd time I know will be something special !!! ACDC ROCKS !!! Never enjoyed learning Economics until, I found this channel. Definitely Life Changing stuff
My teacher uses his curriculum but NOT his videos and it pisses me off so much. This man I understand so much but my teacher just talks way too confusingly and gets distracted a lot.
You are awesome! When I have some difficulties I just watch your videos and I understand your explanations very quickly . Thank you very much professor !
Thank you for explaining in a way that was easy to understand! I was struggling to explain this in my online class that has no video for guidance. I also searched several videos but was difficult to understand! Thank you!
I would like to thank you for these quality videos you made in the last few years, they helped me decide to choose Economics as one of my higher International Baccalureate! I didn't know anything about these topics and concepts during doing my GCSE's but I had some Entry Exams to some top 6th Forms in the UK. By watching your videos I had the highest mark on my papers and I got accepted to many places. Now I find economics really enjoyable! Thank you Mr Clifford! Keep making these fantastic videos!:)
I adore you! Thank you for making economics so easy to understand and fun to learn. You are the reason why I’m passing my macroeconomics class my professor has nothing on you! Lol
Another great video Jacob. I love the way that you speak in a normal tone, at a normal pace. Usually my settings are at 1.5 or 2x the speed when listening to Americans, however, when I watch your videos I must return to normal settings because you don't operate in slow motion like your compatriots; bravo!!
I watched these videos before my classes started and it helped sooooo much and now during my classes I'm using them AGAIN haha always great having help. you're a hero thanks
Hey Mr. Clifford! Thanks for your Videos and also for your non-judgmental view of economics. I am studying economics and find your videos very helpful! However, I am a rather economic-critical person and thinking negatively about it (everything focused on sucess, egoism and money) but also have to say that sometimes I was very to critical. I like that you really put this neutral view in front! Your video with the tributes of panem have been eye opened for me. To answer your question, I think it is both: We can be thankful that we live in wealth an have our basic needs be covered, so we have the chance to be free, this is thanks to economic freedom and capitalism. However still a big fault in human behaviour is, that we think materialistic things can make us happy. So the run in the hamster-wheel as you mentioned is definately something that makes us enslaved
Thank you for making these videos. I have had a tough time with economics and I find myself looking up textbook terms and concepts on UA-cam hoping you'll have a video on it. Great work!
Hai Jacob , Your videos are very much worth for people like those who don't have any previous economic studies Thanks , I referred this to my group in IT Sligo
Mr. Clifford, you have been helping many students like me for more than a year. Just wanted to let you know that we appreciate it :)) This saves my time from going to a personal tutor and I get additional information too wohoo. Killing 2 birds with 1 stone :P
u are really the best economic teacher. your videos are very helpful it gives a full fledged understanding of the topic and interesting to learn.thanks ACDC :}
This is a pretty good video, I especially like the quizzes he gives intermittently within the video, it really does make the information stick better in the long run.
Jacob, was at your presentation in Tucson awhile back and really enjoyed it. I have noticed a typo in this video. At 2:57 in the video you have a text box in the SW corner that says,"The part of the economy ran 😞 (you meant "run") by the government." Nit picking aside, I plan to use this in my college class this spring. Thanks!
New subscriber here. Happy to have found such a good source of knowledge. Somehow, your teaching comes across as organic and insightful, as distinct (perhaps not wholly) from informative or humorous (which it is). Thank you for doing what you're doing.
+ACDCLeadership Also question: I was aware that, traditionally, there were three factors of production -- land, labor and capital. Although I think that capitalism liberates us, the first time I saw entrepreneurship included alongside those three, I thought that was conspicuously pro-capitalism (if only because it seems to be fundamentally ethereal in a way that the others are not). Now I'm wondering if it's more the case that the traditional picture is antiquated or incomplete. Do you consider entrepreneurship to be special in some way?
I really didn't put too much thought into it, but you brought up some good points. I think it just comes down to preference and time. I mention four because we are talking about markets economies and I am trying to get the info out quickly as possible. Notice I didn't separate human capital and physical capital either.
The entire model is a lie. ==========< 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. Firms are just property and should be treated as such by the laws. Save the minimum purchasing power of the human citizens instead of saving businesses/firms.
Thanks for the video! Very useful for my revision. Helped me understand much more about the circular flow of income in 5 minutes, when I cant understand my lectures.... :)
Thank you so much ACDCLeadership...! Your lesson is super fun and helpful. I am preparing myself for an interview for my master degree next year that requires basic understanding of economics. If I could pass it, some of the credits will be yours..! *fingerscrossed
I think the Matrixy aspect is in thinking this is the only way a market economy can be organized (there isn't a need for such a artificial division between households and businesses, and how do households control the resource market anyway?). Not to mention of the 4 factors of production, one is a special case (inelastic) and is controlled mostly by government (land). You could just as easily describe a market economy in terms of co-ops and profit sharing, use fees for resources, and public banks. It still functions, but looks really different than present day capitalism.
It liberates you when there is opportunity for mobility, the ability to control your destiny through work. This is because it fuels your ability to move where you want to in society. It enslaves you when there is no opportunity for mobility, because you are unable to leave the place in society that you were born into even if you wanted to. It becomes a prison.
How does the Circular Flow model change if we include sources of Leakages and Injections (Saving, Taxation, Imports and Investment, Government Spending, Exports).
Half way through this video I realized that many of you may have never seen the movie the Matrix. Have you see it? Do you think capitalism enslaves us or liberates us? Let me know
+ACDCLeadership it enslaves us #bernie2016
I think that is what Bernie would say too
+ACDCLeadership I believe that capitalism enslaves us to holding monetary value high in our hearts but at the same time liberates us from a plateau in sectors like technology and other forward thinking fields due to constant incentives in an ever-evolving market (something most other forms of economies wouldn't provide). I do not think the country could be much better/rational with a different economy.
p.s. i cant explain how much i appreciate the time you put into your videos! thank you!
+ACDCLeadership Neither. But it does allow me the freedom and opportunity to succeed or fail on my own. Whereas Socialism would try to protect me from failing; Communism would not allow me the opportunity to try.
Well said. Freedom to succeed requires freedom to fail
Man.. I'm back to studies after a decade. And I'm a mechanical engineer studying this economics as part of my MBA; you can't imagine how much your videos are helping. thank you so much Sir!
I'm glad I could help
@@JacobAClifford
The entire model is a lie.
==========< 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. Firms are just property and should be treated as such by the laws.
Save the minimum purchasing power of the human citizens instead of saving businesses/firms.
I know it's been 5 years but I just went back to school after a decade to try for my MBA. This is SO helpful. hope you got that degree or found a business!
As a future educator myself, I must say that what you are doing is absolutely remarkable! Not only is the education of fantastic quality, but the fact that you have gained such popularity as a self-proclaimed high school teacher is EXACTLY what we need in a current system where many people disregard teaching as a viable career because of how it is perceived in society and how it is run bureaucratically. Thank you for inspiring young minds, including my own!
I know that it has been 8 years, but he is not really a self-proclaimed high school teacher. He has his licences and own school too.
I was just referred to this channel by a friend, and I just want to say what an incredible channel this is. As a content producer myself, I can tell there is an extraordinary amount of effort put into these videos, so I want you to know that does not go unnoticed. Your explanations are clear and concise, and I am finally able to understand the material. Furthermore, I was very impressed to see how interactive you are in the comment section and how you provoke intellectual discussions. Great job, I will continue watching your videos and hopefully grasp the material better! Thanks!
I viewed your videos as a compliment to my online materials for Micro two semesters ago, and now for Macro, your videos are still my go-to when I don't completely grasp a topic. Your method for teaching is FANTASTIC!
How can you have such an impeccable understanding? u r blessed!! Are u teaching in some college? I am a Masters student in Duke University pursuing MIDP . Your videos are really helpful.....
he was gifted by the gods
This is actually wrong on a number of points.
1. Capitalism didn’t create the iPhone the internet or most major innovations. Look up “current affairs - capitalism didn’t invent the iPhone” literally all the innovation is produced in the public sector then appropriated by the private sector. The ussr had markets too. The ussr had MANY innovations including things like oh I don’t know. Satellites?? Don’t need private markets for any innovations. Also look up “how privatization fails” by the channel Shaun on how things like airlines and railroads fail in the private sector. The other thing that’s never mentioned is Marxian economics. How can you know how captialist economics are if you never study Marxian? Look up Brendan McCooney channel on UA-cam or professor Richard wolff. You don’t know what you think you know about economics. You’re wrong.
A_Socialist_Channel but he was gifted by the gods
@@hopperthemarxist8533 the railroads were literally created my the private sector in America
Sure, socialist. Except the USSR is no more while Apple still exists.
@@hopperthemarxist8533 I get what you think you're saying, but I dont think you know what you think you know either. Sure capitalism didn't create the Iphone. It's silly to think an idea and economic system created anything. That really isnt the point. Socialism did not create any of that stuff either. Because socialism is an idea, a system. And that's not really the point either. The impetus for the innovation isn't as relevant as the impact that's generated as a result of it.
Said another way, there's a fundamental difference between the discovery or creation of something to meet a need and the innovation of that discovery to provide widely available and cheap access. The former can be the brought on my any mechanism. Ideas are bountiful and know no boundaries. The latter, however, a direct result of capitalism, is the reason Iphones are in every person's hands today
You can't wonder how helpful your videos are, I am a student of international business and I'm honestly so grateful! If I pass my microeconomics test it will be thanks to your awesome and fully understanding videos. The content of your channel is enormously helpful for economics students.
My online studies are costing me roughly 4 thousand dollars to an institute that uses your videos as their course content. I learn more from you in 2hrs than I have this whole week. I wish I could pay you! Thank you so much.
I also believe the matrix can enslave and liberate us, it is dependent on your mindset and what you believe.
You can chose to feel enslaved or you can chose to feel liberated- emphasis on the FEELING & BELIEVE
Like usual, I waited to the night before my mid-term to learn the entire course. I literally learned the whole course in about 5 hours of your videos, I don't know how to thank you. Maybe I better wait till after the test tomorrow haha
+Spaulding's Tree Service I'm glad I was able to help. Please subscribe and tell your friends. Good luck on your exam.
So how did you do?
How did you scoreee haha
0:20 Circular Flow Model
0:35 Households and Businesses, Product Market, Resource Market
1:31 Money: Consumer Spending, Revenue, Cost of Production, Income
1:53 4 Kinds of Income
2:12 A few questions
(A) Mall
(B) Do Businesses Demand or Supply?
2:55 Add in the Government and the public sphere
"It would be nice if we didn't have to work but that comes with a cost"
SOUNDS A LOT LIKE OPPORTUNITY COST TO ME
Jesus loves you fr
I AM COMING TO YOU FOR ALL MY ECONS CONCEPT HELP FROM NOW ON. Seriously, I haven't seen something been broken down into ways that actually stick in such a well produced and entertaining video. Thank you so much!
Brilliance i tell you....I studied the guide a few months ago and got so confused but your version, Mr Jacob Clifford, is brilliant so simple and so relevant
I love that you teach teachers as well as us students. My current AP macro teacher went to one of your teacher workshops and says he learned a lot! love what you guys do and good work!
+Jackson Alexander Thanks Jackson. I appreciate it. Please tell your teacher hi for me.
Thank you Mr Clifford ! After 2 attempts at this module, The 3rd time I know will be something special !!! ACDC ROCKS !!! Never enjoyed learning Economics until, I found this channel. Definitely Life Changing stuff
I passed micro economics because of you and now I truly know I'll also pass macroeconomics because of u🤗🤗 thanks alot
School boards should require your videos as part of an Economics curriculum lol.
my teacher uses him lol
I teach Economics, and I make his videos part of the curriculum! He is the reason I made it through Economics in college, so why not share the wisdom?
They do lol 😆
My teacher uses his curriculum but NOT his videos and it pisses me off so much. This man I understand so much but my teacher just talks way too confusingly and gets distracted a lot.
my teacher recomends his videos
awesome teacher i have ever seen in my life...... it made it so easy to understand
I am so glad he mentioned Walden omg my favorite book of all times
Thanks for being such a helpful teacher Mr. Clifford!!
Jacob, you are the man! I'm taking an entry-level Econ class at BYU, and your videos are super helpful. Thank you!
You are awesome! When I have some difficulties I just watch your videos and I understand your explanations very quickly . Thank you very much professor !
Thank you for explaining in a way that was easy to understand! I was struggling to explain this in my online class that has no video for guidance. I also searched several videos but was difficult to understand! Thank you!
I would like to thank you for these quality videos you made in the last few years, they helped me decide to choose Economics as one of my higher International Baccalureate! I didn't know anything about these topics and concepts during doing my GCSE's but I had some Entry Exams to some top 6th Forms in the UK. By watching your videos I had the highest mark on my papers and I got accepted to many places. Now I find economics really enjoyable! Thank you Mr Clifford! Keep making these fantastic videos!:)
+Akos Somoskeoy Wow, that's awesome. I'm glad I was able to help. When you get super rich some day, make sure to think of me.
I adore you! Thank you for making economics so easy to understand and fun to learn. You are the reason why I’m passing my macroeconomics class my professor has nothing on you! Lol
I have a micro exam this Thursday and this really helped me understand the model. I mean its common sense but it really hits the points. Thank You!
Another great video Jacob. I love the way that you speak in a normal tone, at a normal pace. Usually my settings are at 1.5 or 2x the speed when listening to Americans, however, when I watch your videos I must return to normal settings because you don't operate in slow motion like your compatriots; bravo!!
I watched these videos before my classes started and it helped sooooo much and now during my classes I'm using them AGAIN haha always great having help. you're a hero thanks
Hey Mr. Clifford!
Thanks for your Videos and also for your non-judgmental view of economics.
I am studying economics and find your videos very helpful! However, I am
a rather economic-critical person and thinking negatively about it (everything focused on sucess, egoism and money) but also have to say that sometimes I was very
to critical. I like that you really put this neutral view in front! Your video with the tributes of panem have been eye opened for me.
To answer your question, I think it is both:
We can be thankful that we live in wealth an have our basic needs be covered, so we have the chance to be free, this is thanks to economic freedom and capitalism. However still a big fault in human behaviour is, that we think materialistic things can make us happy. So the run in the hamster-wheel as you mentioned is definately something that makes us enslaved
+Marcel Gölz couldn't say it better myself.
Thank you for making these videos. I have had a tough time with economics and I find myself looking up textbook terms and concepts on UA-cam hoping you'll have a video on it. Great work!
Hai Jacob , Your videos are very much worth for people like those who don't have any previous economic studies
Thanks , I referred this to my group in IT Sligo
Mr. Clifford, you have been helping many students like me for more than a year. Just wanted to let you know that we appreciate it :))
This saves my time from going to a personal tutor and I get additional information too wohoo. Killing 2 birds with 1 stone :P
And yes. Capitalism does enslave us. It creates a major economic divide and social welfare always takes a back seat in a capitalistic economy.
Jesus loves you fam.
Thank you so much i’m Asian and this video helps me a lot. It’s very clear and understandable. Thank you!
You're amazing!!! got macro econ on next Sunday you'r videos are helping a lot!! actually not just for macro it helped me in micro last year as well!!
u are really the best economic teacher. your videos are very helpful it gives a full fledged understanding of the topic and interesting to learn.thanks ACDC :}
So much understanding that I didn't get from reading my textbook. Thank you!
This is a pretty good video, I especially like the quizzes he gives intermittently within the video, it really does make the information stick better in the long run.
YOU MADE THIS SO EASY TO FOLLOW EVEN THOUGH ITS SUPPOSED TO BE A HARD TOPIC THANK YOU SO MUCH
Jacob, was at your presentation in Tucson awhile back and really enjoyed it. I have noticed a typo in this video. At 2:57 in the video you have a text box in the SW corner that says,"The part of the economy ran 😞 (you meant "run") by the government." Nit picking aside, I plan to use this in my college class this spring. Thanks!
Me and my friend synced the video so it was twice its volume and it sounded so epic
This is so helpful! So grateful to have watched this vid while on homeschool during the quarantine period. : )
My professor is actually assigning your videos for pre lecture quizzes and its definitely a good precursor
Great editing and great teaching. You are a amazing person man. I really thought econ was boring but now I definitely love it . Thank you so much
I am glad I found his channel. The only thing that I regret is I don't find this channel soon before now.
just want to send my massive appreciation to you sir! you've helped me alot 😭
I understand macroeconomics a lot better because of you. THANK YOU A BUNCH! P.s. I have not seen the movie the Matrix. Lol.
Fantastic explanation, really helped my year 9 Economics and Business class. Thanks!
I love the way he explains things, great video!
I spent 10 bucks here and learn more than school! Thank you
Srsly, we need experts like you sir. My prof does not even teach decently--cannot even see his FACE. Thank you for this video.
New subscriber here. Happy to have found such a good source of knowledge. Somehow, your teaching comes across as organic and insightful, as distinct (perhaps not wholly) from informative or humorous (which it is). Thank you for doing what you're doing.
+TheGerogero I appreciate it. Thank you.
+ACDCLeadership Also question: I was aware that, traditionally, there were three factors of production -- land, labor and capital. Although I think that capitalism liberates us, the first time I saw entrepreneurship included alongside those three, I thought that was conspicuously pro-capitalism (if only because it seems to be fundamentally ethereal in a way that the others are not). Now I'm wondering if it's more the case that the traditional picture is antiquated or incomplete. Do you consider entrepreneurship to be special in some way?
I really didn't put too much thought into it, but you brought up some good points. I think it just comes down to preference and time. I mention four because we are talking about markets economies and I am trying to get the info out quickly as possible. Notice I didn't separate human capital and physical capital either.
***** Thanks!
This man should get a statue... he literally saved me lol. Didnt go to any micro lectures and had zero notes. Thanks mr. Clifford!
I loved all th references to the matrix, and that intro was cool ;)
The entire model is a lie.
==========< 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. Firms are just property and should be treated as such by the laws.
Save the minimum purchasing power of the human citizens instead of saving businesses/firms.
You are awesome...I love all your tutorials...very informative keep doing what you are doing...👐
Thanks for the video! Very useful for my revision. Helped me understand much more about the circular flow of income in 5 minutes, when I cant understand my lectures.... :)
+Zhongshuhao You are welcome
You are the best teacher of all times dude
I have a discussion due in two days and you have helped me to get a jump on it!
Thank you so much ACDCLeadership...! Your lesson is super fun and helpful. I am preparing myself for an interview for my master degree next year that requires basic understanding of economics. If I could pass it, some of the credits will be yours..! *fingerscrossed
You are such a great explainer. It's fabulous!
that 'woah' part is my literal reaction after hearing his brilliant explanation
Great video! I understood this concept so much quicker the way you explained it, even better than the khan academy vid!
This microeconomics class is enslaving me becasue of the amount of work I have to put into it
microecon boring asf
Explained this way better than my teacher. Thanks!
I love you you just helped me pass my Econ test
your videos are really helpful and awesome. Thank you so much.
+Gayoung Lee You are very welcome
so helpful as our tutor is totally confused about what he has taught !
Mr. Clifford, you are the best. I love the graphics that you use, and your painfully corny jokes. Never stop making videos!
+dingviet Thanks. I will take "painfully corny".
So this is where andrew tate got his ideas from...
😂😂😂😂😂😂😂😂
Man i was also thinking about this thing 😂😂😂
HOW CAN U HATE THIS MAN . HES THE GOAT
hey, ur like the best, thank you for helping me understand economics, i would've flunked without ur videos!
A great teacher with a rad music taste and sick production skills !! Keep rockin it \m/
Hey!You're the best!
Please accept my gratefulness!
🥺
WOW! Our one day lesson explained in 4 mins.
I love this course, economics is so interesting
We still watching!
You still rocking it!
You are the best .. ur videos just open veins of my mind ...
Ur videos are rlly helpful thank you soo much you break down every aspect really gud ur videos makes me feel like imma get 100 on my examinations
im so happy i found this channel!!
Explained very clearly thanks
I think the Matrixy aspect is in thinking this is the only way a market economy can be organized (there isn't a need for such a artificial division between households and businesses, and how do households control the resource market anyway?). Not to mention of the 4 factors of production, one is a special case (inelastic) and is controlled mostly by government (land).
You could just as easily describe a market economy in terms of co-ops and profit sharing, use fees for resources, and public banks. It still functions, but looks really different than present day capitalism.
This is lit! I am here because of online schooling :)
I love these. I teach econ and AP econ...these are great support videos! Thanks Mr. Clifford! Do you have a big red dog?
bad joke, omg! cringe alert
Macroeconomics is difficult yet easy. I wish all of my classes were like this
These videos are so incredibly well done. thank you so much.
I want to go into biology but economics is honestly super interesting and useful
A lot of people are saying your doing better than their teacher, but my teacher used this video.
10/10 intro, would put it on repeat
Your explanation is really great!
You just saved my 2 hour lecture class..
thank you for making this video, your videos are extremely helpful
Thank you so much sir, you have a great way of imparting knowledge man, keep it up
You make economics look so easy😂❤
Way better than my textbook!
Omg this is the most helpful thing ever. Where I can go to donate to your videos!
It liberates you when there is opportunity for mobility, the ability to control your destiny through work. This is because it fuels your ability to move where you want to in society.
It enslaves you when there is no opportunity for mobility, because you are unable to leave the place in society that you were born into even if you wanted to. It becomes a prison.
+calculon000 Good point. I guess it all depends on the rules rather than how the game is played.
How could anyone give this a thumbs down... Great video
Thank you! Great video to explain and it's really cool to learn this!
This guy is a fricking legend.
Never thought I'd be smiling so hard while learning about Circular flow of income lol
Wow.
That was really easy to understand.
How does the Circular Flow model change if we include sources of Leakages and Injections (Saving, Taxation, Imports and Investment, Government Spending, Exports).