Main site: www.misterwootu... Second channel (for teachers): / misterwootube2 Connect with me on Twitter ( / misterwootube ) or Facebook ( misterwo...)
@@Coderedpirate Yes, that's what I do every day. The point with my country's students is that you need to tread the line carefully or they'll simply go over your head. I believe it also depends on the student culture. I know of some colleges where such teachers won't be appreciated by either the staff or the students or sometimes both. Thank you for your reply though. Will do my best everyday!
The fact that you have to have to keep shushing your mathematics classroom because they are overly enthusiastic in their engagement of the topic gives me a warm fuzzy feeling and hope for the future. thanks mate.
Input: I see that everyone hear is complaining about how this topic could've been explained in 30 seconds yet Mr. Woo here explained it in 12 minutes. It's not about the time the teacher is taking to explain the topic, it's about the engagement. The teacher made the time bearable. In my math classes easy topics that could've taken 10 minutes turned into 45 minutes and it was so unbearable because my teacher wasn't as active or engaged with his classroom as this teacher is. Just take that into consideration.
the comments saying he took too long to explain .. i guess you people have never been to school in your life.. its called teacher interacting with students
*Principle walks by* “Is that applicable stuff being taught? If those kids aren’t integrating with 3d objects how do you expect them to understand basic finance? How sickening...”
This isn't so much direct financial literacy, it's a lesson on how financial systems work. Semantics though. I'm just glad to see a lesson with practical, real-world application. The students too probably. Hey kids, here's how our society actually works!
I worked at a grocery store that only took Discover and no other credit/debit cards. Most people paid for their groceries by check. This was in the 2010s.
@@EctoGamer Yes, Discover is a credit card company/bank in the US. I don't know why they took Discover but not Visa/Mastercard. They still don't take American Express.
People saying he took to long: 1.) he manages to get the class involved in the topic and think for themselves about the topic 2.) he ensured to get EVERYONE along the ride of learning. Some kids are slower than others. He kept the quicker ones engaged while giving the slower ones time to follow.
@The Caretaker That is true, but explaining topics will grant students a far higher level of actual knowledge rather than rote memorisation. I guarantee you ALL of those students will gain AT LEAST the minimum 5 GCSE minimum required for passing secondary education AND be in better spot. I'm sure he's not showing the rest of the lesson which will be redoing problems and calculations which will cover the majority of time.
It depends on the amount, it's illegal for a business to get a high amount of cash from one consumer. And you will face difficulties if you did that after a bank robbery. Check the exact laws regarding this in your country.
@@giannisniper96 Like the other guy said, it could've been summarized in about 10 seconds, and explained in 1 or 2. That's more effective than wasting 10 minutes.
Creating a lesson plan is so much harder than people think, the guy deserves a medal for getting the class to pull in the same direction, with such enthusiasm.
Bitcoin would have been an incorrect answer cause you couldn't pay for anything in a store with it 5 years ago. And it was 5 years ago so about 3 years before the world was actually talking about it as a household term like they do now.
@@nicovalenzuela4044 yeah I realized. Statement still holds. Plenty of Australian children wouldn't appreciate him. I know some of my classmates were pure assholes
I just studied math at school but I had the typical mindset that math is hard. All this changed when I was trying to count how many words can be made out of 26 letters, and size of each word starts from one and ends at 5. I discovered many things that I had no idea about. Such as pascal triangle and the statistical things related to it. Later, I believed in myself that I can rediscover math and I started to find how to calculate area of shapes, and I did a very good progress. Later, I worked as a salesman and I was checking every number. I checked if the accountant calculated my commission correctly or not. At first, I insisted that he made a mistake because he is old and can't see well. But, I figured that he excludes taxes from sales then calculates commissions. I learned that I can't figure everything out of my head, and I need to know how things are done the right way. Also, as a salesman my customers asks me to calculate the area of complex shapes. So, I figured out how to do it correctly, but I hate doing it. As it takes time, and some customers have no idea that it takes time so they get angry or makes you angry when they don't buy. Anyway, I can teach you math. Based on my way, not based on text book. In another words I will not give you a fish, but I will teach you how to catch a fish.
Also I don't like this teacher. He wants the customer to pay for everything which I think isn't necessary because every business I have seen make benefits 2 to 10 times the cost of everything. I mean if an item costs you 10 dollars, and this cost includes everything from your salary to the rent and AC. You can sell it for 20 to 100 dollar. Be sure if the economic was very bad, and a business is still running, that business overprice items to 10 times and maybe more. And those who are the first to close, not complete failures. But their prices were less than 2 times above the cost. In another words, the benefit they make is just enough to let you pay your bills on time. I prefer the not greedy pricing as I support the consumer best interest. But if you are a selfish business owner, you will be greedy and as an employee you will have a secure job as the business owner doesn't feel effected by economy. You want to be the next billionaire, be greedy. You want to stay where you are, find the consumer best interest. And the path between the two is the best. Slowly but surely.
@@Brauket .. I just know as much as you know about Tesla. I know he thinks 3, 6, 9 are very interesting. But, I don't know how he figured that they are interesting. For me, They are no more than 3 multiplications. But once someone gets the same intuition and experience of Tesla, then figuring out why 3,6,9 are interesting will be possible. As I said earlier we can't figure everything out of our head, we need to understand how things actually work, and what things actually are. Example, A hacker can't hack a computer if he doesn't know how it actually works. And, chief can't make a delicious dish if he doesn't have a good sense of taste.
I'm pretty sure it's because of a tax on sugar. There would be 10% tax on 15g of sugar then 15% tax on 20g of sugar. I don't actually know just a guess
Cash isn't free either. The cash has to be picked up, usually by some cash transportation service, and brought to the bank which also charges you for converting cash to digital money so you can use it to pay taxes etc.
@lakerfan Did you Google the meaning? Outside of the US and maybe Canada, English speakers call it a cheque. "Check" means something else, eg check your wallet for change. And like this teacher said, nobody outside your country still writes cheques. We have Apple Pay, Google Pay, Samsung Pay, tap to pay cards (debit or credit), cash or banking apps.
@@scorcesetrackingshot8136 That's actually bonkers to me. There is so much to talk about that these idiots don't know... Literally none of the students knew how credit cards work...
@@GEM4sta Bro they are literaly in school TO LEARN. How the fuck can you call them idiots???? Did you already know all the math in the world in first grade?
Such a good explanation. I had a customer come into my auto shop a while back. I offered a cash deal to make the bill cheaper for this reason. He then yelled at me saying that cash is destroying our economy! Not sure what all of that was about. But i'm saving this video for next time.
There are non-obvious costs of cash though: having to securely transport it to the bank and increased risk of being robbed. This risk does not exist with those other forms of payment. Those costs may still be less than surcharge on credit cards, I dunno.
Counterfeit bills, mistakes in making change (being scammed when customer claims he gave a bigger bill). But yet gift cards give no discount for tying up your gift giver's money. And meanwhile you might be charged overdraft fees for trying to buy food when the clothier card is full of store funds.
Allows inept people to be employed and not worry when handling cash. Yet to find anywhere that gives a discount for cash. Except shady pawn stores that never declare it as income.
You have a higher chance of credit card fraud than you do of being robbed person to person in any first world country regardless of how high the crime rate is in that given area. You can easily look this up. Credit fraud happens at a much faster rate per person using the service. It’s about every 2 seconds for credit fraud and every 1.6 minutes for robbery according to crime clock which is run by the fbi. That includes both in the street and building/property robberies.
@@TheAnantaSesa I've found that pretty much any local business will give me a cash discount if i ask for it on a large enough transaction (mechanics, home repairmen, installation services, etc.). Also, some gas stations give cash discounts.
Part of the reason for $10 minimum fees is that the credit card companies generally charge vendors in the form: flat fee + %fee. If a customer makes a very small purchase, the flat transaction fee up being a disproportionately high portion of the bill.
@@worldoftancraft People like to talk shit about communism, but in reality the leaders of Russia/USA are both equally as good and bad as eachother. I'm pretty sure schooling is also free there which means 90% of the population isn't indebted to the government or a bank for getting a good job. Correct me if I'm wrong.
@@Samuri5hit84 I don't comprehend the question. Today's Russia is having what you said in the reversed order of where we are going to. Because the designation is paid education. And be a beee-ding bi-tch of your master of Lyfe from a bank.
I like how vigilant he is, he hears everyone around him and doesn't ignore them, even when he is taking and others speak, he still hears them, we need more people like this
This entire 12 minutes video in a sentence: Shops have to pay a surcharge when you pay with credit card meaning it costs them more when you use one, so that is why in some places paying with credit costs you more.
An acquaintance thought it was because the shop doesn't have to declare cash transactions and so come tax time it looks like the business has earned less and so get taxed less, whereas card transactions are all monitored.
Teach: quick question or long one? Student: rambles on about a personal story Teach: not sure about the relevance, let's move on 😆🤣 Wish I could do that without offending!
Cash isn’t cheaper because there are costs associated to keeping the cash. Time costs to deposit at the bank, reconciliations, sure you may skim some off but you won’t skim all of it. Insurance for theft, loss. Leakage within the business, accessibility, ATM charges for the customers if it is a different bank...there is a long list.
It might seems like he took so much time to explain such a simple concept, yet since I am a teacher now I know that delivering that perfectly to average school students in like 12 minutes is quite good to be honest. Understanding something is a thing but teaching it to others is quite different in terms of difficulty, since our ways of perceiving information could vary significantly.
All the people saying he took too long missed the point. He's not explaining the result, he's explaining how you get to that result. Understanding why is more integral then understanding how because you can take the why of what you've learnt and apply it to other things. He's an awesome teacher because he's not just feeding the students information, he's engaging them and teaching them the principles behind why things work the way they do. That takes time.
@@Farsmezan The bank has no interest in paying on behalf of the business or a consumer. Because the bank is a "private" business which needs to earn money some way, and they do not profit if they pay for someone. They just take monthly fees or take a fee on purchase and that way they earn some money for providing their services.
kracker Yes they definitely do have an interest in doing that. They entice the consumer to have their money saved up in the bank by paying some of the debit card expenses. I have never heard of a bank that takes fee off of purchase. The only people taking fees are the company behind the debit card you’re using. Banks make their money from people taking loans, it makes no sense to charge people and that’s why there are no monthly fees to have your money in a bank, unless interest is that low.
@@Jetpans .. I said "in some countries". Do you know "all countries"? I am sure you don't, and I am sure you only think of short term financial interests. A bank can provide a service for free to popularize it and show how good it is. Later, when it's well known and popular the bank can make money out of this service. Otherwise, the service may never get popular.
You never heard of Amazon Pay, Google Pay, PayPal, things like that? Or are you talking about the term EFTPOS? Damn, I tell stupid asking this question.
Yeah, it doesn't roll easily off the tongue does it! I'm nearly 70 years old and my Dad was partly responsible for the rollout of EFTPOS (Electronic Funds Transfer at Point Of Sale) in the UK. He always reckoned it was a stupid name: it's generic of course and Switch etc are proprietary versions.
"Why is paying with cash cheaper?" Because the costs of producing, transporting, authenticating, securely storing, and other things* with cash are all socialized. When retailers insist that customers use cash, it means the whole society is using more cash than it otherwise would. This means the government is spending more to produce it, distribute it, guard it, and collect and destroy old cash. That's tax payer money. Banks need to have more storage and transport capacity for it, more ATMs etc. That's less money that could have been put towards customer interest payments or shareholder dividends, etc. *For example, theft and fraud are easier to accomplish with cash, which is like another cost in the system.
That is such an American answer. LOL I am very German in the way most still prefer cash and most small vendors will only accept that. I own a prepaid credit card for any transaction I do with American companies.
Haven't you ever talked to or with the people selling stuff? Or used your brain? Because I never learned the stuff but still knew about it just by connecting the dots
This is so different compared to where I live. First, larger bottle sizes usually means paying less per unit, not more, and while vendors here also deal with surcharges, they don't (or aren't allowed) to discriminate their prices based on payment methods. In Norway (in 2011), only 6 percent of purchases were made with cash.
gizdonk I never said MasterCard (or Visa, Amex, JCB etc) was a bank. Merchants are charged transaction fees by their acquiring bank who in turn pays for access to the scheme networks (ie MasterCard). Therefore they are bank fees, understand?
This is wrong in most areas. By paying 0.43% ( not a typo..less than a half a percent ) to Visa my company had instant deposit to my account, didn't get mugged taking cash to the bank, and best of all...NO accounts receivable, NO deadbeats, no chasing money. As a result I kept my service dept. hourly rate LOWER. As a purchaser, if you always pay your CCs.on time it's cheaper and you are working with THEIR money for approx. a month. Rewards etc. are a bonus. NEVER pay fees... they can always be negotiated. All of this is called "M3" money if you want to learn about money supply and how it affects the economy. Last tip .. DESTROY YOUR DEBIT CARD! At least punch a hole through the chip. Serious people only, pls. since this is a vital subject to many people - email me if you have questions. As long as I don't get swamped I'll try to answer them. Obracing at metrocast dot net. And yeah, it is "net". Don't just reply here. That won't work.
It's true. I used to live in Australia, and now moved to France for work. Usually it's the seniors who use cheques. It gets annoying when you are stuck behind them at the shop checkout counters, and they take their sweet time slowly taking their cheque books out, signing it, and then the cashier verifying it.
When I was in France I was really surprised but I also witnessed the cheques. I payed with my phone (connected to my card and they were like wow, is that also possible? XD)
Cash can be more expensive (counting, holding, transport, security). This cost is already included in prices and it is much more higher than surcharge.
What she said makes sense in context, many small businesses and tradespeople will reduce the price if you pay cash. (GST is 10%) This is because the business won't record the sale on the books, reducing their reportable income for tax purposes.
Alexandre Pereira in East of Europe are not places 'cash only' and there have never been checks, you can buy even matches by your card, it seems that cash will be old-fashioned there in few years
The only trouble is, very few businesses offer a discount for paying cash. I've literally never seen it in my life. So the title of this video should be "paying cash: why it's cheaper if the merchant offers a cash discount." If they don't offer a discount for paying cash you are better off just using the credit card and getting your miles or points or whatever. Also, merchants that insist on a credit card minimum are violating the terms of the agreement with the credit card company and you can report them. So 99.9% of the time it is not cheaper to pay cash.
I find this lecture quite entertaining, but this teacher is missing one essential point, and that is the fact that handling money also requires paying a substantial amount of expenditure. I'm not advocating for a cash free society in any way, but not pointing out the obvious fact that the required security measures related to dealing with cash is quite expensive, is a huge error.
You are right, but then it would also need to include credit card fraud on the other side of things. If someone contests a charge, you'll either have to pay or have to have significantly more sophisticated documentation than you would need for cash to 'prove' the purchase to the bank's satisfaction. That extra documentation (similar to security) is an additional cost to the business. From the point of view of the classroom exercise, including both is probably making the topic overly complicated. So it's probably fine that it wasn't mentioned.
I wonder whether it's "cheaper" because the cost of cash handling (yeah, there are costs) is somewhat fixed, wheras cards are per transaction. Would a small shop do better or worse if they cut cash handling all together and only used a cloud based point of sale like izettle or something? I imagine the answer to that might vary by country.
Credit Card costs are usually in the range of couple of cents base fee + 1,5-3% from the transaction. For contactless payments some charge extra fee. Is apple pay / google pay gets involved, they want to have some money too. Cash handling cost are usually bellow 0,5%. These costs come usually from the security guys, who pick up your bills, and of course banks providing change. Now, small businesses can even avoid this costs, as they bring there money to the bank by them selfs (what they often do). On the other hand big chains, like supermarkets can negotiate better fares with the credit card company, whilse small stores have to pay the higher fees.
In USA (and most other countries) it is ILLEGAL to refuse cash payments. Each US bill has text on it about how it is universal payment for all kind of debts or something like this.
@@AjvarD you're talking about "legal tender", which applies to debts, not simultaneous exchanges. So if you owe me already money, I need to accept cash, as you say. But, if I'm selling something and only accept cheese as payment, that's totally fine.
i hate when the teacher is teaching and then someone raises their hand only to tell a story that slightly relates to the topic. let the teacher finish. he's more interesting than your story lol
If you're going to accept cash, unless you're willing to risk getting robbed taking it from the store to the bank, you're going to want armored transportation service. And they're not cheap either. It can cost a small business quite a bit of money as well.
Economist talking: I think the motivation is price differentiation. As a business I am worried about maximising profits. Ideally this means that the customer pays as much as he is willing to pay - so wealthier people pay more. I dont mean to say that wealthy people will just donate money to me for the hell of it, but rather that they pay no matter what I charge. So I charge more. But hang on - now the less wealthy people are no longer able to afford my product, so I am no longer making money of them. So I want to charge different people different prices. Commonly this is done by giving discounts to less fortunate groups, like students. Another way is coupons - if you have the money they are a waste of time, if you are poor you don't mind collecting them. Or you have to wait for the next sale. Or I try to sell you a disproportionately expensive premium version of the product. Or your barber wants to sell you overpriced hair products. In the example in the video its convenience. Il'l give you the pizza cheaper, but its gona be a little pain in the ass worrying about your wallet filling up with change etc. Hopefully it makes your parents pay the extra dollar while I don't lose you as a customer
Youve never been to school, am i right? Some kids take a long time to understand things, and this video is made in a school. Its not that easy to have a class concentrated on one topic, keeping your youtube audience interested is much easier because it was every single persons decision to watch it
Credit card companies like Visa or Mastercard charge "operational fees" to businesses therefore it's cheaper to pay cash. It was entertaining to watch but 12 minutes for 2-3 sentence information. Damn.
UPI technology has sorted many of these problems. No one needs PoS machine just a QR code to pay no surcharge or anything, and instant bank to bank transfer instead unlike Credit cards where actual transfer is done later.
As engaging as this guy is, his students are always so annoying haha. They yell things out or give the (blatantly) wrong answers or say irrelevant things. It's like he's explaining something very interesting in a very simple manner & they just can't help but derail his lectures in one way or another.
I wonder if they yell out wrong answers because... they're learning the subject. If you don't like the students making noise just use the subtitles dumbass.
Cash is cheaper if the store offers you the lower price for cash. However, most stores just make the price uniform for cash and credit buyers. At that point, I'd rather get rewards on credit (and also earn interest on my cash before paying off credit). So more or less, credit is always cheaper nowadays, well if you pay it off before you accrue interest!
I work in a shop and every night the cash must be counted and stored in the safe, with a certain amount left in the tills. Then each morning, the amount left in the tills must be verified. It takes about 1.5 man hours in total each day for these processes to happen, which costs the company about £20 per day. That happens 7 days a week, for 4 weeks per month. That equals £560. And Then there's the cost of the cash management service that collects the cash and delivers change, but I have no idea what that costs. And that is the cost of cash. It's not free!
+rkan2; and yet stores offer no discount for their gift cards. Stupidest thing ever is to tie up your money paying face value for a store's gift card. They get your electronic cash. No chance of counterfeit bills, no manual accounting work, and yet no discount given. I know...they use the same cards for returns with no receipt. But there could be a distinction made by incorporating the loyalty card similar to how subway does. Though subway doesn't give a discount and yet always requires a receipt for returns.
@@Wileyg4lify Ok,so you re either calling me stupid or the teacher. Everyone knows how to give money to a person and get an object or an action in return,but it's not buying a kilo of apples what he is talking about.He is educating children which option of payment is better...
@Vladszack Gaming1v1 you sure they don’t teach this in the school? I am sure every school teaches the basic of economics and if you are interested then you could choose economics as major in high school for intermediate knowledge and continue in college for advanced knowledge. This guy is literally teaching in a school.
there is cost in cash depend on how much cash you are receiving everyday. You have to prevent theft of cash, count how much cash there is, make sure it matches your accounting, safeguard the cash, and deposit it into your bank account. It's also a lot harder to debug if the cash doesn't match your accounting, then which transaction caused it and what went wrong. They all have costs, it all comes down to which cost less.
In India a business can't inflate the price by itself they have to sale at the price mentioned on the product known as MRP which is determined by the manufacturer
It's a math class, not a history class. The subtext of the question is methods of payment that are contemporary and applicable to the lifetime of the students in his class.
Best teacher in the world! For such a very intelligent person Eddie Woo is, he can teach and engage with KIDS. I know a lot of smart people who don't want to teach KIDS because you have to put yourself at the students level and patience required is insane.
This guy is basically a student teaching his homies, engagement levels are unreal.
As a teacher, I strive to get this comment about myself someday!
Girish Ganesan the secret is putting yourself at the students level. By respecting them, they mutually respect you
@@Coderedpirate Yes, that's what I do every day. The point with my country's students is that you need to tread the line carefully or they'll simply go over your head. I believe it also depends on the student culture. I know of some colleges where such teachers won't be appreciated by either the staff or the students or sometimes both. Thank you for your reply though. Will do my best everyday!
Girish Ganesan good luck in your teaching! I’m sure whoever is your student will greatly appreciate it
IKR. As a teacher, this class is what every teacher wants while teaching.
"sir this cheeseburger is $2"
"can I pay that with a bank loan?"
That is my life rightnow
@Dark Thoughts lmfaooo
Yes, that is what he said
@@NightmareCourtPictures do good guys still do that? Never knew that was the model
Isn’t paying by credit paying by loan?
That will be 1$ uhh yea can I pay in these civil war railroad bonds
@Harry pay less pay cash
💀💀
LMAOOOOOOO can I like a comment 1000 times pls
HQVideoDude I was about to comment this. I’d pay for whatever it was and keep the bonds.
As those are worth a fortune.. yes, yes you can.
The fact that I watched this guy for fun with no particular interest in the topic shows how good a teacher he is
Same here...
-"How can you pay?"
-"Money"
-"Be more specific"
hahahaahhaaha .lol lmao xD
Yeah, cause money its just a medium of exchange. It could be anythin like cigarettes, telephones , computers etc.
@@kejdisula1670 no.
@@HalfBakedHeroes Brilliant and insightful comment. You get a cookie!
The thing that replaced bartering.
The fact that you have to have to keep shushing your mathematics classroom because they are overly enthusiastic in their engagement of the topic gives me a warm fuzzy feeling and hope for the future. thanks mate.
Peter Taylor this is what my program was like back when I was in tradeschool. Everyone loved being there.
What class is this if you know?
Its usually like this untill the actual math starts.
More like a economic class than a math class.
fr couldn’t agree more - nice last name :)
Man I wish this dude was my math teacher
Peteto Chibs
I wish he was my teacher because I think he is HOT. And YES I am DEFINITELY ALLUDING TO IT. *drools*
@@CatSmithers
Weirdo
@@iflex7640 Same question can be applied to you since you cannot figure that out by yourself.
i wish my maths lessons wherelike this
i wish he was my husband
Dude why am I watching a math video 3 in the morning
I'm watching at 3:45am and I have to get up early
2:45 here lol
Same wtf 😂 is this a RUclips algorithm thing?
@@gdal3 ahahaha that's funny.
I’m watching at 3:28 on a SUNDAY 🤦🏽♂️
2014: cash is cheaper
2020: not if it's contaminated
Input:
I see that everyone hear is complaining about how this topic could've been explained in 30 seconds yet Mr. Woo here explained it in 12 minutes. It's not about the time the teacher is taking to explain the topic, it's about the engagement. The teacher made the time bearable. In my math classes easy topics that could've taken 10 minutes turned into 45 minutes and it was so unbearable because my teacher wasn't as active or engaged with his classroom as this teacher is. Just take that into consideration.
.... And then you forgot the lesson right after the exam.
It depens on the students as well. Sometimes you will just get a class that just doesn't care.
the comments saying he took too long to explain .. i guess you people have never been to school in your life.. its called teacher interacting with students
its not useful tho
Burkan Öttere that’s relative. Objectively his job is to explain in as many ways as possible to ensure all students understand.
@@fahimzahir9587i think it's really boring
@@burkanottere9692 i think ur not open minded enough and definitely havent gone to school in your life
We have gone to school. That's why we're wondering why he's doing so much explaining.
I love seeing financial literacy being taught in schools
What next
Cameron McMillan okay Cameron McMillan
@@stevethea5250 Common sense hopefully.
*Principle walks by*
“Is that applicable stuff being taught? If those kids aren’t integrating with 3d objects how do you expect them to understand basic finance? How sickening...”
This isn't so much direct financial literacy, it's a lesson on how financial systems work. Semantics though. I'm just glad to see a lesson with practical, real-world application. The students too probably. Hey kids, here's how our society actually works!
Can’t believe no one said “ pay with sexual favours”, disappointed is an understatement
Eoin McGee it’s 2019, you won’t see that kind of humor anymore
Jello feel shit just want some humour back in my life
Jello Ok boomer
adam phillips ‘ok boomer’ you probably older than me
Eoin McGee meant the other guy 🤯🤯🤯🤯
I had my hand up the whole time he never picked me :(
F
F
F
F
F
*picks up gum*
"It will be 55 cents, sir"
"Ill write you a cheque ;)"
"Just take the dam gum"
I worked at a grocery store that only took Discover and no other credit/debit cards. Most people paid for their groceries by check. This was in the 2010s.
@@elizabeth8720 discover??
@@EctoGamer Yes, Discover is a credit card company/bank in the US. I don't know why they took Discover but not Visa/Mastercard. They still don't take American Express.
@@elizabeth8720 how old is it?
People saying he took to long:
1.) he manages to get the class involved in the topic and think for themselves about the topic
2.) he ensured to get EVERYONE along the ride of learning. Some kids are slower than others. He kept the quicker ones engaged while giving the slower ones time to follow.
Proof that classrooms are bullshit? ;P
@@MajkaSrajka he got the kids engaged it's so refreshing to see
agreed ... he's an excellent teacher
The Caretaker :: But the internet exists. That is no longer true.
@The Caretaker That is true, but explaining topics will grant students a far higher level of actual knowledge rather than rote memorisation. I guarantee you ALL of those students will gain AT LEAST the minimum 5 GCSE minimum required for passing secondary education AND be in better spot. I'm sure he's not showing the rest of the lesson which will be redoing problems and calculations which will cover the majority of time.
The real advantage of cash: you don't have to declare it
Don't you though!?
@@aysam2971 Yes actually, or you'll get busted for tax evasion.
If you go to another country and try crossing with 10,000 dollars without declaring it and tell me what happens
ay Sam /rwooosh
It depends on the amount, it's illegal for a business to get a high amount of cash from one consumer.
And you will face difficulties if you did that after a bank robbery.
Check the exact laws regarding this in your country.
This is what school is meant to be about
Really? He explained something in 12 minutes that could've easily been explained in 2.
2 minutes?
Businesses have to pay extra to credit card companies, so that's why some businesses will charge less if you pay in cash.
About 10 seconds.
@@Andreas4696 but it would not have been as effective
@@giannisniper96 Like the other guy said, it could've been summarized in about 10 seconds, and explained in 1 or 2. That's more effective than wasting 10 minutes.
When would a company make you pay less if you pay with cash?Ive never seen that
love the way the kids actually want to contribute, this man knows how to teach
Creating a lesson plan is so much harder than people think, the guy deserves a medal for getting the class to pull in the same direction, with such enthusiasm.
I've heard of them.
Crazy how just 5 years ago a class of young adults didn't scream out crypto currency or bitcoin.
Bitcoin would have been an incorrect answer cause you couldn't pay for anything in a store with it 5 years ago. And it was 5 years ago so about 3 years before the world was actually talking about it as a household term like they do now.
cian aylward true that mate. There was a few stores that did accept it back then though. But very little places
I’m sure they tell all their bar friends now that they should have
Well, people still don't.
that's exactly what i thought
Paying with a credit card is paying with a bank loan.
Paying with a credit card is like using a friend money. You either pay them back or don’t
@@cambiso1731990 try that, and behind bars you will be.
@@cambiso1731990 good luck with that!
@hammam hraisha buy a Chess burger for 3 bucks, fly to Africa and never come back to avoid paying that
A chess burger?
"Cheque isn't really used anymore"
*France has now been triggered*
Czechs are triggered also
@@lukewarmbeverage1931 .. where are Czech people? Are they from Kazakhstan?
Chequemated
@@Farsmezan Czech people are from Czech republic, Kazans are from Kazakhstan.
@@giorgaz8592 .. Czech Republic, where is it? America, Asia, Europe?
I have no idea why I'm here, I just like to watch him talk
can we clone this guy to teach every subject in every school in the world?
Plenty of school children will heckle him. The world's children aren't brought up the way Asian children are
vineet mishra bruh the students aren’t Asian btw, they’re Australian
@@nicovalenzuela4044 yeah I realized. Statement still holds. Plenty of Australian children wouldn't appreciate him. I know some of my classmates were pure assholes
Luckily the internet exists
*YES*
I want this dude as my math teacher....
Megacahh that is economics i think
I just studied math at school but I had the typical mindset that math is hard.
All this changed when I was trying to count how many words can be made out of 26 letters, and size of each word starts from one and ends at 5.
I discovered many things that I had no idea about.
Such as pascal triangle and the statistical things related to it.
Later, I believed in myself that I can rediscover math and I started to find how to calculate area of shapes, and I did a very good progress.
Later, I worked as a salesman and I was checking every number. I checked if the accountant calculated my commission correctly or not. At first, I insisted that he made a mistake because he is old and can't see well. But, I figured that he excludes taxes from sales then calculates commissions.
I learned that I can't figure everything out of my head, and I need to know how things are done the right way.
Also, as a salesman my customers asks me to calculate the area of complex shapes. So, I figured out how to do it correctly, but I hate doing it. As it takes time, and some customers have no idea that it takes time so they get angry or makes you angry when they don't buy.
Anyway, I can teach you math. Based on my way, not based on text book.
In another words I will not give you a fish, but I will teach you how to catch a fish.
Also I don't like this teacher. He wants the customer to pay for everything which I think isn't necessary because every business I have seen make benefits 2 to 10 times the cost of everything.
I mean if an item costs you 10 dollars, and this cost includes everything from your salary to the rent and AC. You can sell it for 20 to 100 dollar.
Be sure if the economic was very bad, and a business is still running, that business overprice items to 10 times and maybe more.
And those who are the first to close, not complete failures. But their prices were less than 2 times above the cost. In another words, the benefit they make is just enough to let you pay your bills on time.
I prefer the not greedy pricing as I support the consumer best interest.
But if you are a selfish business owner, you will be greedy and as an employee you will have a secure job as the business owner doesn't feel effected by economy.
You want to be the next billionaire, be greedy. You want to stay where you are, find the consumer best interest. And the path between the two is the best. Slowly but surely.
Faris Mizan have you done any research on Nikola Tesla and his beliefs around the number 3, 6, 9?
@@Brauket .. I just know as much as you know about Tesla. I know he thinks 3, 6, 9 are very interesting. But, I don't know how he figured that they are interesting. For me, They are no more than 3 multiplications. But once someone gets the same intuition and experience of Tesla, then figuring out why 3,6,9 are interesting will be possible.
As I said earlier we can't figure everything out of our head, we need to understand how things actually work, and what things actually are.
Example, A hacker can't hack a computer if he doesn't know how it actually works. And, chief can't make a delicious dish if he doesn't have a good sense of taste.
Am I the only one upset that two 1L soft drinks are $2.40 and one 2L is $2.50?
Blake Landry
That does seem bass ackwards
I believe it's true. It cost more 2L than 2 of 1L but I don't remember why. There is an explanation of production I think
I'm pretty sure it's because of a tax on sugar. There would be 10% tax on 15g of sugar then 15% tax on 20g of sugar. I don't actually know just a guess
Selling 1L = higher profit
selling 2L = get your money faster
It means that the business pays less than 10c per L of soft drinks
Wish someone would have said "Part exchange" or "Barter"!
+Peteto Chibs; that's what i thought "lay-buy" was about. Must be like layaway. Hadnt heard that where i'm from.
Well, if it were post-apocalyptic and there was no cash, how about alcohol :o)
That's what I thought as well
Cash isn't free either. The cash has to be picked up, usually by some cash transportation service, and brought to the bank which also charges you for converting cash to digital money so you can use it to pay taxes etc.
When you choose something, it doesn't have to be the "best" option, just the least worst.
What? My bank pays *me* to keep my money digital in the form of interest.
11:41
Entire lesson is about credit cards as the reason it’s cheaper to pay cash
teacher: why is it cheaper to pay cash
Student: GST
me, an american:
cheque?
me, an american:
check?
Me, a speaker of the correct English language:
Check?
Check American. Cheque - British English, dude.
@lakerfan Did you Google the meaning? Outside of the US and maybe Canada, English speakers call it a cheque. "Check" means something else, eg check your wallet for change. And like this teacher said, nobody outside your country still writes cheques. We have Apple Pay, Google Pay, Samsung Pay, tap to pay cards (debit or credit), cash or banking apps.
G Dunken British, Canadian, Australian, South African... American is just wrong, plain and simple.
hello everyone who this video showed up in their recommended 5 years later
Showed up in my recommendations a year after your comment. Lol
This dude explained a 30 sec idea in 12 mins. And actually made all those minutes quite bearable.
Isn't it bad that he explained it in longer time than needed?
S P Have you never heard of teachers interacting with students to keep them engaged?
As a teacher, the hardest thing is filling up a full 50 minute class, some days we have 90 minute blocks, that’s when you use “meditation time”
@@scorcesetrackingshot8136 That's actually bonkers to me. There is so much to talk about that these idiots don't know... Literally none of the students knew how credit cards work...
@@GEM4sta Bro they are literaly in school TO LEARN. How the fuck can you call them idiots???? Did you already know all the math in the world in first grade?
Such a good explanation. I had a customer come into my auto shop a while back. I offered a cash deal to make the bill cheaper for this reason. He then yelled at me saying that cash is destroying our economy! Not sure what all of that was about. But i'm saving this video for next time.
The best sign “We do not accept American Express”
only had a problem using Amex in Europe stateside it's done me fine. point being I havent seen that sign in ages
There are non-obvious costs of cash though: having to securely transport it to the bank and increased risk of being robbed. This risk does not exist with those other forms of payment. Those costs may still be less than surcharge on credit cards, I dunno.
Counterfeit bills, mistakes in making change (being scammed when customer claims he gave a bigger bill). But yet gift cards give no discount for tying up your gift giver's money. And meanwhile you might be charged overdraft fees for trying to buy food when the clothier card is full of store funds.
Allows inept people to be employed and not worry when handling cash. Yet to find anywhere that gives a discount for cash. Except shady pawn stores that never declare it as income.
Not to mention it costs businesses to deposit money at the bank
You have a higher chance of credit card fraud than you do of being robbed person to person in any first world country regardless of how high the crime rate is in that given area. You can easily look this up. Credit fraud happens at a much faster rate per person using the service. It’s about every 2 seconds for credit fraud and every 1.6 minutes for robbery according to crime clock which is run by the fbi. That includes both in the street and building/property robberies.
@@TheAnantaSesa I've found that pretty much any local business will give me a cash discount if i ask for it on a large enough transaction (mechanics, home repairmen, installation services, etc.). Also, some gas stations give cash discounts.
this dude looks like a cool teacher
What about bartering? I'll give you a hamster in exchange for that teapot.
Thats a good deal
Hamsters had much more versatile use before silicon dildos were invented
@@Yui-pm3ql You seem to have much experience in that area
Lol
Make it one and a half hamsters and you've got a deal.
I finished high school before this guy was even born, yet I'm still fighting the urge to binge watch his math videos. He's good.
Part of the reason for $10 minimum fees is that the credit card companies generally charge vendors in the form: flat fee + %fee. If a customer makes a very small purchase, the flat transaction fee up being a disproportionately high portion of the bill.
Even in present day Russia you won't be charged anymore than the pay
Look at that kremlin troll desperately trying to promote a shithole called rusdia :DD
@@worldoftancraft People like to talk shit about communism, but in reality the leaders of Russia/USA are both equally as good and bad as eachother.
I'm pretty sure schooling is also free there which means 90% of the population isn't indebted to the government or a bank for getting a good job. Correct me if I'm wrong.
@@Samuri5hit84 I don't comprehend the question. Today's Russia is having what you said in the reversed order of where we are going to. Because the designation is paid education. And be a beee-ding bi-tch of your master of Lyfe from a bank.
You forgot the main form to pay for something: BLOWJOB
I like how vigilant he is, he hears everyone around him and doesn't ignore them, even when he is taking and others speak, he still hears them, we need more people like this
This entire 12 minutes video in a sentence:
Shops have to pay a surcharge when you pay with credit card meaning it costs them more when you use one, so that is why in some places paying with credit costs you more.
An acquaintance thought it was because the shop doesn't have to declare cash transactions and so come tax time it looks like the business has earned less and so get taxed less, whereas card transactions are all monitored.
and that sir is why i dont attend lectures!
And also on the side the upfront cost of getting a card reader and the ongoing cost for operating it (aside from surcharges on transactions)
He's more of a Demagogue, rather than pedagogue
Except in most places in Europe where it costs you exactly the same even if it's under 1 USD
Teach: quick question or long one?
Student: rambles on about a personal story
Teach: not sure about the relevance, let's move on
😆🤣
Wish I could do that without offending!
Honestly thats the best way to handle it. A lot of it is in the attitude that goes with it
I don't know why I'm on this video, but this guy seems like a cool teacher.
That guy, his attitude, his class-managing skills, reminds me of my best teachers. This guy's a real pedagogue
This class engagement is a glitch. It will be patched in the next update.
The fact that he teaches his students about finances and real-life applications in a math-class is making me happy
Why? Most of them are never going to be in a position where they're going to need to set up a business with a cardservice company.
@@jd9119it’s still a useful practical use of math and since they learned it they won’t be as scared if they even want to
Cash isn’t cheaper because there are costs associated to keeping the cash. Time costs to deposit at the bank, reconciliations, sure you may skim some off but you won’t skim all of it. Insurance for theft, loss. Leakage within the business, accessibility, ATM charges for the customers if it is a different bank...there is a long list.
The cost of paying your employees to handle the cash each day is quite substantial if workers are unionized
@@GoogelyeyesSaysHej I would say even if they are not unionised.
veegtec I would hope so but from what I’ve heard about the US many restaurant workers only make $2-5/hour there
With just 1 second of looking, everybody should be able to see that this guy is a great teacher
Well, 2 seconds anyhow
pdfs.semanticscholar.org/a920/32341de4ca3d1551095c86506af7b54150f4.pdf
2019 algorithm gang checkin' in!
"lets put you on the other side of the counter"
training them to work in retail lol
It might seems like he took so much time to explain such a simple concept, yet since I am a teacher now I know that delivering that perfectly to average school students in like 12 minutes is quite good to be honest. Understanding something is a thing but teaching it to others is quite different in terms of difficulty, since our ways of perceiving information could vary significantly.
2014: cross out 'pay by check'
2020: add 'pay by bitcoin'
2020: add 'barter with toilet paper'
inef85 that’s more like 2016
All the people saying he took too long missed the point. He's not explaining the result, he's explaining how you get to that result. Understanding why is more integral then understanding how because you can take the why of what you've learnt and apply it to other things. He's an awesome teacher because he's not just feeding the students information, he's engaging them and teaching them the principles behind why things work the way they do. That takes time.
This guy is Australian. He's teaching based on Australian economy. Not other countries economy.
In some countries the service is free or payed by the bank on behalf of business and consumer.
Faris Mizan false
@@Farsmezan The bank has no interest in paying on behalf of the business or a consumer. Because the bank is a "private" business which needs to earn money some way, and they do not profit if they pay for someone. They just take monthly fees or take a fee on purchase and that way they earn some money for providing their services.
kracker Yes they definitely do have an interest in doing that. They entice the consumer to have their money saved up in the bank by paying some of the debit card expenses. I have never heard of a bank that takes fee off of purchase. The only people taking fees are the company behind the debit card you’re using.
Banks make their money from people taking loans, it makes no sense to charge people and that’s why there are no monthly fees to have your money in a bank, unless interest is that low.
@@Jetpans .. I said "in some countries". Do you know "all countries"? I am sure you don't, and I am sure you only think of short term financial interests.
A bank can provide a service for free to popularize it and show how good it is. Later, when it's well known and popular the bank can make money out of this service.
Otherwise, the service may never get popular.
I already knew that, but I'd never heard the word EFTPOS before.
You never heard of Amazon Pay, Google Pay, PayPal, things like that? Or are you talking about the term EFTPOS? Damn, I tell stupid asking this question.
@@soubhadra The term EFTPOS.
@@tenslein8977 EFTPOS: Every Fuckin Time, Piece Of Shit
Yeah, it doesn't roll easily off the tongue does it! I'm nearly 70 years old and my Dad was partly responsible for the rollout of EFTPOS (Electronic Funds Transfer at Point Of Sale) in the UK. He always reckoned it was a stupid name: it's generic of course and Switch etc are proprietary versions.
2014:
2015:
2016:
2017:
2018:
2019: *Payin cash: why is it cheaper?*
RuPay charges only 0.01% compared to 0.055% of Visa and 3.5% of American Express. But it works only for domestic transactions.
"Why is paying with cash cheaper?"
Because the costs of producing, transporting, authenticating, securely storing, and other things* with cash are all socialized. When retailers insist that customers use cash, it means the whole society is using more cash than it otherwise would. This means the government is spending more to produce it, distribute it, guard it, and collect and destroy old cash. That's tax payer money. Banks need to have more storage and transport capacity for it, more ATMs etc. That's less money that could have been put towards customer interest payments or shareholder dividends, etc.
*For example, theft and fraud are easier to accomplish with cash, which is like another cost in the system.
That is such an American answer. LOL
I am very German in the way most still prefer cash and most small vendors will only accept that.
I own a prepaid credit card for any transaction I do with American companies.
One would question why I was never taught this in school
Haven't you ever talked to or with the people selling stuff? Or used your brain? Because I never learned the stuff but still knew about it just by connecting the dots
Ok this came out way more aggressive than I intended for, but I'm too lazy to change jt
Damnn, Eddie be flexin that ice.
David Castrillon a bit phoney
This is so different compared to where I live. First, larger bottle sizes usually means paying less per unit, not more, and while vendors here also deal with surcharges, they don't (or aren't allowed) to discriminate their prices based on payment methods. In Norway (in 2011), only 6 percent of purchases were made with cash.
Alexander Krivács Schrøder then prices would be up slightly
The prices he used was fairly random. The unit price here is less when the size is larger.
i know that feeling. i to live in norway but havent used anything but visa for the 5 months maybe
Answer = bank fees.
Saved you 12 mins
Seriously, this lesson did not need to be that long...and also who doesn't know this?
He literally says mastercard isn’t a bank
gizdonk huh?
nman4k MasterCard is not a bank
gizdonk I never said MasterCard (or Visa, Amex, JCB etc) was a bank.
Merchants are charged transaction fees by their acquiring bank who in turn pays for access to the scheme networks (ie MasterCard).
Therefore they are bank fees, understand?
This is wrong in most areas. By paying 0.43% ( not a typo..less than a half a percent )
to Visa my company had instant deposit to my account, didn't get mugged taking
cash to the bank, and best of all...NO accounts receivable, NO deadbeats, no chasing
money. As a result I kept my service dept. hourly rate LOWER.
As a purchaser, if you always pay your CCs.on time it's cheaper and you are working
with THEIR money for approx. a month. Rewards etc. are a bonus. NEVER pay
fees... they can always be negotiated. All of this is called "M3" money if you want
to learn about money supply and how it affects the economy. Last tip ..
DESTROY YOUR DEBIT CARD! At least punch a hole through the chip.
Serious people only, pls. since this is a vital subject to many people - email
me if you have questions. As long as I don't get swamped I'll try to answer them.
Obracing at metrocast dot net. And yeah, it is "net". Don't just reply here. That
won't work.
5 years ago : cash is cheaper
Now in indonesia : OVO!! GOPAY!! DANA!!
😂😂😂
hahahaha
They add admin charge
@@vigd6298 just a thousand for up to 10 million top up, pretty cheap
@@jerrymouse6301 its just a matter of time until they starting charge same as bank (25.000 idr)
@@vigd6298 i dont think so, coz they one of a kind of fintech,it is different business with the bank
Paying by cheque? Perhaps in Australia in the 90's but it is preferred payment next to cash in France still today.
in a shop?
Yep, most places
good to know. and im shocked.
It's true. I used to live in Australia, and now moved to France for work. Usually it's the seniors who use cheques. It gets annoying when you are stuck behind them at the shop checkout counters, and they take their sweet time slowly taking their cheque books out, signing it, and then the cashier verifying it.
When I was in France I was really surprised but I also witnessed the cheques. I payed with my phone (connected to my card and they were like wow, is that also possible? XD)
Cash can be more expensive (counting, holding, transport, security). This cost is already included in prices and it is much more higher than surcharge.
printing, counterfeiter
2% on every transaction? How much do they pay the cashiers?! Visas dividend has to come from somewhere and someone needs to pay for cash back,
Sebastian Roy People that don’t pay their credit card and are paying interests are the one making them money.
lol in Canada all the "cash only" stores are just tax dodgers.
Wait a sec , In India we have , Googlepay , Phonepe , Razorpay , all these different UPI payments
Nowadays literraly no one is carrying any Cash
That was like almost common sense after the first half. But still a girl had to say it was because of GST.
what is gst
@@FFFFFFFFFUCKKKKKKKKK Goods and Services Tax which is levied by Govt.
It applies to all Cash or Credit transactions.
@@shrikant11211 bhai tu india ki baate bahar mat kr
india m tax bahut jyada h
@@navrajsingh9719 yahan GST aur commission ke beech ka difference bataa raha hun bhai.
What she said makes sense in context, many small businesses and tradespeople will reduce the price if you pay cash. (GST is 10%)
This is because the business won't record the sale on the books, reducing their reportable income for tax purposes.
"If you were living in the 90s you could pay by cheque"
France: Am I a joke to you?
There are Australians with cheque books and we do receive cheques (dividends, refunds, etc) but it has become very uncommon in retail.
KayAteChef
Americans also still big in cash and checks.
... yes.
You meant all Europe
Alexandre Pereira in East of Europe are not places 'cash only' and there have never been checks, you can buy even matches by your card, it seems that cash will be old-fashioned there in few years
Also tax evasion. If you pay cash there is less evidence the sale ever took place, therefore making businesses tax evasion easier.
this is the true answer.
Or you could do some real shady stuff like using casino tokens to launder money.
The only trouble is, very few businesses offer a discount for paying cash. I've literally never seen it in my life. So the title of this video should be "paying cash: why it's cheaper if the merchant offers a cash discount." If they don't offer a discount for paying cash you are better off just using the credit card and getting your miles or points or whatever. Also, merchants that insist on a credit card minimum are violating the terms of the agreement with the credit card company and you can report them. So 99.9% of the time it is not cheaper to pay cash.
I find this lecture quite entertaining, but this teacher is missing one essential point, and that is the fact that handling money also requires paying a substantial amount of expenditure. I'm not advocating for a cash free society in any way, but not pointing out the obvious fact that the required security measures related to dealing with cash is quite expensive, is a huge error.
You are right, but then it would also need to include credit card fraud on the other side of things. If someone contests a charge, you'll either have to pay or have to have significantly more sophisticated documentation than you would need for cash to 'prove' the purchase to the bank's satisfaction. That extra documentation (similar to security) is an additional cost to the business.
From the point of view of the classroom exercise, including both is probably making the topic overly complicated. So it's probably fine that it wasn't mentioned.
I wonder whether it's "cheaper" because the cost of cash handling (yeah, there are costs) is somewhat fixed, wheras cards are per transaction. Would a small shop do better or worse if they cut cash handling all together and only used a cloud based point of sale like izettle or something? I imagine the answer to that might vary by country.
Credit Card costs are usually in the range of couple of cents base fee + 1,5-3% from the transaction.
For contactless payments some charge extra fee. Is apple pay / google pay gets involved, they want to have some money too.
Cash handling cost are usually bellow 0,5%. These costs come usually from the security guys, who pick up your bills, and of course banks providing change.
Now, small businesses can even avoid this costs, as they bring there money to the bank by them selfs (what they often do). On the other hand big chains, like supermarkets can negotiate better fares with the credit card company, whilse small stores have to pay the higher fees.
In USA (and most other countries) it is ILLEGAL to refuse cash payments. Each US bill has text on it about how it is universal payment for all kind of debts or something like this.
@@AjvarD you're talking about "legal tender", which applies to debts, not simultaneous exchanges. So if you owe me already money, I need to accept cash, as you say. But, if I'm selling something and only accept cheese as payment, that's totally fine.
@@Lorryslorryss Thank you.
i hate when the teacher is teaching and then someone raises their hand only to tell a story that slightly relates to the topic. let the teacher finish. he's more interesting than your story lol
If you're going to accept cash, unless you're willing to risk getting robbed taking it from the store to the bank, you're going to want armored transportation service. And they're not cheap either. It can cost a small business quite a bit of money as well.
Economist talking: I think the motivation is price differentiation. As a business I am worried about maximising profits. Ideally this means that the customer pays as much as he is willing to pay - so wealthier people pay more. I dont mean to say that wealthy people will just donate money to me for the hell of it, but rather that they pay no matter what I charge. So I charge more. But hang on - now the less wealthy people are no longer able to afford my product, so I am no longer making money of them. So I want to charge different people different prices. Commonly this is done by giving discounts to less fortunate groups, like students. Another way is coupons - if you have the money they are a waste of time, if you are poor you don't mind collecting them. Or you have to wait for the next sale. Or I try to sell you a disproportionately expensive premium version of the product. Or your barber wants to sell you overpriced hair products. In the example in the video its convenience. Il'l give you the pizza cheaper, but its gona be a little pain in the ass worrying about your wallet filling up with change etc. Hopefully it makes your parents pay the extra dollar while I don't lose you as a customer
Handling cash cost as well.
Got to insure it, handle labour cost of handling cash, pay someone to deposit it etc...
I just watched a guy tell me that card transactions cost money for 12 minutes. ggwp
Youve never been to school, am i right? Some kids take a long time to understand things, and this video is made in a school. Its not that easy to have a class concentrated on one topic, keeping your youtube audience interested is much easier because it was every single persons decision to watch it
It takes 5 seconds to explain it. If you cant concentrate that long you're lost.
Credit card companies like Visa or Mastercard charge "operational fees" to businesses therefore it's cheaper to pay cash.
It was entertaining to watch but 12 minutes for 2-3 sentence information. Damn.
Don't forget the time he saved by making sure everyone remembers and there's less need for revision.
UPI technology has sorted many of these problems. No one needs PoS machine just a QR code to pay no surcharge or anything, and instant bank to bank transfer instead unlike Credit cards where actual transfer is done later.
Cant believe this video was made in 2014!!!!!!!! anyone from 2020????
That one student talking about gst definitely doesn’t do tax fraud :o
Every class should be taught with this much engagement, instead of a one way lecture, this is amazing!
I literally have a PhD in business working on Wall St. why did I watch a high school video?
As engaging as this guy is, his students are always so annoying haha. They yell things out or give the (blatantly) wrong answers or say irrelevant things. It's like he's explaining something very interesting in a very simple manner & they just can't help but derail his lectures in one way or another.
I wonder if they yell out wrong answers because... they're learning the subject. If you don't like the students making noise just use the subtitles dumbass.
Cash is cheaper if the store offers you the lower price for cash. However, most stores just make the price uniform for cash and credit buyers. At that point, I'd rather get rewards on credit (and also earn interest on my cash before paying off credit). So more or less, credit is always cheaper nowadays, well if you pay it off before you accrue interest!
That's why I wouldnt be a good teacher, I would only have said: taxes!
Taxes is a terrible answer, you wouldn't even be a good student!
Accountant costs are much higher with cash payments, which is totally disregarded here.
I work in a shop and every night the cash must be counted and stored in the safe, with a certain amount left in the tills. Then each morning, the amount left in the tills must be verified. It takes about 1.5 man hours in total each day for these processes to happen, which costs the company about £20 per day.
That happens 7 days a week, for 4 weeks per month. That equals £560. And Then there's the cost of the cash management service that collects the cash and delivers change, but I have no idea what that costs.
And that is the cost of cash. It's not free!
Depositing to a bank account can cost more than some forms of electronic payments.. Especially in more modern Western countries.
+rkan2; and yet stores offer no discount for their gift cards. Stupidest thing ever is to tie up your money paying face value for a store's gift card. They get your electronic cash. No chance of counterfeit bills, no manual accounting work, and yet no discount given. I know...they use the same cards for returns with no receipt. But there could be a distinction made by incorporating the loyalty card similar to how subway does. Though subway doesn't give a discount and yet always requires a receipt for returns.
+rkan2; didnt mean my comment as a response to you. Force of habit to leave the handle when on mobile.
Yes, there was just none of you guys in the room, to protest. This cannot have been a business or management class.
Why do they not teach this in schools
they do. economics is somewhat covered in trigonometry/algebra and in classes specifically made for teaching economics.
They don’t teach this in school because we all know how to purchase stuff
@@Wileyg4lify Ok,so you re either calling me stupid or the teacher.
Everyone knows how to give money to a person and get an object or an action in return,but it's not buying a kilo of apples what he is talking about.He is educating children which option of payment is better...
This guy is literally in a class room
@Vladszack Gaming1v1 you sure they don’t teach this in the school? I am sure every school teaches the basic of economics and if you are interested then you could choose economics as major in high school for intermediate knowledge and continue in college for advanced knowledge. This guy is literally teaching in a school.
there is cost in cash depend on how much cash you are receiving everyday. You have to prevent theft of cash, count how much cash there is, make sure it matches your accounting, safeguard the cash, and deposit it into your bank account. It's also a lot harder to debug if the cash doesn't match your accounting, then which transaction caused it and what went wrong. They all have costs, it all comes down to which cost less.
In India a business can't inflate the price by itself they have to sale at the price mentioned on the product known as MRP which is determined by the manufacturer
where"s gold, salt and goods from the list?
It's a math class, not a history class. The subtext of the question is methods of payment that are contemporary and applicable to the lifetime of the students in his class.
@@carultch What about Goats? and Mob Protection Services? ...Huh! ?!
Best teacher in the world! For such a very intelligent person Eddie Woo is, he can teach and engage with KIDS. I know a lot of smart people who don't want to teach KIDS because you have to put yourself at the students level and patience required is insane.
lol, when AmEx is completely dead in 2017.
Dedredlink yeah nobody said charge card
Indians with UPI : *visible confusion*
Yes I know it's offset with the GST
What a bullshit! Cash isnt free. You have to handle, store, transport it. You have to count it and be sure its real money. Take that into account!
RUclips Be Like
2015: nope
2016: nope
2017: nope
2018: nope
2019: nope
2020: RUclips Recommended