Find out why you *should* learn about the Market Economy, and why a guinea pig might be the best teacher to learn it from!! This video is the introduction for the Market Basics series: https://www.youtube.com/playlist?list=PLYIw3rFhQLN5thDbXOJet0dggHw6UJi8o Pumpkin's companion series, Economic Math, runs alongside with extra graphyness. https://www.youtube.com/playlist?list=PLYIw3rFhQLN4bO7BjrNbTaJxCYma1ooCP (For the best order, watch through Basics Part 3 - Diminishing Marginal Utility, before beginning Economic Math.)

Why is an understanding of self-interest so important to learning economics? Because it is the basis for all human behavior. According to an economist. Find out what this guinea pig thinks about self-interest and the economists who study it. Check out the Introduction to the Basics of the Market Economy series here: https://youtu.be/C04Dgc9DBWI And then keep going with the next video in the series, about Utility, here: https://www.youtube.com/watch?v=KYuNUyg_334 Love Math? So do we! We have an Economic Math series here: https://www.youtube.com/playlist?list=PLYIw3rFhQLN4bO7BjrNbTaJxCYma1ooCP

Utility is how economists talk about about the good things in life. It's what the Market Economy is famous for maximizing. So before we can debate the merits or drawbacks of the Market Economy, it's pretty important to understand what it is! Check out Part 1 of the Market Basics series here: https://youtu.be/sEz909veRYQ And learn more about Diminishing Marginal Utility here: https://youtu.be/6gsr_zLZkbg Curious how Economists work with Utility as a Mathematical concept? Find out here: https://youtu.be/UT0u2fxQs5I

Diminishing Marginal Utility is a very basic phenomenon we have all experienced. And it is a big part of how the Market Economy functions! Follow along as these guinea pigs explain why. Curious about the graphs? We've got a series full of graphs, here: https://www.youtube.com/playlist?list=PLYIw3rFhQLN4bO7BjrNbTaJxCYma1ooCP *With this one being specifically about the effects of Diminishing Marginal Utility on trading behaviors: https://youtu.be/zKb9-Prnaxg Check out other videos in the Market Basics series here: https://www.youtube.com/playlist?list=PLYIw3rFhQLN5thDbXOJet0dggHw6UJi8o

These Latin words mean "everything else being the same" and they keep us out of pointless arguments over things, we're not even talking about! They are also an important reminder that the real world is full of constantly shifting conditions which limit our ability to make precise economic predictions. If you're looking for real video of objects falling within a vacuum, try here: https://youtu.be/E43-CfukEgs ("Brian Cox Visit's World's Biggest Vacuum Chamber" via BBC) (bowling ball and feather drop is at 2:53 in the video) https://youtu.be/ZVfhztmK9zI (hammer and feather drop is at 0:37 in the video) ("Apollo 15 Proves Galileo Correct" via NASA Video) Watch more Market Basics videos here: https://www.youtube.com/playlist?list=PLYIw3rFhQLN5thDbXOJet0dggHw6UJi8o And check out our Economic Math series here: https://www.youtube.com/playlist?list=PLYIw3rFhQLN4bO7BjrNbTaJxCYma1ooCP

All the benefits of the Market Economy rest on the principle of Mutually Beneficial Trade. Listen to a guinea pig describe what it is, why it's so great, and what happens when it's not so mutual after all. Curious about the graphs? Check out the companion Economic Math video here: https://youtu.be/b5iDyg76LwE Want more Market Basics? Check out the playlist here: https://www.youtube.com/playlist?list=PLYIw3rFhQLN5thDbXOJet0dggHw6UJi8o You can watch the full Economic Math playlist here: https://www.youtube.com/playlist?list=PLYIw3rFhQLN4bO7BjrNbTaJxCYma1ooCP

What is a Market? It's not quite the same thing as a market. But it is the thing that creates The Market. Listen to a guinea pig describe three layers of meaning in this very flexible term. Want to learn more Market Basics? We've got a series! Here: https://www.youtube.com/playlist?list=PLYIw3rFhQLN5thDbXOJet0dggHw6UJi8o Want to add some Economic Math to go with it? We've got that here: https://www.youtube.com/playlist?list=PLYIw3rFhQLN4bO7BjrNbTaJxCYma1ooCP