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Why Should I Learn about the Market Economy? (Market Basics - Introduction)
Find out why you *should* learn about the Market Economy, and why a guinea pig might be the best teacher to learn it from!! Start off by learning about how guinea pigs think about Self-Interest here: https://youtu.be/sEz909veRYQ Check back for regular updates to this series.
Self-Interest is not about Selfishness (Market Basics - Part 1)
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
Utility: Being Useful in a Very Satisfying Way (Market Basics - Part 2)
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://www.youtube.com/watch?v=sEz909veRYQ&t=12s And learn more about Diminishing Marginal Utility here: https://www.youtube.com/watch?v=6gsr_zLZkbg&t=208s Check back soon for more videos!
Diminishing Marginal Utility: I'm Getting Tired of That!! (Market Basics - Part 3)
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. Check out Part 1 of the Market Basics series here: https://www.youtube.com/watch?v=sEz909veRYQ And all about Utility here: https://www.youtube.com/watch?v=KYuNUyg_334 Check back soon for more videos!
Ceteris Paribus: It's All the Same to Me!! (Market Basics - Part 4)
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://www.youtube.com/watch?v=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://www.youtube.com/watch?v=ZVfhztmK9zI (hammer and feather drop is at 0:37 in the video) ("Apollo 15 Proves Galileo Correct" via NASA Video)
Mutually Beneficial Trade - It's a Win/Win!! (Market Basics - Part 5)
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. Check out Part I of the Market Basics series here: https://www.youtube.com/watch?v=sEz909veRYQ&list=PLYIw3rFhQLN5thDbXOJet0dggHw6UJi8o&index=2 For some extra mathiness, check out the Economic Math series, here: https://www.youtube.com/watch?v=UT0u2fxQs5I