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EZ NOMICS
США
Добавлен 5 сен 2020
EZ NOMICS provides free online tutorial resources for IBDP Economics students worldwide and students taking AP Micro, AP Macro, AS, and A-level economic courses.
The channel was founded by Domenico Italo Composto-Hart, an International Baccalaureate (IB) Diploma Programme Economics educator with over 17 years of teaching experience who was shortlisted in the Best Use of Technology category for the Tes Awards for International Schools 2024.
The channel illustrates how to draw, analyze, and evaluate economic models for IB Paper 1, 2, and 3 assessments (outlines are provided under the "SHOW MORE" tab of every video).
Domenico is also the science fiction and epic fantasy author of Dark Legacy: Book I - Trinity (2011) and the travel memoir Travels in the Land of Hunger (2019). He studied Archaeology and Anthropology at Boston University and lived in Tokyo, Japan, pursuing a career as a freelance musician. He has traveled to over 50 nations and is working on his next book.
The channel was founded by Domenico Italo Composto-Hart, an International Baccalaureate (IB) Diploma Programme Economics educator with over 17 years of teaching experience who was shortlisted in the Best Use of Technology category for the Tes Awards for International Schools 2024.
The channel illustrates how to draw, analyze, and evaluate economic models for IB Paper 1, 2, and 3 assessments (outlines are provided under the "SHOW MORE" tab of every video).
Domenico is also the science fiction and epic fantasy author of Dark Legacy: Book I - Trinity (2011) and the travel memoir Travels in the Land of Hunger (2019). He studied Archaeology and Anthropology at Boston University and lived in Tokyo, Japan, pursuing a career as a freelance musician. He has traveled to over 50 nations and is working on his next book.
EZ NOMICS: Unboxing of Peak Oil: Profiteer: A Game About Greed and Corruption by 2 Tomatoes Games
EZ NOMICS is a dedicated RUclips channel providing free online video tutorial resources for IB Econ students pursuing the Economics guide: First Assessment 2022 & for students taking AP Micro, AP Macro, & AS, A Level Econ courses.
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Econ board games can be a fun, engaging way to socialize, learn, & understand economics.
These games are entertaining tabletop games that can effectively integrate economic theory & accurately simulate market & political economic phenomena.
Thus, I've been launching videos highlighting selected economic board games.
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The third game I'm exploring is "Peak Oil: Profiteer: A Game About Greed and Corruption," where "As the top executive of an oil corporation, you a...
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Econ board games can be a fun, engaging way to socialize, learn, & understand economics.
These games are entertaining tabletop games that can effectively integrate economic theory & accurately simulate market & political economic phenomena.
Thus, I've been launching videos highlighting selected economic board games.
---
The third game I'm exploring is "Peak Oil: Profiteer: A Game About Greed and Corruption," where "As the top executive of an oil corporation, you a...
Просмотров: 779
Видео
EZ NOMICS: Setup of Power Vacuum: The Treasonous Trick-Taking Game by Keen Bean Studio: Part 2
Просмотров 602Месяц назад
EZ NOMICS is a dedicated RUclips channel providing free online video tutorial resources for IB Econ students pursuing the Economics guide: First Assessment 2022 & for students taking AP Micro, AP Macro, & AS, A Level Econ courses. Econ board games can be a fun, engaging way to socialize, learn, & understand economics. These games are entertaining tabletop games that can effectively integrate ec...
3.4 (Macro): Progressive Tax: Calculate Tax Rate, ATR, MTR: Paper 3 (HL), Part 2: Inequality,Poverty
Просмотров 76Месяц назад
Video tutorial for IB Econ students illustrating how to calculate (HL only) the total tax rate and average tax rate from a set of data. * Playlist: Macro, Global: Economics of inequality and poverty, Measuring development: ruclips.net/p/PL3F8-qsTkKY82NCICcDGChPL0-TYB0L4P * Playlist: Micro, Macro, Global: Calculations: Paper 2, 3 ruclips.net/p/PL3F8-qsTkKY8o-LMQYM3CyEcFTUDxZw-s Tax Foundation, 2...
3.4 (Macro): Progressive Tax: Calculate Tax Rate, ATR, MTR: Paper 3 (HL), Part 1: Inequality,Poverty
Просмотров 86Месяц назад
Video tutorial for IB Econ students illustrating how to calculate (HL only) the total tax rate and average tax rate from a set of data. * Playlist: Macro, Global: Economics of inequality and poverty, Measuring development: ruclips.net/p/PL3F8-qsTkKY82NCICcDGChPL0-TYB0L4P * Playlist: Micro, Macro, Global: Calculations: Paper 2, 3 ruclips.net/p/PL3F8-qsTkKY8o-LMQYM3CyEcFTUDxZw-s Tax Foundation, 2...
3.4 (Macro), 4.8 (Global): Lorenz Curve, Paper 3 (HL), Practice 2: Economic inequality indicator
Просмотров 141Месяц назад
Video tutorial for IB Econ students illustrating how to construct (HL only) a Lorenz curve(s) from income quintile data. * Playlist: Macro, Global: Economics of inequality and poverty, Measuring development: ruclips.net/p/PL3F8-qsTkKY82NCICcDGChPL0-TYB0L4P * Playlist: Micro, Macro, Global: Calculations: Paper 2, 3 ruclips.net/p/PL3F8-qsTkKY8o-LMQYM3CyEcFTUDxZw-s The Lorenz curve illustrates inc...
2.12 (Micro) Market’s inability to achieve equity; 3.4 (Macro), 4.8 (Global) Lorenz Curve, Gini Coef
Просмотров 3162 месяца назад
Video tutorial illustrating how to draw & analyze the Circular Flow of Income model to illustrate "why the free market results in inequalities" The IB Economic Guide requires the following of students: "2.12 The market’s inability to achieve equity (HL only)" * "Workings of free market economy may result in an unequal distribution of income and wealth" * "Diagram: showing the circular flow mode...
Tech (AI, LLM): 2.2 (Micro) Non-price of Supply; 3.2 (Macro) Determinants AD; Shifts LRAS & SRAS
Просмотров 2663 месяца назад
Video tutorial for IB Economics students illustrating links between microeconomics and macroeconomics in the context of firms acquiring new technologies in the short run to reduce costs of production in the long run. Real World Examples of the applications of new technologies in the production of goods and services: * Autonomous technology (AuT): e.g. autonomous vehicles: 0:20 * Robotics: 0:48 ...
EZ NOMICS: Unboxing of Power Vacuum: The Treasonous Trick-Taking Game by Keen Bean Studio: Part 1
Просмотров 9054 месяца назад
EZ NOMICS is a dedicated RUclips channel providing free online video tutorial resources for IB Econ students pursuing the Economics guide: First Assessment 2022 & for students taking AP Micro, AP Macro, & AS, A Level Econ courses. Econ board games can be a fun, engaging way to socialize, learn, & understand economics. These games are entertaining tabletop games that can effectively integrate ec...
1.1 (Micro)Circular Flow, Injections & Leakages; 3.1(Macro): GDP & GNI; 3.6(Macro) Keynes Multiplier
Просмотров 4664 месяца назад
Video tutorial illustrating how to draw & analyze the Circular Flow of Income model with Leakages & Injections 1.1 Micro: Circular Flow of Income model: Paper analysis: ruclips.net/video/r-nnq5JVv-E/видео.html 3.1 Macro: Circular Flow of Income model: Expenditure vs. Income approach: ruclips.net/video/r-nnq5JVv-E/видео.html 1. Expenditure approach = Gross Domestic Product (GDP) GDP = consumptio...
EZNOMICS: 2 Players (Duopoly) Run Through of Age of Comics: The Golden Years by Lirius Games: Part 3
Просмотров 1,4 тыс.6 месяцев назад
EZ NOMICS is a dedicated RUclips channel providing free online video tutorial resources for IB Econ & for students taking AP Micro, AP Macro, & AS, A Level Econ courses Econ board games can be a fun, engaging way to socialize, learn, & understand Econ These games are entertaining tabletop games that can effectively integrate Econ theory & accurately simulate market & political Econ phenomena Th...
2.11: Micro: Theory of the Firm: Reasons Why a Monopoly has NO Supply Curve: Pt. 2 of 2
Просмотров 2696 месяцев назад
Video explaining why a monopoly has no supply curve * Part 2: Review of supply: Perfect competition vs. Monopoly & * Two scenarios of changing PED for a monopoly & how there is no unique relationship between price & Qs * Scenario 1: A change in monopolist's PED results in a constant quantity where MR=MC, but a change in price * Scenario 2: A change in PED results in a constant price, but a chan...
2.11: Micro: Theory of the Firm: Reasons Why a Monopoly has NO Supply Curve: Pt. 1 of 2
Просмотров 1976 месяцев назад
Video tutorial explaining why a monopoly has no supply curve * Part 1: Review of supply: Perfect competition vs. Monopoly * The marginal cost (MC) curve of firms operating within imperfectly competitive market structures (monopoly, duopoly, oligopoly, monopolistic competition) are not equal to the supply curve * S ≠ MC for firms operating within imperfectly competitive market structures * Thus,...
2.11(Micro) Objectives of the firm: Profit max (MR=MC) vs. Revenue max (MR=0) vs. Sales max (AR=ATC)
Просмотров 1626 месяцев назад
Video tutorial for IB Econ (& A Level) students illustrating how to identify and draw the following objectives of the firm: 1. Profit maximization: MR=MC (time 0:37) 2. Revenue maximization: MR=0 (time 4:07) 3. Sales maximization: ART=ATC (time 10:48) Imperfect market structures (monopoly, oligopoly, monopolistic competition) posses a downward sloping demand curve where the average revenue curv...
2.8, 2.11 (Micro) RWE: Water & Wastewater: Natural Monopoly: Economies of Scale: Positive Production
Просмотров 1966 месяцев назад
Video tutorial for IB Econ students illustrating how to draw, analyze, evaluate a natural monopoly model (water & wastewater management firms) & how it can reinvest abnormal profits into achieving economies of scale, which can connect to a positive production externality model (spillover benefits of a water & wastewater management firm increasing sanitary conditions within the communities it se...
2.11 (Micro) Real World Example: Tesla: Oligopoly at a Loss: Economies of Scale
Просмотров 2267 месяцев назад
Video tutorial for IB Econ students illustrating how to draw, analyze a model of an oligopolistic firm (Tesla) operating at a loss as a result of expenditure on achieving economies of scale Economies of scale (time 5:40) = reduced average total costs (ATC) per unit, which is achieved as a result of increased output in the long run where all factors of production are variable. Economies of scale...
2.6,2.8,2.11(Micro) Real World: Boeing vs. Airbus (Duopoly): Inelastic supply: Paper 1, 2, IAs: Pt 4
Просмотров 1737 месяцев назад
2.6,2.8,2.11(Micro) Real World: Boeing vs. Airbus (Duopoly): Inelastic supply: Paper 1, 2, IAs: Pt 4
EZ NOMICS: Game Setup of Age of Comics: The Golden Years by Lirius Games: Part 2: Econ Board Games
Просмотров 5917 месяцев назад
EZ NOMICS: Game Setup of Age of Comics: The Golden Years by Lirius Games: Part 2: Econ Board Games
2.8, 2.10, 2.11 (Micro) Real World: Boeing (Monopoly): 737 Max, Asymmetric Info: Paper 1,2,IAs: Pt 3
Просмотров 2407 месяцев назад
2.8, 2.10, 2.11 (Micro) Real World: Boeing (Monopoly): 737 Max, Asymmetric Info: Paper 1,2,IAs: Pt 3
2.8, 2.11 (Micro) Real World: Boeing (Monopoly): 737 Max, Negative Production: Paper 1, 2, IAs: Pt 2
Просмотров 2197 месяцев назад
2.8, 2.11 (Micro) Real World: Boeing (Monopoly): 737 Max, Negative Production: Paper 1, 2, IAs: Pt 2
2.8, 2.11 (Micro) Real World: Google (Monopoly): R&D as Positive Production: Paper 1, 2, IAs: Pt 1
Просмотров 9078 месяцев назад
2.8, 2.11 (Micro) Real World: Google (Monopoly): R&D as Positive Production: Paper 1, 2, IAs: Pt 1
EZ NOMICS: Unboxing of Age of Comics: The Golden Years by Lirius Games: Part 1: Economic Board Games
Просмотров 2,1 тыс.8 месяцев назад
EZ NOMICS: Unboxing of Age of Comics: The Golden Years by Lirius Games: Part 1: Economic Board Games
2.7 (Micro) Tourist levy (fee) on Consumers (Demand): Bali Tourist Tax: 2.8 Negative consumption
Просмотров 2779 месяцев назад
2.7 (Micro) Tourist levy (fee) on Consumers (Demand): Bali Tourist Tax: 2.8 Negative consumption
EZ NOMICS: Coming soon in 2024: Economic Board Games!
Просмотров 75810 месяцев назад
EZ NOMICS: Coming soon in 2024: Economic Board Games!
4.2 (Global Econ) Trade protection: Trump tariffs: Exporting nation; 4.5 Depreciation CAD; Part 2
Просмотров 18910 месяцев назад
4.2 (Global Econ) Trade protection: Trump tariffs: Exporting nation; 4.5 Depreciation CAD; Part 2
4.2 (Global Econ) Trade protection: Trump tariffs: Expenditure switching; 4.5 Appreciation USD; Pt 1
Просмотров 68310 месяцев назад
4.2 (Global Econ) Trade protection: Trump tariffs: Expenditure switching; 4.5 Appreciation USD; Pt 1
EZ NOMICS YouTube Channel Overview & Guide: 2024
Просмотров 41 тыс.11 месяцев назад
EZ NOMICS RUclips Channel Overview & Guide: 2024
2.2 (Joint Supply), 2.7 Subsidy: Brazil Cattle Industry: Gov't Intervention, 2.8 Neg. Production
Просмотров 20311 месяцев назад
2.2 (Joint Supply), 2.7 Subsidy: Brazil Cattle Industry: Gov't Intervention, 2.8 Neg. Production
2.5, 2.6, 2.7 (Micro) Excise tax, Indirect tax: Calculate PED & PES: Cigarettes NY State: Pt. 5
Просмотров 12111 месяцев назад
2.5, 2.6, 2.7 (Micro) Excise tax, Indirect tax: Calculate PED & PES: Cigarettes NY State: Pt. 5
2.7 (Micro) Excise tax, Indirect tax: Calculate Welfare, Gov't Revenue: Cigarettes NY State: Pt. 4
Просмотров 12911 месяцев назад
2.7 (Micro) Excise tax, Indirect tax: Calculate Welfare, Gov't Revenue: Cigarettes NY State: Pt. 4
2.7 (Micro) Excise tax, Indirect tax (per unit): Calculate Surplus: Packs Cigarettes NY State: Pt. 3
Просмотров 14611 месяцев назад
2.7 (Micro) Excise tax, Indirect tax (per unit): Calculate Surplus: Packs Cigarettes NY State: Pt. 3
Around 15:55, you mention that there is no welfare loss generated, but doesn't an indirect tax generate an allocatively inefficient outcome?
Thank you for your question. In this particular case, since the indirect tax is being applied to the demerit good of cigarettes, which is a negative consumption externality (MSC > MSB). Allocative efficiency would be achieved where MSB=MSC. Thus, generating the optimum quantity of consumption and production at Qopt. Ideally, allocative efficiency would be achieved through reduced demand, perhaps through educating the populace of the negative impacts of this addictive good to change tastes and preferences. But since cigarettes are addictive, it may be difficult for consumers to willing change their tastes and preferences and reduce their demand. Thus, the government intervenes with the indirect tax on cigarettes, which raises the price paid by consumer to reduce Qd to Qopt. And it reduces the price received by producers, which reduces Qs to Qopt. Hope this helps. All the best, Domenico
thanks
You are very welcome : ) All the best, Domenico
Support EZ NOMICS in our mission to provide free video tutorial resources for students worldwide. * You can buy me a coffee, or two, or three: www.buymeacoffee.com/EZNOMICS * Or donate via PayPal: www.paypal.com/donate/?hosted_button_id=AENXYBZTNXA8A EZ NOMICS merchandise is available from the following online stores: * ez-nomics.teemill.com/ * ez-nomics.creator-spring.com/
Support EZ NOMICS in our mission to provide free video tutorial resources for students worldwide. * You can buy me a coffee, or two, or three: www.buymeacoffee.com/EZNOMICS * Or donate via PayPal: www.paypal.com/donate/?hosted_button_id=AENXYBZTNXA8A EZ NOMICS merchandise is available from the following online stores: * ez-nomics.teemill.com/ * ez-nomics.creator-spring.com/
Support EZ NOMICS in our mission to provide free video tutorial resources for students worldwide. * You can buy me a coffee, or two, or three: www.buymeacoffee.com/EZNOMICS * Or donate via PayPal: www.paypal.com/donate/?hosted_button_id=AENXYBZTNXA8A EZ NOMICS merchandise is available from the following online stores: * ez-nomics.teemill.com/ * ez-nomics.creator-spring.com/
Support EZ NOMICS in our mission to provide free video tutorial resources for students worldwide. * You can buy me a coffee, or two, or three: www.buymeacoffee.com/EZNOMICS * Or donate via PayPal: www.paypal.com/donate/?hosted_button_id=AENXYBZTNXA8A EZ NOMICS merchandise is available from the following online stores: * ez-nomics.teemill.com/ * ez-nomics.creator-spring.com/
Support EZ NOMICS in our mission to provide free video tutorial resources for students worldwide. * You can buy me a coffee, or two, or three: www.buymeacoffee.com/EZNOMICS * Or donate via PayPal: www.paypal.com/donate/?hosted_button_id=AENXYBZTNXA8A EZ NOMICS merchandise is available from the following online stores: * ez-nomics.teemill.com/ * ez-nomics.creator-spring.com/
Thank you for this video; could you explain how the consumer surplus and producer surplus can overlap at area b+g?
* Very happy to know that the video is helpful to your understanding of subsidies. * With regards to the overlap. Think of the subsidy rectangular area as an additional layer overlapping the supply and demand curves. Think of it as a subsidy "cake" with slices being cut out and given to different stakeholders to amplify their consumer and producer surplus. * Here is a link to another subsidy video I have where I explain this overlap in areas b and g through the idea of a subsidy "cake" and slices being cut out and given to the producer and consumer with the left over "unwanted slice" being the welfare loss. ruclips.net/video/ZYF9iovKbcc/видео.html It's at time 18:22 in the video link above. Hope this other video helps in understanding this. All the best, Domenico
Support EZ NOMICS in our mission to provide free video tutorial resources for students worldwide. * You can buy me a coffee, or two, or three: www.buymeacoffee.com/EZNOMICS * Or donate via PayPal: www.paypal.com/donate/?hosted_button_id=AENXYBZTNXA8A EZ NOMICS merchandise is available from the following online stores: * ez-nomics.teemill.com/ * ez-nomics.creator-spring.com/
thank you for this 😭😭 your savings my grades
Very happy to know that my videos are helping you with your studies : ) Wishing you the best, Domenico
Support EZ NOMICS in our mission to provide free video tutorial resources for students worldwide. * You can buy me a coffee, or two, or three: www.buymeacoffee.com/EZNOMICS * Or donate via PayPal: www.paypal.com/donate/?hosted_button_id=AENXYBZTNXA8A EZ NOMICS merchandise is available from the following online stores: * ez-nomics.teemill.com/ * ez-nomics.creator-spring.com/
And who gets hurt the most ??? It seems like all bear same pain .
Thank you for your thoughts. In theory, firms may be negatively impacted by the increased cost of labor as a result of minimum wage. However, generally speaking, minimum wage provides multiple spill over benefits: 1. Reductions in poverty and income inequality, as minimum wage ensures that workers receive a form of income that is sufficient to meet their basic living costs, helping to reduce poverty. It guarantees that even the lowest-paid workers have a certain standard of living, thus narrowing the income gap between rich and poor, which helps reduce income inequality. 2. Increase in standard of living, as the government can help raise the standard of living for low-income workers via minimum wage, thus, allowing them to afford essential goods and services such as housing, food, and healthcare. This also has positive spillover impacts as increased consumption improves the well-being of households and supports overall aggregate demand (GDP) in the economy. 3. Increased consumer spending, as higher wages for low-income workers increase their disposable income, leading to greater consumer spending and thus, contributes to GDP. Since low-income households tend to spend a larger portion of their income, a rise in the minimum wage can have a multiplier effect, stimulating demand for goods and services and potentially boosting economic growth. 4. Reduction in government welfare spending as a higher minimum wage would mean that fewer workers would require financial support through government welfare programs such as unemployment benefits or food assistance. This can result in a reduction in government spending on social welfare programs, freeing up public resources for other uses, such as infrastructure, education, or healthcare. 5. Improvement in worker productivity. The Efficiency Wage Theory suggests that higher wages can lead to an increase in worker productivity. Workers who are paid better are more motivated, reducing absenteeism and turnover. Additionally, higher wages may attract more qualified workers, which could enhance the overall quality of the labor force. This also saves employers costs related to recruitment and training new workers. 6. Reducing the exploitation of labor by firms as a guaranteed wage must be legally provided to low-skilled workers. A minimum wage can help protect workers from exploitation, especially in industries where bargaining power is heavily tilted in favor of employers. 7. Encourages technological innovation by firms and entrepreneurs as a higher minimum wage can incentivize profit-maximizing firms to invest in innovative technologies and training programs to increase the productivity of their workers. Rather than relying on cheap labor, firms may be incentivized to adopt more efficient production methods, which could lead to innovation and long-term economic growth. However, new technologies could generate structural unemployment. 8. Reduction of labor market discrimination as by setting a minimum wage, there is a leveling of the playing field for disadvantaged workers, including women, ethnic minorities, and younger workers. 9. Social and political stability could be improved as minimum wage provides low-skilled labor with a "fair" wage, which can help reduce social tensions between economic classes. 10. Many economists and policymakers argue that it is an ethical responsibility to ensure that people working full-time jobs earn enough to live with dignity. 11. Minimum wage can act as an automatic stabilizers during recessionary gaps. Since it prevents wages from falling too low, it maintains aggregate demand, helping to stabilize the economy during recessions. This ensures that the economy does not experience extreme downward pressure on wages, which could lead to a deeper recession. * Source: ChatGPT
3 years later , the parallel market has changed
Thank you for your thoughts. Can you elaborate on what you mean by your comment? Parallel markets for labor vary by country. I've posted the following, which was a response to your previous comment. In theory, firms may be negatively impacted by the increased cost of labor as a result of minimum wage. However, generally speaking, minimum wage provides multiple spill over benefits: 1. Reductions in poverty and income inequality, as minimum wage ensures that workers receive a form of income that is sufficient to meet their basic living costs, helping to reduce poverty. It guarantees that even the lowest-paid workers have a certain standard of living, thus narrowing the income gap between rich and poor, which helps reduce income inequality. 2. Increase in standard of living, as the government can help raise the standard of living for low-income workers via minimum wage, thus, allowing them to afford essential goods and services such as housing, food, and healthcare. This also has positive spillover impacts as increased consumption improves the well-being of households and supports overall aggregate demand (GDP) in the economy. 3. Increased consumer spending, as higher wages for low-income workers increase their disposable income, leading to greater consumer spending and thus, contributes to GDP. Since low-income households tend to spend a larger portion of their income, a rise in the minimum wage can have a multiplier effect, stimulating demand for goods and services and potentially boosting economic growth. 4. Reduction in government welfare spending as a higher minimum wage would mean that fewer workers would require financial support through government welfare programs such as unemployment benefits or food assistance. This can result in a reduction in government spending on social welfare programs, freeing up public resources for other uses, such as infrastructure, education, or healthcare. 5. Improvement in worker productivity. The Efficiency Wage Theory suggests that higher wages can lead to an increase in worker productivity. Workers who are paid better are more motivated, reducing absenteeism and turnover. Additionally, higher wages may attract more qualified workers, which could enhance the overall quality of the labor force. This also saves employers costs related to recruitment and training new workers. 6. Reducing the exploitation of labor by firms as a guaranteed wage must be legally provided to low-skilled workers. A minimum wage can help protect workers from exploitation, especially in industries where bargaining power is heavily tilted in favor of employers. 7. Encourages technological innovation by firms and entrepreneurs as a higher minimum wage can incentivize profit-maximizing firms to invest in innovative technologies and training programs to increase the productivity of their workers. Rather than relying on cheap labor, firms may be incentivized to adopt more efficient production methods, which could lead to innovation and long-term economic growth. However, new technologies could generate structural unemployment. 8. Reduction of labor market discrimination as by setting a minimum wage, there is a leveling of the playing field for disadvantaged workers, including women, ethnic minorities, and younger workers. 9. Social and political stability could be improved as minimum wage provides low-skilled labor with a "fair" wage, which can help reduce social tensions between economic classes. 10. Many economists and policymakers argue that it is an ethical responsibility to ensure that people working full-time jobs earn enough to live with dignity. 11. Minimum wage can act as an automatic stabilizers during recessionary gaps. Since it prevents wages from falling too low, it maintains aggregate demand, helping to stabilize the economy during recessions. This ensures that the economy does not experience extreme downward pressure on wages, which could lead to a deeper recession. * Source: ChatGPT
Wow! What an awesome breakdown, even including suggested reading material. Love it!! Hope you enjoy the game :)
Congratulations on making such a well-designed, fantastic game! My kids and I enjoy the artwork and the gameplay. For the last two weeks, my youngest son has been crowned Supreme Leader in our home since he successfully beat us the previous two times we've played as a family. Looking forward to playing again this weekend : )
@@EZNOMICS A little aspiring autocrat! Haha that's great. Enjoy!!
Support EZ NOMICS in our mission to provide free video tutorial resources for students worldwide. * You can buy me a coffee, or two, or three: www.buymeacoffee.com/EZNOMICS * Or donate via PayPal: www.paypal.com/donate/?hosted_button_id=AENXYBZTNXA8A EZ NOMICS merchandise is available from the following online stores: * ez-nomics.teemill.com/ * ez-nomics.creator-spring.com/
Support EZ NOMICS in our mission to provide free video tutorial resources for students worldwide. * You can buy me a coffee, or two, or three: www.buymeacoffee.com/EZNOMICS * Or donate via PayPal: www.paypal.com/donate/?hosted_button_id=AENXYBZTNXA8A EZ NOMICS merchandise is available from the following online stores: * ez-nomics.teemill.com/ * ez-nomics.creator-spring.com/
fantastic video and clearly explained. keep it up!
Thank you so much! Very happy to help in your studies : ) All the best, Domenico
Thanks, it was a good summary for my Economics Mock exam.
Thank you so much! Wishing you the very best with your mock exam, Domenico : )
Please note: at time 16:02, Firm A: Salmon could have "re-assigned" ("swap") via their special action, their newly acquired value 3 Romance Artist for their value 2 Crime Artist for their already printed "Heartbreakers" Romance comic book. They would have to pay $1 to do this as $1 is the difference in the value between the Crime Artist (value 2) and the Romance Artist (value 3). By "re-assigning" their artists as part of their hiring action, Firm A would have increased the value of the comic to a 6 and would meet the sales order condition for their Romance Sales Order tile and gain 4 fans, plus an additional fan for their specialized Romance artist that was swapped into the comic book. However, at time 18:10, it is stated that Firm A will hire and "re-assign" in Round 3. Strategically, it would have been more effective for Firm A to "re-assign" as part of their final action (hire) toward the end of Round 2 to gain additional fans and revenue at the end of that round.
Support EZ NOMICS in our mission to provide free video tutorial resources for students worldwide. * You can buy me a coffee, or two, or three: www.buymeacoffee.com/EZNOMICS * Or donate via PayPal: www.paypal.com/donate/?hosted_button_id=AENXYBZTNXA8A EZ NOMICS merchandise is available from the following online stores: * ez-nomics.teemill.com/ * ez-nomics.creator-spring.com/
Please note: S ≠ MC for firms operating within imperfectly competitive market structures. Thus, the firm's MC curve should be labelled MC only. * Explanation of why a monopoly has no supply curve: * Part 1 of 2: ruclips.net/video/BMARdgtcPCE/видео.html * Part 2 of 2: ruclips.net/video/jOI5HFEpVZo/видео.html
Please note: S ≠ MC for firms operating within imperfectly competitive market structures. Thus, the firm's MC curve should be labelled MC only. * Explanation of why a monopoly has no supply curve: * Part 1 of 2: ruclips.net/video/BMARdgtcPCE/видео.html * Part 2 of 2: ruclips.net/video/jOI5HFEpVZo/видео.html
Please note: S ≠ MC for firms operating within imperfectly competitive market structures. Thus, the firm's MC curve should be labelled MC only. * Explanation of why a monopoly has no supply curve: * Part 1 of 2: ruclips.net/video/BMARdgtcPCE/видео.html * Part 2 of 2: ruclips.net/video/jOI5HFEpVZo/видео.html
Please note: S ≠ MC for firms operating within imperfectly competitive market structures. Thus, the firm's MC curve should be labelled MC only. * Explanation of why a monopoly has no supply curve: * Part 1 of 2: ruclips.net/video/BMARdgtcPCE/видео.html * Part 2 of 2: ruclips.net/video/jOI5HFEpVZo/видео.html
Please note: S ≠ MC for firms operating within imperfectly competitive market structures. Thus, the firm's MC curve should be labelled MC only. * Explanation of why a monopoly has no supply curve: * Part 1 of 2: ruclips.net/video/BMARdgtcPCE/видео.html * Part 2 of 2: ruclips.net/video/jOI5HFEpVZo/видео.html
Please note: S ≠ MC for firms operating within imperfectly competitive market structures. Thus, the firm's MC curve should be labelled MC only. * Explanation of why a monopoly has no supply curve: * Part 1 of 2: ruclips.net/video/BMARdgtcPCE/видео.html * Part 2 of 2: ruclips.net/video/jOI5HFEpVZo/видео.html
Please note: S ≠ MC for firms operating within imperfectly competitive market structures. Thus, the firm's MC curve should be labelled MC only. * Explanation of why a monopoly has no supply curve: * Part 1 of 2: ruclips.net/video/BMARdgtcPCE/видео.html * Part 2 of 2: ruclips.net/video/jOI5HFEpVZo/видео.html
Please note: S ≠ MC for firms operating within imperfectly competitive market structures. Thus, the firm's MC curve should be labelled MC only. * Explanation of why a monopoly has no supply curve: * Part 1 of 2: ruclips.net/video/BMARdgtcPCE/видео.html * Part 2 of 2: ruclips.net/video/jOI5HFEpVZo/видео.html
Please note: S ≠ MC for firms operating within imperfectly competitive market structures. Thus, the firm's MC curve should be labelled MC only. * Explanation of why a monopoly has no supply curve: * Part 1 of 2: ruclips.net/video/BMARdgtcPCE/видео.html * Part 2 of 2: ruclips.net/video/jOI5HFEpVZo/видео.html
Please note: S ≠ MC for firms operating within imperfectly competitive market structures. Thus, the firm's MC curve should be labelled MC only. * Explanation of why a monopoly has no supply curve: * Part 1 of 2: ruclips.net/video/BMARdgtcPCE/видео.html * Part 2 of 2: ruclips.net/video/jOI5HFEpVZo/видео.html
Please note: S ≠ MC for firms operating within imperfectly competitive market structures. Thus, the firm's MC curve should be labelled MC only. * Explanation of why a monopoly has no supply curve: * Part 1 of 2: ruclips.net/video/BMARdgtcPCE/видео.html * Part 2 of 2: ruclips.net/video/jOI5HFEpVZo/видео.html
Please note: S ≠ MC for firms operating within imperfectly competitive market structures. Thus, the firm's MC curve should be labelled MC only. * Explanation of why a monopoly has no supply curve: * Part 1 of 2: ruclips.net/video/BMARdgtcPCE/видео.html * Part 2 of 2: ruclips.net/video/jOI5HFEpVZo/видео.html
Support EZ NOMICS in our mission to provide free video tutorial resources for students worldwide. * You can buy me a coffee, or two, or three: www.buymeacoffee.com/EZNOMICS * Or donate via PayPal: www.paypal.com/donate/?hosted_button_id=AENXYBZTNXA8A EZ NOMICS merchandise is available from the following online stores: * ez-nomics.teemill.com/ * ez-nomics.creator-spring.com/
* S ≠ MC for firms operating within imperfectly competitive market structures * Thus, the firm's MC curve should be labelled MC only
Support EZ NOMICS in our mission to provide free video tutorial resources for students worldwide. * You can buy me a coffee, or two, or three: www.buymeacoffee.com/EZNOMICS * Or donate via PayPal: www.paypal.com/donate/?hosted_button_id=AENXYBZTNXA8A EZ NOMICS merchandise is available from the following online stores: * ez-nomics.teemill.com/ * ez-nomics.creator-spring.com/
* S ≠ MC for firms operating within imperfectly competitive market structures * Thus, the firm's MC curve should be labelled MC only
Please note: S ≠ MC for firms operating within imperfectly competitive market structures. Thus, the firm's MC curve should be labelled MC only. * Explanation of why a monopoly has no supply curve: * Part 1 of 2: ruclips.net/video/BMARdgtcPCE/видео.html * Part 2 of 2: ruclips.net/video/jOI5HFEpVZo/видео.html
Please note: S ≠ MC for firms operating within imperfectly competitive market structures. Thus, the firm's MC curve should be labelled MC only. * Explanation of why a monopoly has no supply curve: * Part 1 of 2: ruclips.net/video/BMARdgtcPCE/видео.html * Part 2 of 2: ruclips.net/video/jOI5HFEpVZo/видео.html
Please note: S ≠ MC for firms operating within imperfectly competitive market structures. Thus, the firm's MC curve should be labelled MC only. * Explanation of why a monopoly has no supply curve: * Part 1 of 2: ruclips.net/video/BMARdgtcPCE/видео.html * Part 2 of 2: ruclips.net/video/jOI5HFEpVZo/видео.html
Please note: S ≠ MC for firms operating within imperfectly competitive market structures. Thus, the firm's MC curve should be labelled MC only. * Explanation of why a monopoly has no supply curve: * Part 1 of 2: ruclips.net/video/BMARdgtcPCE/видео.html * Part 2 of 2: ruclips.net/video/jOI5HFEpVZo/видео.html
Please note: S ≠ MC for firms operating within imperfectly competitive market structures. Thus, the firm's MC curve should be labelled MC only. * Explanation of why a monopoly has no supply curve: * Part 1 of 2: ruclips.net/video/BMARdgtcPCE/видео.html * Part 2 of 2: ruclips.net/video/jOI5HFEpVZo/видео.html
Please note: S ≠ MC for firms operating within imperfectly competitive market structures. Thus, the firm's MC curve should be labelled MC only. * Explanation of why a monopoly has no supply curve: * Part 1 of 2: ruclips.net/video/BMARdgtcPCE/видео.html * Part 2 of 2: ruclips.net/video/jOI5HFEpVZo/видео.html