CrashCourse - 2015-08-14
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. Crash Course is on Patreon! You can support us directly by signing up at http://www.patreon.com/crashcourse Thanks to the following Patrons for their generous monthly contributions that help keep Crash Course free for everyone forever: Mark, Jan Schmid, Simun Niclasen, Robert Kunz, Daniel Baulig, Jason A Saslow, Eric Kitchen, Christian, Beatrice Jin, Anna-Ester Volozh, Eric Knight, Elliot Beter, Jeffrey Thompson, Ian Dundore, Stephen Lawless, Today I Found Out, James Craver, Jessica Wode, Sandra Aft, Jacob Ash, SR Foxley, Christy Huddleston, Steve Marshall, Chris Peters Want to find Crash Course elsewhere on the internet? Facebook - http://www.facebook.com/YouTubeCrashCourse Twitter - http://www.twitter.com/TheCrashCourse Tumblr - http://thecrashcourse.tumblr.com Support Crash Course on Patreon: http://patreon.com/crashcourse CC Kids: http://www.youtube.com/crashcoursekids
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.
Thank you i needed this for school
I love u and ur summaries
I love u and ur summaries
God bless you
No I have a Question. Why would if increase quantity of goods, (supply) if that lowers demand. In other words, the farmer example??? would you have an excess of goods with not enough demad?
I love the information these guys are giving me. I don't love their attempts at jokes.
dont make me puke and eat it, you'll never come back to my talk show
Their jokes are so corny their trying to hard to be “funny”
I think they are just trying to please teenagers/kids, can hardly blame them for that
They're all really corny but it makes it friendly and nice and less boring.
I think little humor is good
The hosts in this video:
"Yo whattup, kids! Check it out, capitalism is so lit! 🔥🔥🔥 Free markets be on fleek! 💯💯💯"
Wait, you have it backwards. Capitalists have controlled markets, meaning that only one approved brand or producer of a product can be sold. Free markets allow many different kinds of products to be produced without too much government interference. Example: North Korea, controlled market, communist; UK, democracy, free market.
@Terese Durand hahhaah totally agree
I'm sure his high school students think it's badass that he co-hosts a CrashCourse Series.
+TechTubeCentral, May I ask how you are verified with only 4k subs?
i've been verified since verification first came out. I'm just that cool.
My teacher is on YouTube!! WOOOH 😂😂
and he is badaas because of the AC DC belt buckles
TechTubeCentral yeah... We don’t think its badass.
"voluntary" = "not starving to death"
... sounds legit.
Yeah voluntary employment is bs
I'm watching this for fun because this is so straight forward
WORD
I love economics. I'm going to major in it at college :D
@Mickey Breezy You no life's lol 😭
Yup! Just to know what exactly economy is.
Lol I’m just watching this cause my sister is doing econ in uni and my mum has a degree in econ and my dad uses econ on a daily basis for his job and I have no clue what they are talking about
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!
+Gabby Avery its important that nobody in this country understands economics, that way we'll have more Bernie Sanders'
+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"?
+FutureLaugh It's like you didn't even watch the end of the video
what grade did you get ahha
Lenard K Lmaoooo I'm pretty sure they graduated hs already and probably gonna graduate college this year don't u see the comments r from 4 years ago they not Gon remember the grade orrr these comments 😭 😭😭😭
It's so difficult to understand jacob speaking as he speaks soooo fast!
The Inked Ambivert lower the playback speed because I couldn’t catch up either
This series is proving more educational than I first thought it would.
It's more educational that what you're used to.
I meant that in the way of I knew a lot about economics already but this is still teaching me stuff.
I was high on caffeine in the middle of the night when I posted that.
Shout out to Cardiff
"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.
Yeah and marketing is a billion dollar industry that focuses on making sure that we are not rational actors buying in our best interest
Yes. Not to mention, markets are NOT transparent, and buyers are obviously never totally free to choose
@Dhruv Mehndiratta 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.
I HAVE MY EXAM ON ECON TOMORROW AND IF I HEAR THE WORDS 'SUPPLY' 'DEMAND' OR EVEN ALFRED OR MARSHALL ILL KILL MYSELF
@ToxiVideo Well i passed so YAY ME
Face it! Killing yourself won't sort the issue out.
well i wasnt actually going to kill myself but tru
How did the exam go?
@Rishav Sarkar bad, no one ate it. It went bad
I pay the most attention during the cartoons...
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
I like the thought bubbles
Why do both of you just barely remind me of actors from HIMYM?
lily and marshal?
lol, true
That's what I was thinking!
I swearrrrrr. I was thinking that too
The waste of strawberry on the start made me uncomfortable.
damn the Patriarchy
omg i thought i was the only one :)
Actually it's... "DAMN CLASSISM! THERE ARE PEOPLE WHO WOULD APPRECIATE THEM STRAWBERRIES!"
me 2
same
ACDC belt. What a stud.
The funniest part of this episode was the cashier making $10/hr. Oh Crash Course, you're so hilarious with your fictional scenarios.
@H R you are correct! Being lazy pays nothing per hour lol
@Gee Ess ifkr 😂
Korg Your state isn’t every state, in New York it’s around 10 or 11
@Liam Mallory-Vanfossan $15 for the Bay Area now
@Korg same
I swear YouTube is a major miracle !! This explained my whole 16 weeks lecture in just 10 mins.. 🙏❤pfft uni
Facts.
you are right
“Whole foods is a whole other world where price has nothing to do with realistic economics.” This is one thing I hate about economics. When their model fails to capture reality they don’t blame their model, they blame reality.
throwin' the whole tree at WholeFoods
"voluntary" XD
this series is amazing! thank you!!
marcello ascani V E R I F I E D 🙌🏼🙌🏼🙌🏼
Was that office seen with the fire the old icarly set? 😂
"Its a big day for you, its a big day!" LMMAOOO thanks for that
"VOLUNTARILY"!!! You choose to work.. VOLUNTARILY!!!
TOP KEK!
clearly aren't taking the benefit/welfare of natural, chemically untreated strawberries into account as valuable
"It's a big day for you. It's a big day!" I laughed. ACDC belt also.
Lol at that remark on whole food
+Amethyst Mavis Chan ikr
everyone just go bash whole foods
"Now you can call all of your friends you understand supply and demand."
wot?
Haha, I see you.
When the talk about someone valuing working over not, we have to remember that in the value equation we should consider the debt the person has as well as social pressures to work for certain places, like having a job history or if the person's friends work there. Always remember that economics is about complexity.
HEEEEEYYYY THAT EXPLOSION SCARED ME
YOU GUYS HONESTLY MAKE MY LIFE EASIER...NO POINT IN GOING TO SCHOOL I THINK..
"NO! Don't wear your ACDC belt buckle!"
I see your wedding ring and i know you've hear this before.
"It's a big day for you. It's a big day!!" LOL. I went to college and struggle with this and they explain it clearly in a 10min video. That was back in 2004. Youtube was not this big, and you couldn't just look things up like this. Firefox was the thing, but it was still new.
The whole Crash Course collection might be the most important thing on the internet. Insofar as universal education matters the most.
Jacob Clifford looks like Manny from Modern Family when he grows up ...
I love how the guy stands there awkwardly near the end when she's talking. He just smiles and keeps his finger points touching.
"Efficient distribution of scarce resources."
*wild laughter
this is hilariously cheesy
Cheesy bastards
But would you prefer the alternative- Your monotone college professor?
dude! I forgot mark cuban taught econ--- love this guy!! speaks my language for sure. Best help on youtube by far
I always wonder how Aldi makes money. They pay their workers more, have super low prices, and a lot of the produce goes bad before they can sell it.
They sell the "bad produce" that's left over after the quality stuff has been harvested, which they virtually get for free. They're also GMOS, as well as pumped with pesticides and weed killers that will almost certainly catch up to and kill you in ~35 years. The good stuff goes to stores like Whole Foods, Trader Joe's, Sprouts, etc. Buy organic!
I'M JUST SO JAZZED UP BECAUSE I'M TAKING MY FIRST YEAR OF ECONS AND CRASH COURSE ECONS STARTS
+Dent Communism and Hyper-Capitalism are both cancerous. Even Marxist Socialism is, just look at every country that has adopted it. The only form of Socialism that works is National Socialism and it's not even Marxist Socialist based! It is a planned and free-enterprise economy that involves the abolishment of the Central Banking system, and is proven to be the one of most effective economic systems ever. Through these measures it enables a people to see the true fruits of their labor by not having the Central bank take their profits.
I wouldn't call "National Socialism"(Nazism) a working model... it was, in part, the cause of WWII... and it allowed the existence of, central or minor, banks... (i won't comment on the "fruits of labour part", because lol) but it's not part of Marx's theory of Socialism, so yay!
Lucky you! :)
i'm thinking taking econ but is it actually worth it
Noyumi Ao good luck with your econ clases.
Can someone sum this whole video up for me please, I'm having a hard time understanding
who else is using these for there help studying for finals?
"The OWNER of the store values the labour of the cashier more than the 10 dollars an hour SHE pays HIM"
I like what they did here.
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!!!
Do not take any of the entry level economics literally. It's like taking Karl Marx literally.
when ever I see the opening for this video, the factory seen makes me Cave Johnson.
This was fantastic. Everything that was abstract but known in my head was tied together so quickly and perfectly. I really enjoyed this.
6:34, that joke had me laughing for 10sec at least, it just got me for some reason, this dude lmfao
Austin Johnson - 2020-03-30
Who else is forced to watch this Bc coronavirus 🤦🏽♀️
Jonathan Bernardino - 2020-04-06
Same here as well
Sally Tsai - 2020-04-07
it's corona time
Shayla Sanchez - 2020-04-08
Yes, sir
Kanedrah Kerr - 2020-04-08
Austin Johnson me
Sudeep Joseph Sirivella - 2020-04-09
me :(