Supply and Demand: Crash Course Economics #4

In which Adriene Hill and Jacob Clifford teach you about one of the fundamental economic ideas, supply and demand. What is supply and demand? Well, you’ll have to watch the video to really understand it, but it’s kind of important for everything economically. Supply and demand sets prices, and indicates to manufacturers how much to produce. Also, it has a lot to do with strawberries.
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[@user-kf8fj2mc7u]

*Main outtakes of this lesson* 1) _Market_ - any place where buyers and sellers meet to exchange goods and services. a. An owner of a supermarket values the labor of the cashier more than money she pays him. 2) _Price signals_ - the information that markets generate to guide the distribution of the resources. a. Businesses, and in particular large corporations , are often villainized as _greedy, heartless institutions_, that take advantage of consumers, but if markets are transparent and buyers are free to choose, then businesses will have a hard time making advantage of people. 3) _Supply and demand_. a. When the price goes up - people buy less, when the price goes down - people buy more. b.When the price goes up - the farmer wants to produce more, when the price goes down - the farmer wants to produce less. c. When quantity supplied = quantity demanded, we get equilibrium price of product. 4) Four market behaviors a. Supply can decrease. b. Supply can increase. c. Demand can increase. d. Demand can decrease.

[@ilovemelikeyouall]

dude you're so good at taking notes thanks!

[@justafranz2420]

wish there was a bookmark for youtube

[@alotan2acs]

Amazing thank you.

[@That_Traveling_Teacher]

Thank you so much!! He speaks way too quickly, it's hard to keep up.

[@Zara-hu7bb]

Thanks so much !

[@lilsimsie]

gotta start with the basics to prepare for this macro exam tomorrow rip

[@glidetheglobewithg8334]

I swear KZbin is a major miracle !! This explained my whole 16 weeks lecture in just 10 mins.. 🙏❤pfft uni

[@mariananyunja7296]

Facts.

[@edmundfordjour526]

you are right

[@laurenconrad1799]

I love the information these guys are giving me. I don't love their attempts at jokes.

[@gera2480]

Totally agree. Besides the fact their jokes suck, anyone watching this video wants to get some knowledge, not jokes.

[@TwentySeventhLetter]

While I agree that some of the jokes didn't quite meet the mark on either execution or design, I think that generally aiming toward a humorous, fun approach makes the learning process feel more natural than a typical droning lecture, and it's why many people adore these series so much. I believe getting it right is almost as important as getting the information right.

[@aaina444]

its for kids so they won't get bored

[@severerevenge8575]

Rum Totally wrong. I would not watch economics videos without that fun. If they were not funny, then I will watch other youtube videos about economy, or I would not watch any economics videos. Also that way I won't get bored so I keep concentrating all the time, just unlike when I am in a university lecture. And if do not love fun, I don't think that this will make you stop watching their videos. So, they will get more veiws. And more veiwers will keep watching their videos and benefit.

[@LadyCoyKoi]

Forced jokes are always bad.

[@TechTubeCentral]

I'm sure his high school students think it's badass that he co-hosts a CrashCourse Series.

[@TheCondorjc]

damn straight, I would too

[@TechTubeCentral]

i've been verified since verification first came out. I'm just that cool.

[@orange1903]

My teacher is on KZbin!! WOOOH 😂😂

[@lucius5787]

and he is badaas because of the AC DC belt buckles

[@clones9937]

TechTubeCentral yeah... We don’t think its badass.

[@augusttierney3199]

I really like this teaching strategy. It's great having someone explain the charts, and the real life examples provided by Adriene makes the show more interesting.

[@glorvalmacglorvas171]

This series is proving more educational than I first thought it would.

[@plumeater1]

It's more educational that what you're used to.

[@glorvalmacglorvas171]

I meant that in the way of I knew a lot about economics already but this is still teaching me stuff.

[@plumeater1]

I was high on caffeine in the middle of the night when I posted that.

[@mr.markan657]

Shout out to Cardiff

[@marcelloascani]

this series is amazing! thank you!!

[@LilBsYearOldVans]

marcello ascani V E R I F I E D 🙌🏼🙌🏼🙌🏼

[@Asrahn]

Supply: Dick picks. Demand: Virtually none. Eternal failure of market.

[@TheHenryFilms]

Asrahn Make it free, or give money to get it. Wait, that's prostitution, oh well.

[@BuddhistZenDave]

Asrahn putting this one in the comments hall of fame.

[@moad1000]

+Asrahn Richard picked what?

[@JakeTheHappyGuy]

Omer Neu if a supply is near infinite, the equilibrium price will always be zero. No? Even if the demand is to its highest extreme. i.e. oxygen

[@madisonthompson2719]

Jake H ever payed for air to fill up your tires

[@caseyharrington4947]

You covered in ten minutes just under what my school taught me in two terms. Now I just need to memorise the model answers for the externals xD

[@kittenmoon8425]

I know right!?!? We spent most of the year being taught JUST THIS .__.

[@mickeybreezy]

This is a great example of the fact our school systems are in desperate need of reform.

[@xJediJuicex1]

"Its a big day for you, its a big day!" LMMAOOO thanks for that

[@gabbyavery420]

Ima need these to come out a little faster. My Econ teacher is already speeding through these chapters and I started school literally a week and a half ago!

[@ChristsAthleticMusic]

+Gabby Avery same TT^TT

[@brownater1997able]

must be ap lol I'm taking that now lol

[@gabbyavery420]

***** Pretty good description of whats happening to my gpa rn XD lmao

[@FutureLaugh]

+Gabby Avery its important that nobody in this country understands economics, that way we'll have more Bernie Sanders'

[@MRACproductions100]

+FutureLaugh Nice meme bro, except that free university could be easily achieved if the National Military Expenditure was reduced, and as a result you have a more specialized population, thus helping progression and productivity in the long run. An NHS might be more difficult to achieve, but hey what politician doesn't make promises that might be difficult to achieve? Also the sentence "that way we'll have more Bernie Sanders'" doesn't really make sense. Do you mean, "We'll have Bernie as our elected president"?

[@christinetao192]

I'm watching this for fun because this is so straight forward

[@AnInocentBystander12]

I watch "World History" for fun

[@Thedude-uq5mf]

Christine Tao Soo true. CC rocks!

[@mickeybreezy]

Watching economics courses for fun? You sound like just my type. Wanna econ and chill?

[@yayitsryan848]

WORD

[@Jonathan-pz6ws]

@@mickeybreezy You no life's lol 😭

[@s2lech86]

Thanks, this is a great series to read before I delve into my econ text book. I love the short and concise structure of the videos. I love how both of you take the concepts and "shorten/dumb-down" them so that when I crack open my text book, the concepts become more clearer to understand. I love the humor and energy you guys have. Way to go!

[@speaktoithoratio]

The hosts in this video: "Yo whattup, kids! Check it out, capitalism is so lit! 🔥🔥🔥 Free markets be on fleek! 💯💯💯"

[@s.danielaviersbachg.388]

@Terese Durand hahhaah totally agree

[@caleb7884]

i mean, they`re just trying to show people how the world operates when it comes to economics in an unbiased way . if your conclusion is that it`s "so lit 🔥🔥🔥" and "on fleek 💯💯💯" then you're the one supporting capitalism buddy

[@s.danielaviersbachg.388]

I think he meant it sarcastically, I had the feeling the hosts showed themselves very biased towards capitalism and neoliberalism by saying "yeah, thats why neoliberalism is so great" and stuff like that, so I felt their minds were already made up. But yeah, thats what Corona does, we are all commenting a comment of 2 years ago.

[@JustinRiray]

"It's a big day for you. It's a big day!" I laughed. ACDC belt also.

[@korg47237]

The funniest part of this episode was the cashier making $10/hr. Oh Crash Course, you're so hilarious with your fictional scenarios.

[@UnashamedlyHentai]

Care What are you talking about? Plenty of places pay that for that position.

[@ScarButta]

The minimum wage where I live is $11. :3

[@korg47237]

***** Minimum wage in my state is $8.75, and good luck getting more than a 30 cent raise after working at that grocery/retail store a year.

[@eventyraren]

you know here in Sweden we don´t have law about Minimum wage but in a study it is between 1509,50 to 1810,46$ month. we do not have an hour pay here. also it is max 40H/week work here, i don´t know what the law is in USA

[@TheDajamster]

$7.25 in Ohio & employers pay it Grudgingly.

[@Mal4de]

The waste of strawberry on the start made me uncomfortable.

[@TheCondorjc]

damn the Patriarchy

[@rinnmb3640]

omg i thought i was the only one :)

[@LadyCoyKoi]

Actually it's... "DAMN CLASSISM! THERE ARE PEOPLE WHO WOULD APPRECIATE THEM STRAWBERRIES!"

[@lkrader1]

same

[@talk2crys84]

As a non-traditional student, some of these concepts are hard to really grasp when you have a billion other things going on in your life. This video made this so clear and easy to understand. THANK YOU

[@mike0rr]

This was fantastic. Everything that was abstract but known in my head was tied together so quickly and perfectly. I really enjoyed this.

[@thatonerandomguy8444]

*who is forced to watch this for homeschooling because of the covid-19?*

[@luckybee5223]

me *quarantine sucks bro*

[@larnizzo91]

I pay the most attention during the cartoons...

[@tonyrichengod9280]

These segments take a lot of work to animate. The more we donate on Patreon, the more artists they can hire to be able to include MORE animated segments into each episode. It's supply and demand! :D

[@hornedlobster]

I like the thought bubbles

[@sarahconnor13]

I'm considering taking an Economics A-Level so this was really useful in teaching me the basics of the subject. Really helpful honestly, because although I knew what most of these ideas were beforehand, I didn't know that they were part of economics.

[@MrRandomPianoPlayer]

Summed up two years of high school economics in ten minutes. I see a lot of people criticizing, "you haven't taken into account externalities" or "the problem with this is". This is Econ101, this is the base foundation. All the complications, unrealistic aspects and assumptions are deeply analysed in the latter stages of an economics degree. Don't expect to see it in the fourth installation of crash course economics lol.

[@repticman123]

I can't tell you how much I appreciate the content you guys put out. Thank you.

[@TheCondorjc]

throwin' the whole tree at WholeFoods

[@nadahassan3050]

These videos are so so great and have literally saved me tons of money instead of taking econ courses that would've otherwise cost me a fortune.

[@music556]

This series may prove very beneficial for my microeconomics course! I found this video particularly useful at the moment, as we're currently discussing supply & demand. Thanks, Crash Course!

[@IONindustries627]

This 10 minute video taught me more about Supply and Demand then 3 months of High School Economics.

[@blossomsrainn]

Lol at that remark on whole food

[@heleggg]

+Amethyst Mavis Chan ikr everyone just go bash whole foods

[@Darkendeep]

I absolutely love this series. I've been afraid to study econ since highschool but these videos make it easy to understand and fun to learn. I love the hosts. I look foward to the rest of the series. c:

[@kso35]

MY FAVORITE CRASH COURSE CONENT! THESE TWO ARE SO ENGAGING AND FUN TO WATCH!! LOVE THE EXPLANATIONS!!

[@SamoScopom]

I like these two :)

[@SamoScopom]

michael barton ♪ ...why you gotta be so mean? ♪ (Taylor Swift - Mean) ♪ ...why you gotta be so rude? ♪ (Magic! - Rude)

[@truboo4268]

TheYeIIowDucK How are they trying too hard? They're giving you free and more entertaining education. Would you rather watch them teach you Economics, or get a lecture from a boring teacher whose voice sounds like a dull vacuum cleaner and who looks like he's been alive since the first modern economist was?

[@Edgewalker001]

kazooga 1234 Supply and demand is kind of an universal rule though. Regardless of what your political leanings happen to be, people are willing to pay more for things that are uncommon, and less for things that are common.

[@michaelbarton2549]

SamoScopom So clever, I don't like how they try to be funny.

[@michaelbarton2549]

TheYeIIowDucK Exactly.

[@HuxleyBerg]

Very cool

[@Ladyjdiva7]

This crash course gave me a broader prospective on economics. This is very helpful information! Thanks Crash Course!

[@harrywilkin8581]

I'm loving these videos, they tie in with my learning of as economics really well!

[@LittleFugueFlute]

I have no idea how long it took to get that strawberry catch-n-crunch right, but I tell you IT WAS WORTH IT.

[@glynnL]

Shifting the lines diagonally when they say “left” is visually confusing for a lot of people trying to understand this. It’s clearer if they are actually shifted left (or right) and then get rid of the parts of the lines that extend past the graph arms. I know it’s the same result, however, I found from tutoring this was a stumbling block for people. They’d be frustrated because it was an easy concept and they couldn’t get it until I showed them it is a left shift, not a leftish down, southwest along the supply curve shift.

[@magdelineadler4284]

I am loving these videos, I love crash course. It helps to learn general ideas and basic facts and then get deep into the details in class.

[@Campers_Anonymous]

dude! I forgot mark cuban taught econ--- love this guy!! speaks my language for sure. Best help on youtube by far

[@TheGStick]

ACDC belt. What a stud.

[@marianaalvarezquezada3065]

Ive started to watch this course of economy 'cause really need to understand it and also 'cause its look like fun. thanks guys

[@AdamPhillips2103]

I've just started an Economics unit at Uni after not being at school for a bloody long time. This video - has helped me get started with a bit more sense. Thanks

[@claudiugradea5626]

Thank you guys!! Your work is so valuable in our current times.

[@HaiLeQuang]

The "after effect" part is hilarious. I love it

[@chuninpeter]

Thank you. I now know more economics than what i learnt in half a semester in college.

[@lizalovely2865]

I just wanted to thank you so much, because of these videos I passed my college Macroeconomics mid term!!!! Thank you so much!!!!! I can't say it enough!

[@zahidsayed4149]

Thanks Adriene and Jacob...I was like literally entangled with demand/supply juggernauts.. My economics has changed from no way out to new way out.

[@kezchoedon8608]

CrashCourse can you please do more of these as fas as you can! i am currently studying economics in australia and struggling abit im now up to competition and policy industry analysis ive learnt; revenue costs profits,perfect competition and monopoly and monopolistic competition and oligopoly! i love your videos you helped me out alot on your psychology playlist last year it was really fun!!

[@Valendr0s]

"Businesses, and in particular large corporations, are often villanized as greedy, heartless institutions, that take advantage of consumers, but if markets are transparent and buyers are free to choose, then businesses will have a hard time taking advantage of people." Incomplete. Buyers must also be well informed. Perhaps even too well-informed. Meaning a seller might be completely transparent but buyers may not know many tons of CO2 to produce one widget is unhealthy or out of the ordinary. Buyers may not know the consequences of each choice - and it might be impossible for them to be expert enough in all the factors to make an educated decision. This is where government needs to step in and create standards that all competitors must meet or beat in the interest of public safety.

[@wiggy009]

Yeah and marketing is a billion dollar industry that focuses on making sure that we are not rational actors buying in our best interest

[@dhruvmehndiratta6296]

Yes. Not to mention, markets are NOT transparent, and buyers are obviously never totally free to choose

[@JustScrapHD]

@@dhruvmehndiratta6296 the video is obviously simplified but in most cases its true, especialy because customers still have the option to do research about products that they buy and usually companys are required to meet certain criteria in order to sell in first world countries. if you buy cloth from inda, chances are kids made them.

[@turbidPumpkin]

So glad they're doing Econ! I've always wanted to learn about it! As a geology major though I wish they had one on geology!

[@davinkitongs]

omg this helps so much! I'm in an online economics class, and it's a bit of a struggle for me. Thanks crash course!!!

[@brunab1918]

I tried learning economics for years and it always bored me so much. Thanks for making it fun, easy and objective for us. The jokes made it very light to understand the complex topics. (Sorry about my English mistakes)

[@iaianthompson6404]

I wish they taught ECON when I was in High School. That would have been great. As it stands, I'm glad to be learning it in College no - 18 years late.

[@beng3551]

As opposed to the one that said they don’t love the jokes in this series, I absolutely love them and I think the way you two act helps to make these videos that much more enjoyable

[@okayzimbabwe]

Hi, I am a substitute teacher at KIPP King Collegiate High School. My 5th period Economics class absolutely loved your video! They required and demanded that I leave a comment and want you to know that their minds have just been absolutely lit from this video. Their synapses are firing like you don't even know and even though they're second semester seniors, they are working so so hard and making me and their real teacher proud. Have a nice day!

[@stevenswift403]

Glad to see Mark Cuban back at it

[@naomitiyan7438]

You guys really are the best i so understand this topic now just in 10 mins wow

[@eve_______]

Man, supply and demand really become an end for me in economics at school. But i am willing to continue studying by myself and by help of this beautiful channel. That’s an opportunity choice for ya.

[@oO0E]

I haven't taken Econ 101 in ten years and this video made me feel smart again. Thanks Crash Course :)

[@ashleye4098]

Was that office seen with the fire the old icarly set? 😂

[@jerichomorcilla2790]

mr. clifford nice to see you man nice to see you.

[@empress4lyphe]

I am in love with this series!

[@AlexKashie]

Amazing series, deep explanation of market... Thank you

[@jacob12345abcde]

These crash courses have taught me more than what my teacher has taught me this entire year. This is one of the best examples of why schools are just useless, and a waste of time. Thanks for these videos :D

[@emmanuelwood8702]

Markets dont “ make” things . Market are the means for exchange of things.

[@joelarchbold483]

Great video about one of the most basic laws of economics. Keep the good educational work.

[@janatsy4435]

I've been confused with the supply and demand curve for whole two months of studying it in our school. Thanks a lot to this now I can pass the exam in our economics 😭😭😭😭😍

[@julianroth326]

"voluntary" XD

[@Hebdomad7]

"voluntary" = "not starving to death" ... sounds legit.

[@samdoherty9170]

Yeah voluntary employment is bs

[@ace5762]

@Bruno Pereira 'voluntary' is a tricky word. For many people the system and circumstances they are in mean they remain in labour that is unpleasant, unfairly compensated or otherwise disenfranchising. It is not the desire not to work, but the desire not to have to choose between two evils- homelessness and starvation, or a lifetime of unfulfillment and drudgery, where those two choices are the only ones on the table.

[@bradpitt1873]

I love how the guy stands there awkwardly near the end when she's talking. He just smiles and keeps his finger points touching.

[@iloveGod1105]

God bless you guys! This was AMAZING! Wish these guys were my instructors in real life!

[@neeneko]

Ah... toy systems that are only stable when there are no other influences. That tends to be the problem with this pre-game theory version of economics, it is really fragile and kinda depends on the idea power is evenly distributed and that there are no other methods for exerting influence. For instance, the example of oil prices. The main influence of the price is neither supply nor demand, but futures trading and speculation, a one off game played by 3rd parties.

[@fy8798]

neeneko or Strawberries. In reality, mountains of strawberries are produced, much more than there is demand for. This oddly doesn't reduce the prices. it's almost as if supply and demand are not the only factors.

[@neeneko]

Fen Y Yeah, agriculture is a good example of where these economic models break down pretty quickly. The basic supply/demand efficiency is kinda like referencing spherical cows with even distributions of milk.. good for quick models and introductory classes, but bad for modeling real systems. One of the ironies is that the market for economic models meets them pretty well. The primary consumer of economic models is not planners, but are pundits/armchairs/politicians. So the ones that dovetail with various philosophies tend to spread the most. For all its complexity, pop-economics reminds me of where physics was 300 years ago. For the most part, economics as it gets discussed in public has no economic incentive to be accurate or modern.

[@BrownWeasle9045]

The systems are there to be able to introduce and understand a concept rather than explain reality in this case. If you jumped into game theory right away, you could lose a lot of people. It would be like trying to explain multiplication before you explained addition to someone who knew what neither were.

[@AntonTimofeev1988]

neeneko That systems are based on a suggestion that all the people are good and honest. But they are not.

[@thibautnarme6402]

neeneko i don't think futures and speculation have a lot of impact on the price of gas, true you can see drastic changes on the day-to-day brent market, but in this end, isn't just noise for most of it? Arent't invesments/disinvesments and average/median price ranges rather than today's price? +Fen Y I believe than the overproduction (one that allow taking into order product degration between the time it is harvested and sold on the market, as well as extras for positive shift in demand) is already taken into account into the market price as part of the cost function. You should not discard toy systems just 'cause they don't tell the whole -complex- story, especially when they help to understand a lot already on a large type of industries. At the end of the day demand-supply plays a major role and give the baseline scenario equilibrium before going deeper, with power structures, anticipations, regulation, etc.

[@GamerFollower]

Unfortunately, simply "don't shop there" is not always an option because of monopolies and oligopolies. More often than not, from what I have seen in the US, you tend to have little, even sometimes NO choice but to buy from a given company. Simply because they are the only ones to offer a service or product you need. Look at internet service providers for example, they are one of the biggest offenders.

[@geniusmp2001]

GamerFollower And that is why regulation is important. Free markets only work if they are maintained, and a lack of regulation can lead to a lack of the competition that drives successful free markets.

[@armike234]

+Matthew Prorok GM should have went bankrupt vecause people stopped purchasing there product... however there still in existence because the government got involved. the same goes for Goldman sach, aig, fanny mae, bofa, morgan stanly. thanks government for keeping those business in business eveb though the people chose to not shop tgere

[@geniusmp2001]

armike234 You have a valid criticism of certain government actions. I don't see how it's relevant to my point, though. That some things which have been done may be of questionable utility is not an argument for doing nothing.

[@armike234]

My point is free markets bankrupt corrupt and inneficie t companies however it is government that prevents it.. then has the audacity to regulate after the fact saying that the companies it bailed out were greedy.. my point is why regulate the companies let the. Fail and other companies with good strategies pick up the pieces

[@geniusmp2001]

armike234 Well, partly because free markets don't always do that. Sometimes, they elevate corrupt, inefficient, but ruthless and powerful companies to the status of a monopoly. And partly because the entire reason those companies that were bailed out became so central to the larger economy, and thus would have caused so much damage had they collapsed, is because much of the regulation that prevented them from getting that big had been stripped out over the previous few decades.

[@CaseyAlannaCarter]

these crash courses are great! keep em up please :)

[@vakarthi4]

The firefighter joke was really funny! Love this series. Thanks, CrashCourse!

[@kauancorte541]

7:15 it certainly is. Thanks to you two!

[@tsoiboy4073]

I understand that this is Econ 101, but I'd have liked to have seen mention of where, other than so-called market failures (i.e. public services), demand and supply don't necessarily dictate price. Many consumer goods, for example, are priced in anticipation of a certain level of demand, no the supplier then seeks to provide that number of products. Mobile telephones don't rise or fall in price based on supply (other than in extreme, possibly longer-term supply changes), but on how companies have calculated expected profits.

[@Sir_BoazMutatayi]

Economics is great! I love it so far.

[@ChantalMonette]

economics was a master class of disaster for me so I really want to thank you for teaching it in a way that actually makes sense... I really want to know how to live in the world, and this is super important. Just.. Thank you crash course.

[@Leolukpeu]

4:30 what about intangible items, like a paid subscription or a video download? they don't have a limit on supplies

[@JustInBasil]

Leo H They do, though. They have to have servers that can support the people using the service and people to maintain those servers. There must also be a supply of content in the subscription sufficient to keep subscribers subscribed.

[@geniusmp2001]

Lettershort Ah, but that's not a limit on the supply of the good in question, that's a limit on transportation and storage of the good. That's a real limit, but it brings into question a lot of familiar policies. For example, why do ISPs want to impose limits on how much data I can download in a given month? Sure, it's reasonable to limit the *speed* at which I can get that data, because the network can only handle so much at any one time. But the *amount* is irrelevant, because you can't run out of data. Realistically, since there's an unlimited supply of data, the only limit on how much I can download in a given time should be the (already limited) speed of my downloads multiplied by the time.

[@Jackpkmn]

Leo H That's why they are better modeled as services rather than goods.

[@geniusmp2001]

***** Ideally, yes; if you only have a certain amount of data available for a month, you'll spread out your usage over the month, and keep overall network load down. But the problem is that ISPs are implementing both solutions; speeds are *already* limited, and data caps are being imposed on top. Used properly, a data cap could be a tool for network management. In practice, they're being used as a money grab.

[@Sgman1991]

***** Blame the ISP monopolies on the government that created them and allows them to continue. Regulation make it all but impossible to create a new ISP.

[@vidopoulos]

"VOLUNTARILY"!!! You choose to work.. VOLUNTARILY!!! TOP KEK!

[@smolpmkn]

Thank you thank you thank you! It's clear, useful and amazingly easy to comprehend! Plz do more

[@monikaagarwal9381]

You guys are amazing. Thanks a ton for creating course.😀

[@ceciliaaaxiful]

I appreciate that this exists but I find that its much lower in quality than the other Crash Course series. I feel like more effort could be put into the initial filming and the scripting!

[@KainYusanagi]

Inorganic Vegan Well, one, the background being blindingly white actually is distracting. They both talk a bit too fast for their enunciation, making it a bit difficult to understand what they're saying at times.

[@KameRaidar]

+Inorganic Vegan Adriene could also not act like a brainless airhead in the introduction

[@Edgewalker001]

***** They're economists though, believe me, compared to most other people that try to teach this stuff they are hilarious. =p

[@Tjurenful]

***** I don't have any problem to understand them. They will probably Dig Deeper into economics after they have finished the absolute basics

[@blownspeakersss]

***** Neither of them are economists, lol. One is a reporter, the other is a high school economics teacher. (Not even close to an actual economist)

[@Tesla_Death_Ray]

This series presents a very idealized view of how markets work in the real world. Capitalism works under the assumption that everything (pretty much) can be reduced to a fair (no duress present) transaction between to parties with perfect free will, and this applies to every venue in life. There are many situations in which a party has such a ridiculous difference in power and information compared to the other that this premise does not apply at all. One example here is trading of work force. I think it is easy to agree that, in most situations (specially for unqualified work), the person that is seeking for a job when jobs are scarce can be considered to be under duress to accept any working conditions that an employer is in the mood to provide. Things like abolishing child labour and having an 8 hour work-day are not things that came about because of market laws, they came about because of non-market state intervention and worker's protests. Should there have not been any extra-market intervention, there is no evidence whatsoever to make the statement that these changes would've been made strictly following market laws and non-intervention. Secondly the consumer democracy argument rests on a couple of faulty assumptions. It only works if you assume everyone has the same amount of money and every actor is participating just as much as the other. This is obviously not the case since the more money one has the more they affect and pull the economy in their direction. For this reason markets lean in the direction of people with more wealth. Even a free market with perfect competition cannot yield the desired outcome since individuals with minority preference needs are excluded in what are called lumpy markets. What all this means is the rich and powerful are the ultimate winners. Furthermore, you have to assume an actor in a market system has near perfect knowledge. When i go and buy something i have almost zero knowledge of the factors involved in making that product. I might be able to check where it was made but not if sweatshops were used, if workers were exploited, on and on. Digging a little deeper further complicates things because most products are a combination of other products. Take a simple box fan. Its almost certain the producer went to a host of other companies to get the screws, wires etc. They probably went to another company for the parts in their production line. Not to mention the product needs to be shipped by airlines, boats, trucking companies. What factors are involved in all these companies? Even one product would require a massive research project that would have no end.

[@tonymagrogan]

Love the AC/DC belt buckle he’s wearing!

[@jovan720]

I'm glad that there's finally Crash Course Economics :D

[@patriciaaddington4391]

"NO! Don't wear your ACDC belt buckle!" I see your wedding ring and i know you've hear this before.

[@Harpocrates89]

Yes "voluntary"

[@GustavoSilva-ny8jc]

The burning scene with the scenario change was AMAZING

[@khanyisameke1240]

Iyhoo, it's still rough for me yet I really thank you for these videos. Well done and thanks again.

[@Yash-fe1fp]

you guys should have a video using only thought bubble. You guys would get wayyyyy more subs and likes

[@FizzyK-45]

Is it me or does Clifford look like Reggie Fils-Aime? xD

[@OliverBevan23]

Fizzy Note I thought the same x3

[@SusanWojcucki]

I thought he looks like Mark Cuban.

[@Wohaism]

an astute observation indeed

[@brianjans1714]

+Fizzy Note He can't be him, though. Nintendo doesn't understand Supply and Demand.

[@frankuzowulu3095]

Saaame

[@kinkosam2167]

Messed up on my supply chain class. This course helped me pass it! Now I am running my daddy's trucking company. Thank you

[@meisongdiriamroi2435]

Love the way both of you illustrated

[@nganluong1872]

In the intro, Adriane always acts like a foolish student. Like 5 seconds later, she turns out to be the most professional teacher ever!!! It's kinda weird but I love it ^^

[@RavenwolfFoxtrack]

anyone who does a lot of crafting and selling of items on the auction martets in most MMORPG's understand the supple and demand system pretty well. Over saturation can drive down prices, under cutting can do so too. the more rare and difficult an item is to make and time ot make it, with a high demand for it, causes a rise in prices. For example, in the game Fallen earth, there are high end weapons that can take several hours to maybe a couple of days to craft because of all the parts needed to make them first. Also, most of the parts need to be collected first to be able to craft said parts. I would make say 10 of these specific weapons and sell them at a price that was just under what others were selling, but not so far off that it would allow others to still be a choice. Sometimes the weapons would be all sold, sometimes a few but not all would sell. Another thing that is also considered is time and materials used. A car in the game took nearly a week to make because of all the parts needed to make first. Because of the time and material consumption, as well as skill levels needed to create the parts and whole, very few would be made by anyone, so a price could be set by the crafter that they felt was reasonable for their time and effort and would be reasonable to a buyer.

[@kso35]

BEST SERIES ON ECONOMICS OUT THERE!

[@jbbj0041]

This is so great! Thanks so much CrashCourse!!