Supply and Demand: Crash Course Economics #4
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Date: 2022-04-04
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Comments and reviews: 10
Branden
1. What do most people take for granted? (0: 15)-
2. The key to markets is voluntary exchange. What is that? (0: 57)-
3. According to voluntary exchange, if a lifeguard takes a job paying $12. 00 per hour, what must be true? (1: 28 / 1: 36)-
4. Markets are very good at allocating scarce resources toward what? (1: 59)-
5. Markets generate information that guides buyers and sellers toward what they should be buying or-
selling. (2: 21)-
6. How do markets encourage suppliers to provide high-quality goods? (2: 33)-
7. There are two conditions that make it hard for businesses to take advantage of people. Record at least one of these conditions. (2: 50)-
8. Every dollar spent signals two things to producers. What are they? (3: 06)-
9. If there-s only one thing you should learn in economics, what would it be? (3: 25)-
10. What is the law of demand? (3: 50)-
11. How do demand and supply curves slope? (4: 11)-
12. If the price of an item is high, there is likely to be what economic condition? (4: 17)-
13. If the price of an item is low, there is likely to be what economic condition? (4: 26)-
14. What is an equilibrium price? (4: 35)-
15. What store was discussed as being a place where price has nothing to do with realistic economics? (4: 56)-
16. Something like a change in weather will typically shift which of the curves on a crop-s supply and demand graph? (5: 29)-
17. What four things can happen in a market to change the price of a good? (5: 44)-
18. Suppose the price of oranges falls, so the government pays money to orange farmers to help them out. -
What would be the usual view of an economist regarding the government-s decision (6: 28)-
19. What product was mentioned as example of a good with a lot of price volatility -- the price changes all the time? (6: 48)-
20. If the supply and demand curves both move due to market conditions, what will move with them? (7: 13)-
21. What two examples were given as goods for which the free-market approach has serious problems? -
(8: 00)-
22. If you could sell human hearts, what would a criminal be motivated to do? (8: 15)-
23. If you could solve some problems with a market approach, but a completely free market would cause other problems, then what kind of market should be established? (8: 36 / 9: 03)-
24. Why are the laws of supply and demand not absolute laws like the law of gravity? (9: 32)
reply
1. What do most people take for granted? (0: 15)-
2. The key to markets is voluntary exchange. What is that? (0: 57)-
3. According to voluntary exchange, if a lifeguard takes a job paying $12. 00 per hour, what must be true? (1: 28 / 1: 36)-
4. Markets are very good at allocating scarce resources toward what? (1: 59)-
5. Markets generate information that guides buyers and sellers toward what they should be buying or-
selling. (2: 21)-
6. How do markets encourage suppliers to provide high-quality goods? (2: 33)-
7. There are two conditions that make it hard for businesses to take advantage of people. Record at least one of these conditions. (2: 50)-
8. Every dollar spent signals two things to producers. What are they? (3: 06)-
9. If there-s only one thing you should learn in economics, what would it be? (3: 25)-
10. What is the law of demand? (3: 50)-
11. How do demand and supply curves slope? (4: 11)-
12. If the price of an item is high, there is likely to be what economic condition? (4: 17)-
13. If the price of an item is low, there is likely to be what economic condition? (4: 26)-
14. What is an equilibrium price? (4: 35)-
15. What store was discussed as being a place where price has nothing to do with realistic economics? (4: 56)-
16. Something like a change in weather will typically shift which of the curves on a crop-s supply and demand graph? (5: 29)-
17. What four things can happen in a market to change the price of a good? (5: 44)-
18. Suppose the price of oranges falls, so the government pays money to orange farmers to help them out. -
What would be the usual view of an economist regarding the government-s decision (6: 28)-
19. What product was mentioned as example of a good with a lot of price volatility -- the price changes all the time? (6: 48)-
20. If the supply and demand curves both move due to market conditions, what will move with them? (7: 13)-
21. What two examples were given as goods for which the free-market approach has serious problems? -
(8: 00)-
22. If you could sell human hearts, what would a criminal be motivated to do? (8: 15)-
23. If you could solve some problems with a market approach, but a completely free market would cause other problems, then what kind of market should be established? (8: 36 / 9: 03)-
24. Why are the laws of supply and demand not absolute laws like the law of gravity? (9: 32)
reply
Gamer
I am little confused on representation of the curve when there is change in supply or demand. Shouldn't the slope of the curve be changing rather than line it self being translated?
I mean -7: 08 when the supply of gasoline increased, it is shown the line moved across x-axis representating increase in quantity produced. But if you see even when there's no scope for producing. 1 gallon aa the graph directly starts at more than that. If we refuce the slope of the supply curve however we can have representation at all quantities.
reply
I am little confused on representation of the curve when there is change in supply or demand. Shouldn't the slope of the curve be changing rather than line it self being translated?
I mean -7: 08 when the supply of gasoline increased, it is shown the line moved across x-axis representating increase in quantity produced. But if you see even when there's no scope for producing. 1 gallon aa the graph directly starts at more than that. If we refuce the slope of the supply curve however we can have representation at all quantities.
reply
Glenn
Shifting the lines diagonally when they say -left- is visually confusing for a lot of people trying to understand this. It-s clearer if they are actually shifted left (or right) and then get rid of the parts of the lines that extend past the graph arms. I know it-s the same result, however, I found from tutoring this was a stumbling block for people. They-d be frustrated because it was an easy concept and they couldn-t get it until I showed them it is a left shift, not a leftish down, southwest along the supply curve shift.
reply
Shifting the lines diagonally when they say -left- is visually confusing for a lot of people trying to understand this. It-s clearer if they are actually shifted left (or right) and then get rid of the parts of the lines that extend past the graph arms. I know it-s the same result, however, I found from tutoring this was a stumbling block for people. They-d be frustrated because it was an easy concept and they couldn-t get it until I showed them it is a left shift, not a leftish down, southwest along the supply curve shift.
reply
Florian
I really like the graphs they look just nice and are easy to understand. Also your speach is very clear, just like you dont eat words or mumble Them. The only thing I dont like is, can you switch the diffrent parts of the topic not this fast?
reply
I really like the graphs they look just nice and are easy to understand. Also your speach is very clear, just like you dont eat words or mumble Them. The only thing I dont like is, can you switch the diffrent parts of the topic not this fast?
reply
RJ
-Whole foods is a whole other world where price has nothing to do with realistic economics. - This is one thing I hate about economics. When their model fails to capture reality they don-t blame their model, they blame reality.
reply
-Whole foods is a whole other world where price has nothing to do with realistic economics. - This is one thing I hate about economics. When their model fails to capture reality they don-t blame their model, they blame reality.
reply
Luis
Just a heads up, when students are looking for a quick explanation for this stuff, we-re not looking for playful skits and jokes. Just get to the meat of the content and go.
reply
Just a heads up, when students are looking for a quick explanation for this stuff, we-re not looking for playful skits and jokes. Just get to the meat of the content and go.
reply
Sem
I can't get myself to study for my econ final I always end up watching Netflix so I figured these videos are fun let me just with these, hope it will help me.
reply
I can't get myself to study for my econ final I always end up watching Netflix so I figured these videos are fun let me just with these, hope it will help me.
reply
Mariana
Ive started to watch this course of economy 'cause really need to understand it and also 'cause its look like fun. thanks guys
reply
Ive started to watch this course of economy 'cause really need to understand it and also 'cause its look like fun. thanks guys
reply
Sheikh
Those who can't even respect food (she threw off strawberries as if it's some crash). can't even tell whats supply and demand.
reply
Those who can't even respect food (she threw off strawberries as if it's some crash). can't even tell whats supply and demand.
reply
Ceez
The public school system should make it mandatory to pass Economics in school. Every American needs to know these things.
reply
The public school system should make it mandatory to pass Economics in school. Every American needs to know these things.
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