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. Not sure whether Economics is a science? Watch here: https://youtu.be/C04Dgc9DBWI Want the next video in this series? Watch here: https://www.youtube.com/watch?v=KYuNUyg_334

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! Not sure whether Economics is a science? Watch here: https://youtu.be/sEz909veRYQ What is this Self-Interest thing? Watch here: https://youtu.be/sEz909veRYQ Want to learn about Diminishing Marginal Utility? Watch here: https://youtu.be/6gsr_zLZkbg Curious how Economists work with Utility as a Mathematical concept? Watch 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. Never heard of Utility? Watch here: https://youtu.be/KYuNUyg_334 Want to find out how Utility works mathematically? Watch here: https://youtu.be/UT0u2fxQs5I

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

The Util is an arbitrary unit of happiness that economists just - invented. Because they needed to. Find out why, and how Utils let economists do their favorite thing - play with graphs!!! Not sure what Utility is? Watch a guinea pig explain it here: https://youtu.be/KYuNUyg_334 Check out the full Market Basics playlist here: https://www.youtube.com/playlist?list=PLYIw3rFhQLN5thDbXOJet0dggHw6UJi8o And the Economic Math playlist 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. Into the Math? Check out the companion video here: https://youtu.be/b5iDyg76LwE Want more Market Basics? Check out the playlist here: https://www.youtube.com/playlist?list=PLYIw3rFhQLN5thDbXOJet0dggHw6UJi8o Full Economic Math playlist here: https://www.youtube.com/playlist?list=PLYIw3rFhQLN4bO7BjrNbTaJxCYma1ooCP

Everybody uses money - but not everybody knows what it actually is. Or how it works. Or that it doesn't have to be currency. And that a lot of things that end in "-coin" aren't money at all. Follow along as these guinea pigs explain how the idea of money started and why we all use it today.

Money is worth - whatever you can buy with it. Money is worth it's Trade Value. Which is not the same thing as Use Value. Follow along as Pumpkin the guinea pig explains what makes these two measures of value different, with graphs, pickles, and pesos.