What is Economics?
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- Опубликовано: 18 сен 2024
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The typical first-year student walks into his first economics class with very little idea of what economics is. He might have heard something like, "economics is the study of money", or "economics is another word for accounting", or "economics is hard, don't take that class", but none of those are true.
"Economics is the study of the use of scarce resources that have alternative uses." That's the classic definition of economics. Basically, there are people, and people need resources to fulfil their desires. These resources cannot be infinite, but the desires can be, so people need to make choices about how to use their scarce resources. Economists study these choices.
All economic questions fall into one of two categories: positive and normative. Positive economics describes "what is" and normative economics argues for what ought to be, so a question like, "why do people use money?" is a positive question and "should people use money?" is a normative question.
A general rule of thumb is that if your economic model has no value judgements, it's positive economics, and if it does have value judgements it's normative economics, since to tell someone what he ought to do, you first have to judge what is best for him.
Economics is also divided into microeconomics and macroeconomics. Microeconomics studies the behaviour of individual agents and markets, while macroeconomics studies the behaviour of the entire economy.
Economists also have their own branch of statistics called "econometrics" that's specialized to analyzing economic data. Since economic data usually comes from the real world, and not from controlled experiments, econometrics faces mathematical challenges that other fields might not.
The tools economists have developed to study human behaviour have broad uses outside of what we would traditionally consider economics. Economists study not only markets, but things like crime, war, the family, religion, culture, politics, law, and even genetics. That's why it's not unusual to see papers by psychologists, sociologists, criminologists, political scientists, anthropologists, biologists, neuroscientists, or legal scholars being co-authored by economists.
I literally just got my Economics degree, idk why I'm watching this lol
Congratulations! And btw was it hard?
@@steelfox4437 Thanks! Overall, it was not a difficult major. The only course that I struggled in was Econometrics. From my experience, any degree could be fairly easy if you make the right connections and put some effort into it.
@@hadisaif2180 I'll keep that in mind. Good luck
Congratulations. Good stuff bro. What would you say was the best topic of Economics.
Hi! Just wanted to ask how much economics you had done before going to uni. I’m thinking about doing a joining degree so just want to know how much I should know
In the space of scarce resources economics deals with four main problems or questions:
1.Consumption, how and why decide for particular goods?
2.Allocation, or how to decide efficiently?
3.Distribution, or who receives the economic results and why?
4.Order and Institutions, or what is the most convenient framework to act in?
The mentioned subdisciplines consider these problems from different perspectives.
Great video.
Economics is about making choices, that is what we do everyday so i love Economics.
I am doing Engineering course and taken Economics as an extra subject and my professor gave me this link to watch in my first Eco. class.
very good description of basic economics. Great job at condensing a difficult subject into a clear and short definition. I found your comparison between positive and normative economics very insightful and easy to understand. Overall i find this to be a great introduction to economics and i would love to hear some of your more in depth studies of economics.
CDR BJ
😅
Had to watch this for an assignment in my economics class, very helpful. Thanks!
Are you graduated now
A pretty solid explanation of fundamental economics. Excellent work reducing a complicated subject into a simple and concise description. Your contrast of positive and normative economics was highly clear and simple to comprehend. Overall, I think this is an excellent introduction to economics, and I'd love to hear some of your more in-depth economic studies.
Me who is watching this many years before I need to
No such thing..the younger you are the better,good for you
Thought I was the only one 😂
Lucky I have to do this in class 😭
DONT DO HISTORY UNLESS U ARE SUPER SMART
don't do business. university programs aren't meant to train specific skills unless it explicitly says so.
Thanks so much for sharing, I was required to listen for my economics course. Was very helpful and simple to understand.
Cavelle Nelson
झ
This is what I've bee researching for: economics is not only money. Great Video! I am super proud of you
Economics is the study of scarcity resources which means our needs exceed our limited resources available to fulfil this needs , And there is difference between needs and wants , needs is the basic things for survival like water and food but wants are things that complement our life and not necessary for survival like expensive car, apartment .
Economics is classified into two things Micro economics and Macroeconomics .
You are really a stumblin-block for other youtubers....This video is par excellence and exactly what I was looking for!
An excellent introduction about the basics of economics.
This video is actually great, way better than the one on investopedia.
still.. dont take economics class.
Its s history class.Or maybe economic class cause ours is history class
"Economics is the study of the use of scarce resources that have alternative uses."
Yes
Checkout my playlist to see *World GDP* ruclips.net/video/lvBJMiZZbEE/видео.html
0:18 - Every time someone tells me whatever I'm talking about is "hard" or "too hard" I think to myself - Maybe is hard for you, or for someone who won't even start it for thinking is "hard", or for a beginner, but everyone starts from a point and if you start thinking it's "hard" you will never even start it, will never stop being a beginner and it will never became "easy" for you.
Ngl I still don't get it
Its a very rushed video for a beginner
This video is clear and easy to understand introduction to economics. Good work
If you are an economics student you may try my channel too
Thank you sir for your information
I started in these year only
Thanks for the knowledge tommorrow is my first class at college.
Thank you, I taking Economics now, for next year, you gave me a nice overview.
I literally just changed my whole alevel course/ subjects from engineering based to economics based now I dunno if I’m gonna regret it
this is exactly the problem im having I don't really like physics but like maths so i dont really know if i want to go down the engineering route looking at alternatives. Is it good so far?
surely not I’m on the same boat as you exactly! I cannot do physics so I sadly can’t do engineering in design. Instead I’m doing economics - hoping I enjoy it!
my professor linked this. this is my third economics course. its required in highschool.
I think economics is being prepared for all platforms and be ready to do business with whatever youre given
Tq somuch for the class I did not understand when mam says now by this video I habe understand how economic helps on day to day life tq so much
I'm studying for this school year before school starts agian :D
its the purpose driven use of how a society functions within its capacity to combine its time, money, resources and expertise towards its needs and the study of how that becomes possible and how that changes. Its sociology of how and why countries grow to their own benefit and how global economic growth represents what is growing.
I m going to start economic classes soon and this video is very amazing...
I am not an economics major but this video was in my recommendations so i clicked it and it seemes interesting.
It a very good presentation...
This is a golden video for me
Thanks dude
Bravo! Amazing Vocabulary and Great Clearance... Thanks...
Wonderful presentation.
I have just started reading Basic Economics by Thomas Sowell. It has been a good read so far. You guys might want to check it out. I came across the exact same definition of economics in that book by the way.
Has anyone read it?
no how to get it online ?
who is the best economic teacher??
Great insights, always fascinating to explore other's thoughts! You inspired me to begin educating people on RUclips, Thank you!
Thanks cuz I just picked it for my gcses and I barely know what it is😂😂I knew it was study of resources being used and stuff and was maths and geography related so I picked it
is it easy?
@@layanadalati1816 well, almost two years after leaving this comment, and a week left of school, i will miss economics because it was genuinely so interesting. it was fairly difficult but you have to stay focussed. it also depends on your teacher, i highly recommend it tho! i can't believe i left this comment just before i started econ and now I've finished omg
I just got my Economics degree, why I'm watching this!!!!
easy to understand with picturial presentation
"Multiplicity of wants and scarcity of means are the two foundation stones upon which the structure of Economics rests"..Explains please.
The fact that wants outstrip means implies that humans must set aside some wants for the achievement of others. It implies that humans must choose and economize. Economics is the study of choice.
very helpful ... can u do more videos about other topics in economics
Economy is social sceince which explains how people engage our selves consumption,disturbution,and production of goods and service in to soceity
*Science
*society
*distribution
*ourselves
though, yes, you are correct.
Sir its better to understand it when you also show the meaning of the words like scarce resources etc
Thank you,so much .My class in Goa, enjoyed your lesson.
An experienced economics i am , but guess what am refreshing my mind and am here .
Economics is deal with everything around the world .
I didn't actually get anything ............
Here's the simplest way to explain it:
1) People make choices.
2) Economists study those choices.
Two hundred years ago, economists only studied the choices that people made in the marketplace. However, in the twentieth century they branched out into studying all human choice. Economics is the study of choice.
+The Economics Detective Thanks Man ! I guss I understand something !
Because you are an idiot.
@@K4MR4N1UK123 unnecessary
K4MR4N1UK123 rude
Nice video! Can I know what software or apps you are using to make the video?
Im very interested in economics however I’m not so great in math. Do i have to be super great in math to study this?
Its very simple math
Simply Explained! I also liked the music.
Amazing video
What is one way you could describe the Economy in one sentence
What keeps the world go around
@@youngtouch4201 In a world far far away.
It's really helpful
Thank you so much 🥰
You teach me very well I'm so smart in school! I'm the smartest one there I love your videos
Very nice quick, informative lecture. 😁👍
its a very good video helped me alot😊
Very good description,its give better understanding about economics.
Economics is the way people think about money .Value is the degree of avarice .
Great introduction
Nicely explained
thanks .. this was alot of help
Ive signed up for evonomics for summer for my business major
Superb. Thank you, you saved my day.
thanks... bt i have another dobut... my teacher told me that economics depends upon income of a family and some says that economics is a study of production, consumption , and distribution ... how can i interlink all definitions? please reply me as soon as possible....please sir
What software did you use to animate this?
wow great teaching
Tell me what is economy please....
Thx I have a test on Tuesday and I need to learn.
That "Bhangra" background music sounds funny with this video.
Why are you making so hard ... let me simplify
Economics is basically about how people decide to use their resources, like time and money, to get what they need and want. It's like a big puzzle of how things are made, bought, and sold in a community or even globally
Very very well explained, thank you!
im watching this as a year seven for my report and tbh it is pretty easy
We never compared or even contrasted our countries economic standpoint/ exports imports compared to other countries, we never studied consumer consumption in our country compared to anothers. We never looked at a producers economic outlook business wise , we never looked at what most people can afford vs what items might be considered luxurious in other areas. We never applied any of the data we learned either in any real way.
hey can you make 1 about elasticity? great stuff by the way :)
Economices is by help me?
Great video!
Thanks a lot
Good and simple
Taking this class when I enter collage.
How was your experience when you took economics?
What program did you use to edit and animate this video?
Keynote. It's the mac equivalent of powerpoint.
Don't bother me it's a consumption and utility and think of production and satisfaction to all with scarce knowledge.
I will collect a lot of money 💪💪
whats a good book to read to get me into economics
Economics in One LessonWhat Ever Happened to Penny Candy?FreakonomicsHidden OrderLessons for the Young Economist
Or anything by Thomas Sowell.
Economics studies means choices!
never heard someone say eeeconomics before. Where are you from?
Still dont get it
Very informative
it is economics not eeconomics
English is a basterd lanquage, it has taken many (if not most) of its words from many different lanquages. That is why on many words, pronounciation is dependent on dialect. This is one of such words.
You mean 'pronunciation'. Classically pronouncing that word incorrectly! And why have you said "lanquage" twice ... using a 'q' and not a 'g'? It's 'language! Dear me!
eekonomix
thanks! i'm a freshman year for Economics.
Hwo was your college years studying economics?
I saw this shit on my schedule and I was like exscuse me
lol i have my first economics a level class tomorrow
BashHD
I have my first university seminar on economics on monday and I never even did it for a level, maths is the closest...
Sammme
Should I take it? I’m making choices atm ahah
@@uganiserer1777 yes you should try new things
నమస్తే ,, 1948 లో నిజాం నవాబు investments, shares, securities ఏమయ్యాయి? Uk & us bonds మన state ప్రజల కోసం trust లు పెట్టాడా? More information ఎక్కడ దొరుకుతుంది? Please reply
basically clear introduction..
the tabla music in background is making it a 100 thousand times interesting
I love the background music 😂😂😂🤷🏻♂️🤷🏻♂️🤷🏻♂️
me too😂🤣🤣
quite cool video
Thanks for this video..
I am interested in economics and business studies
These are great, thanks!
This is the oldest comment
Go through my work on Anthropological economics
Omg thanks so much it helped a lot
Excellent concise information for my English class