Principles of Macroeconomics: Lecture 3 - Introduction to Economics 2

[@endgamefond]

What I learned from this lecture: 1. No free lunch. Everything has a cost. 2. Due to scarcity, you have to make sacrifice to gain something. Sacrifice your time to gain something important. 3. To produce things you need: Land, Labor, Capital, Enterprenur 4.

[@jiasong1468]

I really like this professor, he explains things to its deepest. I just hope his speech can be more concise.

[@Hypocritial]

Good work keep it up! Coming from a technical background I could not have found better means to educate myself about economics, I am really enjoying the lectures. Surprised to see there are no comments yet

[@anjumsiddique477]

i am preparing for MA Economics and revising from these lectures. professor is wonderfully explaining the Economic concepts thoroughly. i am from Pakistan.

[@valentinsanchez3075]

his lecture is great it like listening to music :)

[@danielr.8899]

Great professor! Thank you so much!

[@jahongirmirzayev9918]

Amazing lesson. I like the way he teach

[@hossamhassn2205]

I enjoy watching the videos

[@UmTheMuse]

The professor in this video mentioned the opportunity cost of, say, going on a vacation. He compared two people who were planning on going to the same vacation. The low-wage earner gives up less money in her time commitment compared to the high-wage earner and therefore is more willing to go on vacation. At least, that's what happened in his story. But the time commitment is all relative, right? She's giving up the same percentage of her weekly wage as he is. If anything, the high-wage earner should be more willing to go on vacation; the amount he pays in explicit costs is dwarfed by the time commitment, whereas the low-wage earner pays a relatively high price for the plane ticket, for gear, etc.

[@jiasong1468]

He is talking about the opportunity cost not the actual spending for the trip. So the high-earner does give up more money to go on the vacation than the lower-earner.

[@16rwaters]

these lectures are great

[@alexlupini4368]

The best things in the world are those complicated ones, that were made simple. But there must be someone to make them simple.

[@Ashish-sm8do]

Can you do something to improve the resolution? These are Very coooll lectures..

[@anjumsiddique477]

mind blowing

[@PhilShnider]

Total Income = Total Output = Total Expenditure

[@nefwaenre]

The only change now is that it's the low wage workers that sleep the least or not sleep at all. Our time cost is way low, even though we value our time, we value the need to have necessary items more. Hence we must work so we can get them. It's a messed up system.

[@orly9168]

about min 42: is it reallly the "willingness" to pay most, or is it,especially with respect to actual situation, that many people just dont have the possibility ("money") to buy things they want?

[@veeraiahpalanivel1273]

It's an another mechanism to manage scarcity..the moment money comes into picture, participation will decrease..this is useful in scarce situations..

[@dmarley999]

Is this macro economics or general economics

[@Aritul]

Macro.

[@ajnikhil]

That's Woody Allen teaching

[@sabhyakapur9473]

The PP curve.

[@AmatriceBand]

i dont know why he reminds me of seinfeld

[@iconsumedmt1350]

5:52 69 lol

[@harrybaker5]

MEAT ON THE BONES