@@searchfluoridemakesyoustup5883 I'm not 100% sure about this. but the situation you mentioned should be an advance in technology, which is actually the determinant for the supply curve. I don't honestly think there would be any change in demand because given robots can farm everything for free, the price of both the substitutes and complements would also go through the same decrease in price (so they kinda balanced out?) I think the only thing would happen is the decrease in equilibrium price and indeterminate change in equilibrium quantity. Consumer surplus would also increase. p.s : please correct me if I'm wrong
You are so fun to watch and listen to. You make Econ seem so interesting. My professor has a very mellow voice and talks excruciatingly slow. I am seated in front, so the whole hour and thirty minutes of class is spent by me trying to keep my eyes wide open and pretending I'm listening.
at least yours is an hour an thirty mine is two hours straight! and sometimes an additional thirty minutes, sometimes i be like why am i even here? i bet if my lecturer died talking he wouldn't even notice cuz he's all 'meh' and never lively
People like you and my teacher at school who don't teach econ in repetitive, boring ways and ruin it are why I am motivated to take it up in higher classes. Thank you for showing this beautiful subject for what it really is and doing it justice.
+ACDCLeadership I have a question. I'm confused as to why the quantity supplied would go up when price goes up. I would assume that producers would make less if the price goes up since demand would go down.
+alex91008 the reason why that is incorrect is because the producers want to capitalize on the gains from the customers. long story short -producers don't care about customers -they just care about how much they can gain. if the product is selling at a high price? they will produce as much as they can to capitalize on the high price.
mine is an actual sociopath that doesnt really care if you learn a thing and will cut points of an assignment in HALF if its a day late...can mr clifford adopt me
Extremely fantastic! You do explain the concept of demand concisely and clearly just within 7 minutes! While my tutor uses entirely 2 h to explain it but receive little effects.
I am currently writing a research paper for Microeconomics, and it's a freaking nightmare. I actually grasp and enjoy the concepts, but not with the material given to me in class! This is fun to watch which makes it waaaay easier to understand! Thank you!
Thank goodness there's speed controls. I have to back up, and slow it down, but it's better than asking someone to "repeat that" in the middle of class. Thank you so much for this series! Seriously, thank you!
i just paged through my economics book and saw that the things you talked about here are still gonna be waiting til 100 pages i- this one topic in this video, they managed to stretch it out for so long and ur only talking abt it for 4 minutes-- thanks for summing it up
Thanks for sharing.. I'm 10 years out of university & needed to brush up on my knowledge of Supply & Demand. If only RUclips was this vast back when I was in university 😂💕🇿🇦
I've watched almost all of your videos.I wish I were able to click the like button for every time I view. Thank you. As an older student, this is the supplemental lesson source that gives me a fighting chance to not only pass but to actually grasp the concept for life. Thank you. -For those about to rock
Thanks brother, you are the main reason I am passing my business and economics classes this semester! Love the analogies and the fart noises are just a bonus haha. Thank you Mr. Clifford!
OMG! I just have to say I LOVE your videos! You make Econ easier to understand and will be my saving grace this semester. You can tell between those who love what they do and those who don't! keep it up!
Hi sir, I am watching your videos from India 🇮🇳 . I liked your teaching and your intention to understand the econ better is marvelous. I never say a teacher like you with joy and great content. Atleast I can say Thanks 😊 .
Hey Jacob Clifford I have some questions. #1 When firms set their prices, how do they know what the supply and demand curves are going to be? #2 Why aren't prices of new products constantly changing with supply and demand? #3 Why does accounting teach us that firms set their prices by cost + profit margin whereas economics teaches us that prices are set by supply and demand?' #4 If a new business sets their price at cost + profit margin, and demand turns out to be much higher than expected, so suddenly revenues are pouring in, what would be the rationale behind them deciding to increase prices? #5 Does this mean if the price of electricity goes down, people are going to start using more electricity? Or water? #6 Why is the supply curve downward sloping when larger firms tend to produce goods cheaper? #7 On a macro scale, do people actually purchase more milk when the price decreases? #8 If prices are determined by supply and demand, what happens in markets such as the labor market, where a sudden increase in supply of employees would lead to a drop aggregate spending, which in turn would reduce demand for goods and services, leading to a drop in demand for labor? #9 Can you think of any important economic policies which were established based on the rationale behind this model? #10 If you answered yes to #9, are you comfortable teaching this model to almost a million people so far, most of whom are probably the ones most affected by those policies, knowing those policies were based on the rationale behind this model? #11 What assumptions was this model based on? #12 Have the assumptions been proven to at least be mostly correct in the real world? Like I don't mean 100% correct because we both know that's a bit of a stretch here, but at least by and large?
I literally LOVE YOU! You can really tell your passionate about teaching. This is very ambitious of you and I'm sure it has been a lot of hard work to get all this material put together in a fun way. Sincerest thanks for doing it. You've got me laughing and learning :D
One special thing is how he behave during his presentation. He catches the attention and makes it fun. Most tutors lack such per degree. They act soo serious that students are afraid to talk to them.
Excellent ..u r not only a great speaker / teacher...but also very creative in making these vedios so interesting..u r efforts are inspiring...cheers..I am learning a great deal here...
There is no "*simulated flatulence" note in the last scene. So, the last one was real. :D Anyway, great video. I've been struggling with microecon. from the beginning of this semester since January. It's not until today that I found your channel and really started to feel interested. It's helping me a lot. Keep up the good work.
im a science student and they dont offer econ, com and business classes for science students. So some class notes from my friends and you result in something sweet in my report card O:)
@Jacob Clifford or whoever thinks they know. I'm a 3rd year undergraduate majoring in Economics and just to expand some personal horizons I recently finished reading "Postcapitalism" by Paul Mason (2016). The book talked about some areas in which the Law of S&D begins to break down. One example in particular, information. How do you price something that is information? The Supply is infinite (Copy/paste, if you will) and the Demand can also be infinite? The Author goes on to say that this also violates the Law of scarcity because it's, by definition, not scarce. Me having whatever bit of information doesn't prevent another person from having it, as it would a material object. Simply limiting the access to information via Intellectual Property Laws and a price based solely on development cost and zero production costs. This creates another problem and correct me if I'm wrong, Information is deliberately being under utilized and therefor inefficient? Right? Despite the author fully endorsing "a modern Communism" in the end, he does bring up a few good questions and with the entire internet at my disposal, Information (Ironic, I know) on the concept is hard to find. Just looking for some RUclips feedback. What do you guys think? Thanks :)
Me: "I don't understand Supply and Demand..."
Jacob Clifford: *Hold my milk*
Best comment EVER!
Best teacher EVER!
@@searchfluoridemakesyoustup5883 I'm not 100% sure about this. but the situation you mentioned should be an advance in technology, which is actually the determinant for the supply curve. I don't honestly think there would be any change in demand because given robots can farm everything for free, the price of both the substitutes and complements would also go through the same decrease in price (so they kinda balanced out?) I think the only thing would happen is the decrease in equilibrium price and indeterminate change in equilibrium quantity. Consumer surplus would also increase.
p.s : please correct me if I'm wrong
@@sabrinali8084 I don't believe that he said technology is one of the shifters of demand...
@@kumiyui3564 he did
You are so fun to watch and listen to. You make Econ seem so interesting. My professor has a very mellow voice and talks excruciatingly slow. I am seated in front, so the whole hour and thirty minutes of class is spent by me trying to keep my eyes wide open and pretending I'm listening.
+Canal de farticles That sucks, but I'm glad that you like my videos. Please subscribe and tell your friends
relate much hahahahha XD =D so true
You and I must have the same teacher even though we're on different continents. I just can't tune in.
TRUST ME
at least yours is an hour an thirty mine is two hours straight! and sometimes an additional thirty minutes, sometimes i be like why am i even here? i bet if my lecturer died talking he wouldn't even notice cuz he's all 'meh' and never lively
thumps up if you're watching this one day before your econ exam
Genotoxic how about the day of?
Genotoxic how bout an hour of
Genotoxic this is me loll
literally watching an hour before. Here I am cramming AGAIN
yep, my exam is tomorrow RIP me
People like you and my teacher at school who don't teach econ in repetitive, boring ways and ruin it are why I am motivated to take it up in higher classes. Thank you for showing this beautiful subject for what it really is and doing it justice.
I learnt more in 5 minutes than when my prof explained this for a 1 hour lecture. Hats off to you
HOLY SH!! I get it!! Supply to the Sky, Demand to the Dirt was huge!
Ervin Fowlkes this is my one takeaway 😂
This is so much more engaging than any textbook. You guys are lifesavers!
You're a lifesaver man, I finally understand more than 2 hours worth of lesson in less than 5 minutes
Literally what my professor took one hour to explain was just elaborated effectively in a five minute video
You are literally saving me right now. I have an ap macro frq tomorrow. 😶
+Allison Reyes Good luck Allison
+ACDCLeadership I have a question. I'm confused as to why the quantity supplied would go up when price goes up. I would assume that producers would make less if the price goes up since demand would go down.
+alex91008 the reason why that is incorrect is because the producers want to capitalize on the gains from the customers. long story short -producers don't care about customers -they just care about how much they can gain. if the product is selling at a high price? they will produce as much as they can to capitalize on the high price.
Can you please replace my econ teacher?
I was just thinking the same thing!
Lol I been thinking the same thing 💀
mine is an actual sociopath that doesnt really care if you learn a thing and will cut points of an assignment in HALF if its a day late...can mr clifford adopt me
my econs teacher _sucks_
My own too
He explains in 4 mins what someone would in 25 mins! Awesomest econ teacher ever!
Extremely fantastic! You do explain the concept of demand concisely and clearly just within 7 minutes! While my tutor uses entirely 2 h to explain it but receive little effects.
This guy makes it okay to skip every single micro econ class
I have an AP Econ test today and these videos have helped me extremely!!! Thank you so much!!! 🙌🏽
3 terms of lectures I didn’t get any of this, this man js saved my life an hr before my exam
I am currently writing a research paper for Microeconomics, and it's a freaking nightmare. I actually grasp and enjoy the concepts, but not with the material given to me in class! This is fun to watch which makes it waaaay easier to understand! Thank you!
Ive learned more from these 5 minutes than my teachers 40 minute long class
Thank goodness there's speed controls. I have to back up, and slow it down, but it's better than asking someone to "repeat that" in the middle of class. Thank you so much for this series! Seriously, thank you!
i just paged through my economics book and saw that the things you talked about here are still gonna be waiting til 100 pages i- this one topic in this video, they managed to stretch it out for so long and ur only talking abt it for 4 minutes-- thanks for summing it up
GREATEST. ECONOMICS. TEACHER.EVER.
God bless you, sir! I subscribed and turned notifications on! You are the reason I am passing macroeconomics with an A!!!
Well...congrats!
Wai-wait.. why am I replying to a 4 year old comment?! You're my senior!!
Jacob Clifford: "Unless the market is REALLY weird, the shortage will fix itself"
Me: thinking back to march when there was no toilet paper...
The shortage, though, did eventually fix itself when people stopped buying toilet paper and the toilet paper companies ramped up production.
Thank you so much this makes so much sense! My prof is terrible and never explains anything
U explained in less than five mins what my econ techr do for two hours... thank you
THANK YOU SO MUCH!! at first i failed my test with a 40 percent but after watching this video.. i got a 100%
Thanks for sharing.. I'm 10 years out of university & needed to brush up on my knowledge of Supply & Demand. If only RUclips was this vast back when I was in university 😂💕🇿🇦
It's 2024. This is 10 years old and still better than my econ class
Through watching your videos as a last minute resource in prep for my exams, Im keen on doing the next level of econ112
I've watched almost all of your videos.I wish I were able to click the like button for every time I view.
Thank you. As an older student, this is the supplemental lesson source that gives me a fighting chance to not only pass but to actually grasp the concept for life. Thank you.
-For those about to rock
Thanks brother, you are the main reason I am passing my business and economics classes this semester! Love the analogies and the fart noises are just a bonus haha. Thank you Mr. Clifford!
OMG! I just have to say I LOVE your videos! You make Econ easier to understand and will be my saving grace this semester. You can tell between those who love what they do and those who don't! keep it up!
Thanks. I'm glad that the videos help you.
Wassup Mr. Clifford
Hi sir, I am watching your videos from India 🇮🇳 . I liked your teaching and your intention to understand the econ better is marvelous. I never say a teacher like you with joy and great content. Atleast I can say Thanks 😊 .
Thank you sooo much your videos made me Ace my last test a couple weeks ago. You make econ fun and not boring like my professor.
Hey Jacob Clifford I have some questions.
#1 When firms set their prices, how do they know what the supply and demand curves are going to be?
#2 Why aren't prices of new products constantly changing with supply and demand?
#3 Why does accounting teach us that firms set their prices by cost + profit margin whereas economics teaches us that prices are set by supply and demand?'
#4 If a new business sets their price at cost + profit margin, and demand turns out to be much higher than expected, so suddenly revenues are pouring in, what would be the rationale behind them deciding to increase prices?
#5 Does this mean if the price of electricity goes down, people are going to start using more electricity? Or water?
#6 Why is the supply curve downward sloping when larger firms tend to produce goods cheaper?
#7 On a macro scale, do people actually purchase more milk when the price decreases?
#8 If prices are determined by supply and demand, what happens in markets such as the labor market, where a sudden increase in supply of employees would lead to a drop aggregate spending, which in turn would reduce demand for goods and services, leading to a drop in demand for labor?
#9 Can you think of any important economic policies which were established based on the rationale behind this model?
#10 If you answered yes to #9, are you comfortable teaching this model to almost a million people so far, most of whom are probably the ones most affected by those policies, knowing those policies were based on the rationale behind this model?
#11 What assumptions was this model based on?
#12 Have the assumptions been proven to at least be mostly correct in the real world? Like I don't mean 100% correct because we both know that's a bit of a stretch here, but at least by and large?
Better than my professor, you help me understand the demand and supply!👍
You are saving my life. Literally, you are such a king in economics. like WOWWWWWWW!!!!!! thank you, soo much really.
I literally LOVE YOU! You can really tell your passionate about teaching. This is very ambitious of you and I'm sure it has been a lot of hard work to get all this material put together in a fun way. Sincerest thanks for doing it. You've got me laughing and learning :D
That moment when you're watching an Econ video in the common study area without headphones on and the fart noises come on LOUD.
+Luke Alley Sorry about that Luke, but that is hilarious
+ACDCLeadership Haha it is. Meant to say "thank you" in my original comment too. :)
Kinda served you right for watching a video out loud with no headphones in a public area
😅😅😅
thanks to your really fast explanations i FINALLY understood what supply is!
One special thing is how he behave during his presentation. He catches the attention and makes it fun. Most tutors lack such per degree. They act soo serious that students are afraid to talk to them.
omg you saved my life, your explanations are so clear and interesting!
Here i am, back again for some last-minute review, thank you
same
Mr.Clifford you have saved my Economics A level and me and my friends think you're brilliant thank you :)
YOU HAVE SERIOUSLY HELPED ME SO MUCH WITH MY FINAL EXAM!!
you honestly helped me omg i have a test tmrw
i really appreciate your online video. this will go a long way of shaping my life and the life of my students.
very good explanation. Sir, hopefully, to keep it. I am a student from Myanmar(Burma)
Video was only about 5 min but very informative. Amazing job!😊
You have helped me teach economics for the first time, so easily and proficiently. My class LOVE your vids too. Thanks heaps.
The best teachers employ humour in their lessons. Well done.
That's really cheap to fart like this in a good educational video
You gotta love the ACDC belt buckles.
Excellent ..u r not only a great speaker / teacher...but also very creative in making these vedios so interesting..u r efforts are inspiring...cheers..I am learning a great deal here...
I am a newbie to study economy and this video is simply to understand. thank you
Damn man, never thought Econ is as simple as it's in this video. hats off
My teacher must be subscribed to you,all the videos she shows are yours..
If you would be teaching in my university......i would have never miss any economics class.........you explain so well......
ECO PAPER 2 TOMORROW AND THIS JUST SAVED MY LIFE!
If all teachers in school were like you, nobody would have blamed the school system😇😍😍😍
as u said...IT IS a big day for me......u did it so explicitly ☺☺☺......thanku..
the intro is GENIUS
you are amazing! this is helping me study for my test thank you! you are great!
me too! ^o^
You sir have a gift for teaching.
you made my life easier to understand!
i REALLY LOVE THE WAY YOU TEACH ,SO INNOVATIVE
You saved me I was lost with this graphs . Well done you are the best
It is better than 90 minutes lecture
Love you ♥️
The best explanation of demand and supply lesson best professor ever good work 👍
you are the reason I will pass my final exam in Micro.. thank you so much!!
LOVE YOUR VIDEOS!! I WISH U WERE MY ECONOMICS PROFESSOR!
There is no "*simulated flatulence" note in the last scene. So, the last one was real. :D
Anyway, great video. I've been struggling with microecon. from the beginning of this semester since January. It's not until today that I found your channel and really started to feel interested. It's helping me a lot. Keep up the good work.
+Rahatil Ashekan Thanks for watching Rahatil. The flatulence was simulated but the stomach ache from drinking that milk was real
ur the reason I'll pass my Econ exam sir, thank u frfr
Awesome video, watching this for my Economics test on Tuesday on Supply and Demand.
Great content!!! I like it, because of you I've passed my AP exams and got 5 for Micro, and 5 for Macro
wow interesting and fun to watch not to forget making it easy for me to understand
I don’t take AP eco, but the Indian curriculum for micro is somewhat similar and I’m learning a lot from these videos. Thank you!
You're the best econ. Teacher eveeerrrrr thanks
Love this guy!🇿🇦
Thank teacher. Boring assignment but now find a solution.
you are a bit fast and too good...
so helpful.you make it look so simple. thanks
love from Egypt man, you are a savior
im a science student and they dont offer econ, com and business classes for science students. So some class notes from my friends and you result in something sweet in my report card O:)
My econ exam is tomorrow, and I understood more in this video than in the entire semester!! lol thanks for the video!!!
best teacher out there... no cap
Man, I need a teacher like you in my college !!!!
10/10 I can see you helping me through my introduction to economics class. thanks.
@Jacob Clifford or whoever thinks they know.
I'm a 3rd year undergraduate majoring in Economics and just to expand some personal horizons I recently finished reading "Postcapitalism" by Paul Mason (2016). The book talked about some areas in which the Law of S&D begins to break down. One example in particular, information. How do you price something that is information? The Supply is infinite (Copy/paste, if you will) and the Demand can also be infinite? The Author goes on to say that this also violates the Law of scarcity because it's, by definition, not scarce. Me having whatever bit of information doesn't prevent another person from having it, as it would a material object.
Simply limiting the access to information via Intellectual Property Laws and a price based solely on development cost and zero production costs. This creates another problem and correct me if I'm wrong, Information is deliberately being under utilized and therefor inefficient? Right?
Despite the author fully endorsing "a modern Communism" in the end, he does bring up a few good questions and with the entire internet at my disposal, Information (Ironic, I know) on the concept is hard to find. Just looking for some RUclips feedback. What do you guys think?
Thanks :)
This is so helpful! Very well explained. Thank you so much for helping us!!!
your way of teaching is great
omg what a well explained in an interesting way thank u dude I'm from India
Waving your vids for homework
wow! thank you THANK YOU very much! you are a life saver
you are totally amazing ..............your videos are very helping ...thank you sooooo sooo much....
You've helped me more in one video then my Econ teacher has these past couple of weeks. Can you come replace her?
Thank you so much!! I have a test tomorrow on this, and I really had no clue. It makes sense now!
Your videos really help me in Micro class.. thank you so much!!
you are an awesome tutor! Replace my lecturer please, with lot's of dairy milk on top^-^
This is so interesting. I like the way you teach economics
This guy is a hero.