I’ve just graduated from university and came across one of your videos in my recommended. I clicked on it because I missed and wanted to hear that tune in the beginning of your videos. It took me back to my first few years at uni, binge watching your videos before my exam and ultimately really being able to understand economics through your incredible explanations. Thank you.
Thanks! You're doing great! I'm currently an Economics teacher who graduated with a 1st class result in Economics and all you are saying aren't new to me. But I'm thrilled by the simplest form you used to explain this. I didn't see that coming!
Thanks a lot for this video Jason! You have been a savior to my Econ classes! I was asked to teach it without too much training and since last year I ve been using your materials and it has helped me a lot!
I never studied economics at college, but I'm intrigued to learn more. From a practical point of view, regarding chair scarcity at the school, I'd call into the woodwork class, borrow four planks of wood. I'd make a square bench over six chairs five on each long side, three top & bottom making 16. Everyone has a seat.
Better than spending our time trying to determine how to divvy up limited products is to make products so abundant that there's no need to have to divvy them up. For the first time ever we have the technology to provide a global abundance of food, water, shelter, and the necessities of life. I wonder if when we finally reach a post-scarcity world that economics as a study will be retired. Regarding the chairs example, the first thing that crossed my mind is to ask if there are any students with spinal, back, or leg problems. I'd give them first pickings. And then maybe to rotate chairs as people get tired of standing. To select chairs based on need not based on who can afford them. Of course with the ultimate goal to simply provide enough chairs for everyone. It should be no shocker that when selecting options that an auction system might come up in discussion since we already happen to live in a market system. That system already exists and we're using it now. If you asked the students to come up with a better means of communication and it happened to be the year 1900, no one would have proposed email. You can only propose solutions that you've already heard of. Our current economic system leaves people living to fend for themselves in camps under bridges. Surely we can and will do better than that.
The first system for the allocation of chairs that popped in to my head was divided time for use by all students among the chairs. I was disappointed my idea was not listed =(
In this age of artificial scarcity which is inherintly rooted in the curent economic model we are left with no chose to fully enlighten ourselfs with knowledge that is the only solution for an individual to live a proserous and happy life , because ultimelty ignorance and fear is the root of all man made colamities .
Would have been interesting to see 20 chairs at the front of class, but off limits and 6 chairs available for use. This would represent the way the 1% stash cash as opposed to circulating it back into the system, hoarding it instead.
Scarcity in this question can be solved by first come first gets the chair.because in day to day life also the product which are available in the market are according to that bases.The first customer gets the product so same we can do over here.
Everyone might agree at first until one person decides...the hell with it, I'll make an offer for s chair. He'll set a trend and soon someone will follow. As early adopters, they'll pay the price on offer as it provides an element of status..."the ones who own chairs"......An entrepreneur will notice this and realise the value that's been induced into having a chair in the economics class. he will realise that demand has been created. He'll go to the janitor, strike a good deal with him to obtain more chairs and in turn start selling chairs in class, some willing to pay the high price to be part of the chair gang, some not willing to part with that amount. after saturating the chair market in class and sales dropping, he'll discount his stock which in turn attracts mid to late adopters to invest in their own chairs. With the chair market completely saturated sales will halt....unless he takes the surplus gained from the first sales and approaches the woodwork class to design and manufacture a chair more comfortable with some features sought after by students. He'll offer trade-in of old chairs so he could sell it back to the woodwork shop for recycling which reduced his buying price which increases his surplus...he might choose to pass the surplus on to the consumer as an incentive to trade in their older chair....and so the cycle goes on and on and on....if not for entrepreneurs....
Auction is the most efficient from the given examples, but I think the absolutely right answer would be let those people decide with leaving them option to review their decision after agreed time.
@@JonasPolsky communism would be: since there isn't enough chairs for everyone, no one gets the chairs and everyone sits on the floor, while the teacher (leader) holds onto all the chairs
Can't I just sit on the floor? I understand the point of the video but if this was the issue I don't see why volunteering to sit on the floor would be a problem.
In many cultures, they know how to sit on the ground, or squat. The scarcity here is thinking outside cultural limitations. Made it to just over a minute. We are the stupidest intelligent species ever, I'm glad they made this video about it. One thing about economics: there's very little consensus between economists. If all the 'experts' disagree, how can they be experts?
Probably one of the most retarded comments I have ever seen. If experts disagree how can they be experts? We can agree on certain base principles or observations and usually disagreements follow upward from there. For example, Physicists agree that there exists particles or sub-atomic particles but may disagree on the notions or implications that follow from the math of Quantum Mechanics, whether the Copenhagen interpretation is correct or the MWI is correct. Both parties agree on the math just not the implications. That does not make them any less of an expert in the field. In all fields whether it be soft or hard science you have ranges of disagreements. The key thing is to look at WHAT they are disagreeing about, not the fact that they ARE disagreeing on some things. Many cultures can sit on the ground but can many if any survive with no food, water or even shelter? The obvious answer is no.
@James Henry Smith MIT says widespread societal collapse around 2040. Everyone who's looked at the decades of data since then siad we're ahead of schedule. IDC where this video is from. Scarcity doesn't scare me. I'll figure it out. You?
Given our technology, we are more than capable today to be able to provide everything every human needs. The reason we don't? Money. Scarcity is created directly by the money economy so that it can simply exist. Abundance breaks the money economy. Those few who benefit from it the most, happen to be the same people who ultimately control the rest of this way of life.
For the IB econ exam, if there is a question on evaluation government responses to the overuse of common access resources, which responses would you talk about? licensing, allocation of property rights, tradable permits, taxes? and is air considered a common access resource ? evaluation responses like the allocation of property rights seems quite tricky to me, do you have any advice on or resources ANTWORTEN
The old or injured or pregnant should have a chair first... other people should be considerate of others feelings and and not take a chair to keep things fair in love
If our motive to serve is determined and is able to be expressed because of money, you are only a lessor and not so accomplished form of the currupt.....just saying :) Why do you supose so many people like Trump , I hear it said "how can such a man be an idiot, hes got so much money, what do you have as nice as him? " Ill assert that peoples are jealous expressing it via discontent and frustration all the way to hate of their goverment because their leaders are at a level most feel they cant aspire to reach, though behaving like them sometimes helps.... monetarily, and often even more. Remember bardering began our fall in the case of freedom prior, we simply gave and received what was needed and hording would have been considered a sickness of paranoia that seems to have turned in to a pandemic while the most unfortunate suffers are in charge of the lessor yet aspiring borders of paranoid people like themselves. If a majority of people are good it is not possible for a bad men to govern them any more than a good leader rise and be accepted to lead a majority of bad people.
I’ve just graduated from university and came across one of your videos in my recommended. I clicked on it because I missed and wanted to hear that tune in the beginning of your videos. It took me back to my first few years at uni, binge watching your videos before my exam and ultimately really being able to understand economics through your incredible explanations. Thank you.
Thanks! You're doing great!
I'm currently an Economics teacher who graduated with a 1st class result in Economics and all you are saying aren't new to me. But I'm thrilled by the simplest form you used to explain this. I didn't see that coming!
Yeah RUclips teachers are greater than some proffessors.
Thanks a lot for this video Jason! You have been a savior to my Econ classes! I was asked to teach it without too much training and since last year I ve been using your materials and it has helped me a lot!
Glad to be of service to you and your students!
Simonne Guilherme Hi! Are you still an Economics teacher? we could share ideas if you don't mind. Looking forward to your response!
Twatasauraus rex
@@JasonWelker Hello. I am about to become an economics IB HL student in a month. Is this 'AP' course compatible with IB Economics course as well?
You teach economics WAY better than my self proclaimed economics expert
I never studied economics at college, but I'm intrigued to learn more. From a practical point of view, regarding chair scarcity at the school, I'd call into the woodwork class, borrow four planks of wood. I'd make a square bench over six chairs five on each long side, three top & bottom making 16. Everyone has a seat.
Reading Thomas Sowell's brilliant masterpiece : Basic Economics and I am about to complete it so loved this beautiful explanation as well
Short and clear video. Thank you for your teaching.
Very thankful for these videos! I just started macroeconomics in an online class, so these videos are really helping me!!!
Ur clearly botted
@@jackbyrne7483 ur clearly gay, ellen degenourus lookin ass
@@dth_steven you say that as if being gay is an insult lmao
thanks for making the video! it has really helped me prepare for my eco test.
This was a amazing lecture, Thank you Jason!
Hello and good Afternoon: So more likely like youtube channel. Your gotten it clearly into my mine, the basic economic problem this day.
Better than spending our time trying to determine how to divvy up limited products is to make products so abundant that there's no need to have to divvy them up. For the first time ever we have the technology to provide a global abundance of food, water, shelter, and the necessities of life. I wonder if when we finally reach a post-scarcity world that economics as a study will be retired.
Regarding the chairs example, the first thing that crossed my mind is to ask if there are any students with spinal, back, or leg problems. I'd give them first pickings. And then maybe to rotate chairs as people get tired of standing. To select chairs based on need not based on who can afford them. Of course with the ultimate goal to simply provide enough chairs for everyone.
It should be no shocker that when selecting options that an auction system might come up in discussion since we already happen to live in a market system. That system already exists and we're using it now. If you asked the students to come up with a better means of communication and it happened to be the year 1900, no one would have proposed email. You can only propose solutions that you've already heard of. Our current economic system leaves people living to fend for themselves in camps under bridges. Surely we can and will do better than that.
The first system for the allocation of chairs that popped in to my head was divided time for use by all students among the chairs. I was disappointed my idea was not listed =(
Hahahah yeah me too :D
In this age of artificial scarcity which is inherintly rooted in the curent economic model we are left with no chose to fully enlighten ourselfs with knowledge that is the only solution for an individual to live a proserous and happy life , because ultimelty ignorance and fear is the root of all man made colamities .
Thank you. You are th best tutor
What was that song at the first part of this video?
Thanks for this video! What program you use to do this video? I would like to apply on my business classes! Regards
I love your music!
Thanks for the breakdown man :)
Would have been interesting to see 20 chairs at the front of class, but off limits and 6 chairs available for use. This would represent the way the 1% stash cash as opposed to circulating it back into the system, hoarding it instead.
What an amazing video thank you so much.
It is a very useful video
Thank you very much
Thank you!
What program are you using there?
Scarcity in this question can be solved by first come first gets the chair.because in day to day life also the product which are available in the market are according to that bases.The first customer gets the product so same we can do over here.
everyone can sit on the floor ...the chair isnt really necessary
Nice
I would rather sit on the floor, tbh. Chairs without tables are more uncomfortable to write in than just writing while sitting on the floor.
Yes unless i agree unless someone has a condition beyond their control where a chair would be better for them
Everyone might agree at first until one person decides...the hell with it, I'll make an offer for s chair. He'll set a trend and soon someone will follow. As early adopters, they'll pay the price on offer as it provides an element of status..."the ones who own chairs"......An entrepreneur will notice this and realise the value that's been induced into having a chair in the economics class. he will realise that demand has been created. He'll go to the janitor, strike a good deal with him to obtain more chairs and in turn start selling chairs in class, some willing to pay the high price to be part of the chair gang, some not willing to part with that amount. after saturating the chair market in class and sales dropping, he'll discount his stock which in turn attracts mid to late adopters to invest in their own chairs. With the chair market completely saturated sales will halt....unless he takes the surplus gained from the first sales and approaches the woodwork class to design and manufacture a chair more comfortable with some features sought after by students. He'll offer trade-in of old chairs so he could sell it back to the woodwork shop for recycling which reduced his buying price which increases his surplus...he might choose to pass the surplus on to the consumer as an incentive to trade in their older chair....and so the cycle goes on and on and on....if not for entrepreneurs....
Auction is the most efficient from the given examples, but I think the absolutely right answer would be let those people decide with leaving them option to review their decision after agreed time.
thank you so much
Thank you
Good intro music. Brad Sucks is a great band.
What kind of cost a firm bears by allocating scarce resources?
awesome lecture.. thank you
Ms. Williams class?
thks Mr. Joson Welker
How was a turn based system not proposed? Sometimes people truly disappoint me.
my thought as well -- COMRADE
@@JonasPolsky communism would be: since there isn't enough chairs for everyone, no one gets the chairs and everyone sits on the floor, while the teacher (leader) holds onto all the chairs
Awesome stuff!
Can't I just sit on the floor? I understand the point of the video but if this was the issue I don't see why volunteering to sit on the floor would be a problem.
im german and it was perfectly explained
So no one mentioned going to get some "MORE" chairs from another room?
Scarcity is limit in supply only not supply and demand .
In many cultures, they know how to sit on the ground, or squat. The scarcity here is thinking outside cultural limitations. Made it to just over a minute. We are the stupidest intelligent species ever, I'm glad they made this video about it.
One thing about economics: there's very little consensus between economists. If all the 'experts' disagree, how can they be experts?
Probably one of the most retarded comments I have ever seen.
If experts disagree how can they be experts?
We can agree on certain base principles or observations and usually disagreements follow upward from there.
For example, Physicists agree that there exists particles or sub-atomic particles but may disagree on the notions or implications that follow from the math of Quantum Mechanics, whether the Copenhagen interpretation is correct or the MWI is correct. Both parties agree on the math just not the implications. That does not make them any less of an expert in the field.
In all fields whether it be soft or hard science you have ranges of disagreements. The key thing is to look at WHAT they are disagreeing about, not the fact that they ARE disagreeing on some things.
Many cultures can sit on the ground but can many if any survive with no food, water or even shelter? The obvious answer is no.
@James Henry Smith MIT says widespread societal collapse around 2040. Everyone who's looked at the decades of data since then siad we're ahead of schedule.
IDC where this video is from. Scarcity doesn't scare me. I'll figure it out. You?
Is that a problem with "DEMOCRACY?" "DEMOCRACY" is rule by numbers not by "SOUND-JUDGEMENT!"
asks is that scenario actually reality? Would this situation also require "CENTRAL-PLANNING?"
WHAT IS THE INTRO SONG
Joe
Nowadays the number of economic problems only grow.
Abundance in money equals scarcity in everything else.
Scarcity in money equals abundance in everything else.
Math 101
Just slip the chairs over and you have 4X MORE chairs to sit on 😂👌😂👌😁😁😁😁
Nice
man just sit on the floor it doesn't have to be that complicated
But sir. The photo has 17 people
I love one note
You don't to sit on a chair to attend an economics lesson.
Are spell-checkers a scarce resource?
Given our technology, we are more than capable today to be able to provide everything every human needs. The reason we don't? Money. Scarcity is created directly by the money economy so that it can simply exist. Abundance breaks the money economy. Those few who benefit from it the most, happen to be the same people who ultimately control the rest of this way of life.
1:43
For the IB econ exam, if there is a question on evaluation government responses to the overuse of common access resources, which responses would you talk about?
licensing, allocation of property rights, tradable permits, taxes?
and is air considered a common access resource ?
evaluation responses like the allocation of property rights seems quite tricky to me, do you have any advice on or resources
ANTWORTEN
Hello. Try watching my videos on market failure and the tragedy of the commons. I go over solutions in those videos.
Could I just bring my own chair?
WHY AM I WATCHING THIS??? I DONT CARE
5:24 misleading
A chair isn’t important
The old or injured or pregnant should have a chair first... other people should be considerate of others feelings and and not take a chair to keep things fair in love
Привет с финашки👋
If our motive to serve is determined and is able to be expressed because of money, you are only a lessor and not so accomplished form of the currupt.....just saying :) Why do you supose so many people like Trump , I hear it said "how can such a man be an idiot, hes got so much money, what do you have as nice as him?
" Ill assert that peoples are jealous expressing it via discontent and frustration all the way to hate of their goverment because their leaders are at a level most feel they cant aspire to reach, though behaving like them sometimes helps.... monetarily, and often even more. Remember bardering began our fall in the case of freedom prior, we simply gave and received what was needed and hording would have been considered a sickness of paranoia that seems to have turned in to a pandemic while the most unfortunate suffers are in charge of the lessor yet aspiring borders of paranoid people like themselves.
If a majority of people are good it is not possible for a bad men to govern them any more than a good leader rise and be accepted to lead a majority of bad people.
whatculture
btw there is 17 students
damn :D
@@dilanweera7775 emmmmm i wrote this 6 months ago
@@oogwaycs still 17 😁
@@dilanweera7775 true lol
can you speak hindi
War
amogus
It is not just about scarcity, it is about income inequality that is ever widely as the rich get richer and the poor get poorer. Duh!
Scarcity is actually a lie that’s perpetrated on the masses