Chapter 1: Ten Principles of Economics

What is economics? 0:38
People face tradeoffs 10:45
The cost of something is what you give up to get it 14:16
- Opportunity cost 15:43
People respond to incentives 21:48
- Types of incentives 22:53
People think at the margin 35:28
Trade can make everyone better off 43:22
Markets are usually the best way to organize economic activity 46:33
Sometimes government can improve the market outcome 49:12
A country's standard of living 50:30
Printing too much money creates inflation 51:46
Inflation vs unemployment 52:17
Dr. Azevedo
Department of Economics
University of Central Missouri

[@jennyluu4265]

I really am paying for college when all thats provided is textbook chapters to read and learn by. I don't effectively learn that way and my attention span is nonexistent, making it worse. I appreciate people like you that are great teachers and provide it to the world. Thank you on behalf of all college students coming here!

[@DrAzevedoEcon]

Glad to help!

[@yasnyne]

@@DrAzevedoEcon k to

[@danielyeroshalmi7492]

Same

[@JohnDoe-qv6my]

Thing is that when you go to college yet just paying for the brand, not the content, is just like when you buy a product in the market sometimes yer just paying for the nice envelope of this one but is pretty much the same quality of other one that comes by in a generic product, let me tell you Some professors that give classes in those fancy big time universities do actually teach in community colleges as well so dont let the name of the school fool ye, is not the School name or pretty installations that make you learn, ye learn cuz ye got the disposition and talent

[@Abd-ts6vd]

Huge thanks Sir😊

[@melissasanchez5592]

I have enrolled for the fist time in College . I start May 15th 2023 for Business and one of my first classes is Principles Of Economics. I feel more confident about taking this class because of you. Thank you for making a difference and your calling as a professor.

[@DrAzevedoEcon]

Good luck with your studies! Glad the videos are helpful!

[@Lalaine...]

I'm not even a student anymore but I want to refresh my knowledge on economics so I'm listening to this at work. And there's not a single second of boredom! Thank you for putting this up on YT for people (not just students) to learn from. ❤️

[@DrAzevedoEcon]

I'm glad you've enjoyed it!

[@elmadensing5765]

I'm 62 yrs old but I want to learn this interesting topic about Economics..thank you for sharing this Sir.. its easy to understand. You explained it very well❤

[@oliverhouston4497]

Hello, professor: Thank you for your contribution of imparting knowledge to life long learner such as my self. I took economics decades ago, but I still enjoy learning this fascinating and interesting science. Keep up the good work, sir. I have a request: any chance you can also post economics problems and then the solutions like a live class session?

[@rubensawmy9445]

Professor you are showing the world at large that altruism is not dead as the dodo. Thank you for sharing your knowledge.

[@DrAzevedoEcon]

I'm very happy to share! I hope it helps out.

[@padraigdevitt8755]

These videos are pure gold. just what I needed ! thank you sir

[@wilsonisaac3806]

Wow. I love the way you use practical life examples to do the explanations. Thanks sir

[@janzarzecki8598]

Dear Dr. Azevedo, The way you explain everything in all these classes is absolutely mindblowing. Thank you very much for your willingness to help us. Greetings from Poland :)

[@DrAzevedoEcon]

Thank you Jan! I appreciate the kind comments!

[@davenii5313]

Great lecture. I am not in economics or finance. I am in the health sciences but I really really enjoyed this. Thank you sir. You gained my subscription

[@okwareemmanuel3491]

I am a student of B.A Econ but watching your videos makes me have so much ease understanding Economics

[@jheyu3691]

Thanks for your teaching, I am a student which Is learning microeconomic in China, your teaching is literally the best thing for me to let myself enjoy ing in English,of course either in economics. Express my respect again finally!

[@DrAzevedoEcon]

You're welcome! I'm glad the videos have helped you!

[@121AJMZ1]

Excellent presentation. I liked how in a simple way you explain the principles of economics. Thank you very much

[@Blizzard020]

Great content, I plan on watching this entire series.

[@nabilaanwar1170]

Hello sir. Your explanation was really amazing and help me a lot in this subject. Please keep going make a lot of videos and don't give up. Stay safe and stay healthy!

[@kirtiyadav6429]

Thank you sir for explaining in such a simple ways and to the point..i missed all my college classes and watched your vedios..they are really helpful 😌😌

[@dilewenilovo2379]

Me a full time student and on a full time job finds these lectures really helpful esp when my courses are online and no time to attend those f2f lectures at my uni. Thanks for this ❤️

[@DrAzevedoEcon]

I'm happy to hear that the videos are helpful!

[@user-qm6rm4ez9h]

Your work brings the viewpoints closing to reality about economics. That is diffirent from my teacher who just repeats everything i can read in the book.

[@DrAzevedoEcon]

Glad I can help!

[@MohsinKhan-it9bb]

I’m taking microeconomics asynchronous. This is actually really good. Thank you

[@DrAzevedoEcon]

You're welcome Moshin!

[@vijithakumara3925]

Such a great great teaching.. I do not need any Incentive to educate my self if all the teacher/ lecturers are like you.

[@nameisrango]

This is my first economics lecture after taking up economics for my undergraduation.. came here after reading Mankiw's principles of microeconomics chapter 1. I loved your way of teaching, professor. Keep up the good work. Thank you very much for the lecture.

[@nameisrango]

@@Tdblueisbeautiful wooh.. cool man. Where you from??

[@nftbountyhunter5887]

Currently only on minute 6 but you already gained a subscriber. Great intro to the video. Looking forward to the rest.

[@Abdallamohamed-pi8cd]

You’re the best of all the time sir. appreciated.

[@muhammadzulfanabdusyakur3264]

thanks doctor, hope you always stay healthy

[@bogasaiteja8968]

Excellent teacher!! Hope I have a prof like you in my college.

[@AdamOsman97072]

Absolutely amazing lesson i believe economics are crucial subject I you used to study economic one year ago but now i want to refresh this subject ❤the people who learn economics are rational any time 😮

[@m.anawaz1112]

The is one of the best channels on KZbin, thank you very much for educating us. subscribed and from now on your permanent student. keep up the good work.

[@DrAzevedoEcon]

Thanks for the kind words!

[@subhrojyoteeghosh3802]

Sir, the explanation was really awesome and it helped me a lot. You're just great. But sir, it's a request, please upload a 2nd part of the video where the detailed explanation of mainly the last 4 principles will be given. You told that you will explain it in an upcoming video, but I couldn't found one. Thank you sir. With regards, Subhrojyotee.

[@mohamedtawfikcpa]

Thank you so much Dr. Azevedo, you are amazing! I have been looking for someone who can teach economics that way (Deep and Clear), and I found your valuable videos which will be my reference for studying economics (Particularly Micro) as a prerequisite to help me taking the CFA exam. Best economic lectures on KZbin. All the the best

[@DrAzevedoEcon]

I'm very happy to hear the videos are useful. Good luck with your preparation!

[@xerkopump]

I really appreciate for your work sir, I do learn lot.

[@adamharoon6021]

35:00 Mindblowing. Absolutely mindblowing. I am watching this because I have a quiz tomorrow and am incentivized to study so I can get more points. After watching this lecture and attending my AP Macro course, I think it's safe to say Economics is one of my favorite subjects. Hopefully, your lectures and my AP Macroeconomics course will continue to be as amazing as this. This may be what will motivate me to study Economics in college. Thank you so much Dr. Azvedo! You are truly amazing.

[@sunbaeadublesso4319]

Me too

[@kylejulius9596]

Agreed

[@jmnawara8098]

Tuning in from PNG 🇵🇬 Thankyou for this

[@bensonmwaikange3751]

Thank you sir for providing this information to us, I literally just wanted to let you know that,i progress everything you introduce in that video,my regards Benson

[@LaminLBarrow]

Thanks for the lecture. I'm an accounting major, I really have more knowledge of economics because of this video.

[@DrAzevedoEcon]

Glad the video helped! Good luck with your studies.

[@thuhuongnanlamroiay5053]

Your lecture is reallyyyyy great. Thanks a lottttt!

[@farshadk.n2390]

Thank you, sir. That was a fascinating lecture.

[@GirinSofia]

Thank you so much professor, thanks to your videos I passed my exam. Hello from Seoul

[@syedsaqibali1482]

I request u to please provide any online course for economics on platforms like coursera.....economical and available for every one......I want to learn complete micro and macro economics from you.......your way of explaining concepts is outstanding.

[@nganhale4178]

thank you so much, it took me days to understand this and i wished i had seen this video sooner

[@thinhcao4896]

He is such an artist of this field

[@mahmoud-ty7km]

Thank you for adding Arabic translation ❤️ I study economics in faculty of commerce

[@manmanwael1858]

Me too😅

[@pranavviolinsongs8703]

I am teaching basics of economics to my 10 year old and this is perfect! Can't explain it more lucidly than this

[@DrAzevedoEcon]

You can never start them too young. : )

[@aljamesalorro5312]

Thank you so much. Great lecture. Youre a very good teacher. Damn.

[@saurabhmahajan4459]

Thank you for posting this. Very informative and very liberating

[@DrAzevedoEcon]

You're welcome! Happy to help!

[@rubickthegreat]

Thank you so much for lessons. Never thought economics can be such simple and interesting thing. Btw love 🥜

[@DrAzevedoEcon]

Happy to hear the videos are helpful! Thanks for watching!

[@rohitsaxena8294]

Grateful for your kind contribution towards learning community. Thanks and regards.

[@DrAzevedoEcon]

Very happy to help!

[@dailynewsbreakers]

❤ more love from TAITA TAVETA UNIVERSITY in Kenya

[@abdullahal-mofti8776]

Thank you so much our dear teacher

[@balnure8730]

Thank you so much for your lessons!!!! That would be tremendous to have a teacher like you

[@DrAzevedoEcon]

Glad to be able to help!

[@saykarat4100]

Really helpful thank you for your useful videos

[@MahirLabib5202]

You helped me a lot! God bless you sir! From Bangladesh!

[@jasonatabay8242]

Great presentation. My teacher for macroeconomics just reads off PowerPoint word by word and not much examples to give it with. I’ll enjoy watching your lectures. I really appreciate it.

[@DrAzevedoEcon]

Thanks! I happy the videos have helped!

[@glenniee6]

I love this man

[@danielyeroshalmi7492]

For once. A KZbin channel who deserves a subscription

[@nikhilfci]

Sir please come with more of these videos. I’m eagerly waiting.

[@srinivasaraovalluru4429]

Hi Mr I am really surrender to your explanation because your examples very true and understanding

[@truclinh9435]

it's so useful for me now thank you for your sharing

[@ManusiaBiasa-jk5ru]

Saya bersyukur kepada Allah, dipertemukan dengan channel anda, Pak. Bulan depan saya akan masuk kuliah dan lihat saya bisa belajar tentang ekonomi lebih awal dari bapak. Terima kasih

[@kabirelham6575]

So thanks your lectures are so update and I am so interesting to watching all of your useful lectures

[@DrAzevedoEcon]

I'm glad they're helpful!

[@falkhiwani]

Thanks for this video ✨

[@Adam-ur1qw]

Awesome thanks!

[@maluclass]

your class is amazing. im from brasil and im loving it.

[@DrAzevedoEcon]

Thank you!

[@julialaskar]

professor I'm your fan. right now.

[@shadowlistic2872]

Thanks alot you really come to my rescue

[@George.English]

Nice channel, really! I am looking for if you are still uploading new content... Blessings and thank you for your great videos.

[@kellyhenry1078]

wow 138k views. I was in your microeconomics class in 2006 and just discovered this as I was preparing to teach 4th graders in Colorado some economics concepts. 😀

[@DrAzevedoEcon]

Hi Kelly! Seems like time flies doesn't it? Glad you found the videos.

[@beabyun807]

I want to have teacher like you seriously you're really great Sir! thanks for sharing your knowledge and lectures about the Economics!

[@DrAzevedoEcon]

I'm glad you like the videos! I'm very happy to be able to help!

[@gibrillasjalloh9773]

Thanks for the teachings. 👍

[@DrAzevedoEcon]

You're welcome!

[@samuelmibenge2745]

i am so amazed. You are a great teacher please continue

[@DrAzevedoEcon]

Glad to help!

[@shobhansarkar8599]

Respected sir.... This video really helped me in my studies.... After watching this video, many of my doubts have been cleared..... But sir i request u to provide the links of upcoming videos in the description box so that we can watch those video to make out all the principles including the last 5 principles that u did not explain much in this video..... Thanking u....... Shobhan....

[@AssMcBlast]

….

[@jackiechime7547]

I just want to have knowledge in economics thank you so much

[@namabungasimbuwa5796]

The video was really helpful

[@elle8852]

If i pass this subject. i owe you Sir big time.. i tried to read my text book and listen to the recording discussion honestly it makes it worse.. sometimes its the person's way of teaching is the one change the way you think and feel about the subject. I thank God for you as I my feelings towards this subject definitely change..

[@DrAzevedoEcon]

Glad I could help! Good luck with your class!

[@amezqadir3589]

Great thanks for you Doctor, but it will be well if you upload the book!

[@DrAzevedoEcon]

Unfortunately, I'm not able to do that. However, you can probably get a reasonably-priced copy of the Mankiw textbook online.

[@Someone-lc6dc]

May I ask if it’s possible to gain access to all chapters? Some of them seem to be missing on KZbin. Also, will there be any new content? Thank you!

[@AdilWazir-cu9fb]

Great Sir

[@hashemmirzaie9426]

Excellent

[@Thelifeofnobuntu_]

i would like to ask if this is similar to the cost benefit analysis [ principle#4]

[@manmanwael1858]

Thank you so much,sir❤❤

[@laseng8199]

Thanks for this precious lesson

[@DrAzevedoEcon]

You're welcome!

[@lalawipuia]

Sir, thank you very much for your efforts.

[@DrAzevedoEcon]

You're welcome! Thank you for watching!

[@choachdiamond]

it was great, thanks

[@martm216]

Good interesting lecture.

[@zaiannabelle]

thank you prof, i am a middle schooler from Indonesia and i understood your teaching verywell

[@DrAzevedoEcon]

You're welcome! Good luck with your studies!

[@MTNAher]

thank you

[@lilbist]

Thank your so much sir❤

[@d.dante_vergil]

I just want you to know that you are the best KZbin economics professor out there. ❤ Btw, how did you manage to write from right to left?

[@DrAzevedoEcon]

Thank you! I appreciate that. I'm actually not writing backwards, though it appears that I am. I am writing on glass in the normal manner and then the image is reversed.

[@dennisadams8775]

Coughs Thomas Sowell but even then Ibn Khladun is the main man of "economics"

[@yunuscanbartk4862]

thank you for perfect lecture.

[@DrAzevedoEcon]

You're welcome!

[@Wearenick]

You truly are a legend.

[@DrAzevedoEcon]

Ha! I appreciate that!

[@mohamadantonathoillah7174]

awesome

[@syedsaqibali1482]

Brilliant work sir...

[@DrAzevedoEcon]

Thank you.

[@user-ve5fg9bt1w]

I thought psychology was the study of human behavior, language was the study of human behavior, but ECONOMY!?

[@bharatsinghshekhawat2279]

Sir , Is the opportunity cost and Marginal cost are same or there is any difference?

[@manyanaidu6012]

hello sir I'm from india i love your lecture

[@vanichamoli6462]

Love from india sir! 🇮🇳

[@lgoldo268]

I like this guy

[@esinokturnal2032]

good job sir...wish i found you earlier

[@kunalrout45]

this was so easier than what they teach in college

[@jackiengai860]

thank you. u much much much better than my lecturer 🙏

[@DrAzevedoEcon]

I'm very happy to have been able to help!

[@chautrongan6183]

Thank

[@florechitu4655]

Am enjoying the lesson though not yet a student for economics

[@matteovari2455]

Thank you Dr.Azevedo. I really loved and enjoyed studying your class. Are you a professor? And, if yes, where do you teach? I would love to be one of your students one day...

[@DrAzevedoEcon]

I am an economics professor at the University of Central Missouri. We'd love to have you as a student! www.ucmo.edu/