Scarcity, Trade-offs, and Cost/Benefit Analysis

  Рет қаралды 91,004

Professor Dave Explains

Professor Dave Explains

Күн бұрын

A core concept we must discuss if we are to understand economics is scarcity. Our wants and needs are endless, but the things we want and need are necessarily finite in nature. Therefore, we can say that these things are scarce. They run out. If they didn't, economics would not exist, because economics is all about making choices based on scarcity. If we spend money on one thing, there is necessarily a trade-off, because we have less money to spend on something else. This is true for both rich and poor, as no one has infinite wealth. When we make choices, there is always an opportunity cost. This is the thing we give up when we make a choice. In analyzing these choices, we can sometimes think at the margin, where we identify marginal costs and marginal benefits for the choices we make, which can be labeled a cost/benefit analysis. This will all make more sense with some simple examples, so let's take a look!
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Animation by Ignacio Triana: / unraveled
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Пікірлер: 126
@hmmhmm6802
@hmmhmm6802 3 жыл бұрын
posted : 2 minutes ago video length : 6+ minutes and you already have 1 dislike... those flat earthers are really mad at you
@CBJay-hw3jk
@CBJay-hw3jk 3 жыл бұрын
maybe somebody wached the video on 3 times speed?
@tagtag123
@tagtag123 3 жыл бұрын
@@CBJay-hw3jk HOW
@gluonic
@gluonic 3 жыл бұрын
@@tagtag123 downloading the video and making it 3x faster in a video editor then watching it instead of the 2x speed option in the youtube video settings
@RobertoLion
@RobertoLion 2 жыл бұрын
@@gluonic Also there's an extension for browsers called: "Video Speed Controller" that makes the keyboard key "d" make the video faster and "s" (for Slower) makes it slower...
@gluonic
@gluonic 2 жыл бұрын
@@RobertoLion download the video, put it in the editor, edit it, upload it on youtube, and then the extension, press D to make the video fast, and then 2x speed.
@asylumskp4391
@asylumskp4391 3 жыл бұрын
I am legitimately pissed I cannot give this man any money for the amount of knowledge he has provided to me
@Vicariun
@Vicariun 3 жыл бұрын
you can subscribe to his patreon, which helps him get a steady income for producing this content not sure if you can thank him any other way
@asylumskp4391
@asylumskp4391 3 жыл бұрын
@@Vicariun I subscribed to him but I can't pay him anything. I'm only a teen.
@Vicariun
@Vicariun 3 жыл бұрын
@@asylumskp4391 ahh figures, I thought that may be the case after I sent the response good learning then! he's great
@deathnote4171
@deathnote4171 3 жыл бұрын
@@asylumskp4391 tell your father or mother to pay or You can pay him in the future
@asylumskp4391
@asylumskp4391 3 жыл бұрын
@@deathnote4171 I doubt my parents will agree to pay someone on the Internet. I plan on doing it in the future, hopefully.
@giulianozanellato8247
@giulianozanellato8247 3 жыл бұрын
I am currently a couple of semesters away from getting a degree in economics, and I highly enjoyed listening to you explaining these concepts. Your clarity when teaching is amazing. Im glad I found your channel. Cheers!
@slurky3992
@slurky3992 3 жыл бұрын
Damn professor Dave just threw hella shade at the U.S. govt. for high military spending. So poggers!
@lynguy439
@lynguy439 3 жыл бұрын
Looking at this tutorial has no opportunity cost. All your videos are necessities.
@LucasPereiradaSilva
@LucasPereiradaSilva 3 жыл бұрын
Very valuable content, not just the physics stuff that I already love too!
@Ishtarocha
@Ishtarocha 3 жыл бұрын
Most of it can be seen as intuitive rational thinking applied to resources management. Very helpful see it all gathered like that... looks like a puzzle.
@glaciatedluxray2849
@glaciatedluxray2849 3 жыл бұрын
Thank you Chemistry Jesus
@THIS---GUY
@THIS---GUY 3 жыл бұрын
Jesus of Debunk
@SwampyPanda3
@SwampyPanda3 2 жыл бұрын
*almighty /jk
@user-zi4js7ju7v
@user-zi4js7ju7v 8 ай бұрын
Words
@user-tx3kq6gr7t
@user-tx3kq6gr7t 3 ай бұрын
Please stop calling God's name in vain
@theunheardprophet4315
@theunheardprophet4315 3 жыл бұрын
I was unsure if I should go shower or go to bed and shower tomorrow morning because I'm tired but I know that I'm going to sleep too long and be late for work if I shower tomorrow morning. Now I'm procrastinating by watching this.
@kevinmoore2501
@kevinmoore2501 3 жыл бұрын
Thank you for this vid, Dave. Liked.
@SpiritRed
@SpiritRed 19 күн бұрын
Thank you, David.
@scohspot
@scohspot 3 жыл бұрын
Good video professor Dave. I’m looking forward to more when/if they come out.
@daddyattitude
@daddyattitude 3 жыл бұрын
🎶Round, Round, Round, 🎶 the Earth is Round.......🎶 Thanks Dan
@birthsonbluebell3654
@birthsonbluebell3654 3 жыл бұрын
Another example would be in the endgame of a game of Chess, where you could either sacrifice your queen to get rid of their last non-king piece (maybe a rook). The opportunity cost for sacrificing that queen for their rook is the 4 points you lost in doing so. The opportunity cost for not doing that is your opponent still being able to win the game, given you play bad enough.
@db3536
@db3536 3 жыл бұрын
Good video thanks prof dave
@justarandomperson9374
@justarandomperson9374 3 жыл бұрын
You perfectly know the moment when you’re about to make a birdhouse, but then Dave's video comes out, so you’re like «Ahhh, not today my dear birds, not today(((«
@arisoda
@arisoda 3 жыл бұрын
Ok française
@spiderworld384
@spiderworld384 3 жыл бұрын
This guy knows things
@glennpearson9348
@glennpearson9348 3 жыл бұрын
Nice ECON 101, Professor Dave. Love the placement of the quadratic equation. Now that you've covered CBA and Opportunity Cost in the context of individual decision-making, do you plan to cover BATNA for collective or multi-party decision-making? This is a fun series!
@PrasathMGM
@PrasathMGM 3 күн бұрын
This is awesome
@AFIDD21
@AFIDD21 3 жыл бұрын
What is the trade off with regards to the sleep to 2 million subscriber work effort ? Keep up the great work !
@prammar1951
@prammar1951 3 жыл бұрын
Thanks 😊.
@prabut.a5141
@prabut.a5141 2 жыл бұрын
Thanks a lot...
@hunter_69_69
@hunter_69_69 3 жыл бұрын
Philosophical question: If not for the 2nd law of thermodynamics, would everything then be re-usable? I would think yes. I don't think economics would be a field of study if the 2nd law of thermodynamics didn't exist.
@ayos836
@ayos836 10 ай бұрын
Thank you
@user-bs4nd1eb6d
@user-bs4nd1eb6d Жыл бұрын
Very Good Video
@heh3135
@heh3135 3 жыл бұрын
Well, I could study for tomorrow's Electronics final or watch this video. Easy choice
@subhashreepanda3076
@subhashreepanda3076 10 ай бұрын
What are the trade offs for call centre optimization??? We group of 4 ppl need to do a project in spreadsheet modelling, in that we need to do tradeoff analysis…. Any kind of help much appreciated. Thanks
@luizfeliperodriguessantana5842
@luizfeliperodriguessantana5842 3 жыл бұрын
This is gold! Thanks
@sujanpuri4465
@sujanpuri4465 3 жыл бұрын
How to find in which playlist this video is?
@kash6584
@kash6584 3 жыл бұрын
thank you youtube jesus
@TheFacial83
@TheFacial83 3 жыл бұрын
Good 😊🤠
@alexalbuquerquerodriguesal108
@alexalbuquerquerodriguesal108 3 жыл бұрын
2:09 I see what you did there Dave and I liked
@saivionshaver5043
@saivionshaver5043 3 жыл бұрын
Thank u scarcity Jesus
@humanbeing1429
@humanbeing1429 3 жыл бұрын
Wow now I know why I stay up late on KZfaq because I value ideas and new knowledge more than sleep. I swear I skip sleep twice a week. Sometimes even 3 nights alternatively.
@AA-gl1dr
@AA-gl1dr 3 жыл бұрын
That catches up to you eventually.
@Arcana_XVIII
@Arcana_XVIII 3 жыл бұрын
That's a really bad idea.
@AG-lm5uf
@AG-lm5uf 3 жыл бұрын
Can you do a video debunking the qanon conspiracy?
@elizdonovan5650
@elizdonovan5650 3 жыл бұрын
Hi Professor Dave. Did you mean to have 2 of these videos on a private setting? Thank you. 🌲🌝☘️
@ProfessorDaveExplains
@ProfessorDaveExplains 3 жыл бұрын
they will be released soon!
@elizdonovan5650
@elizdonovan5650 3 жыл бұрын
@@ProfessorDaveExplains Thank you. 🌲🌝☘️
@JohnGisMe
@JohnGisMe 3 жыл бұрын
What about free things, like the gift of living forever?
@aryanbhosale9254
@aryanbhosale9254 3 жыл бұрын
Prof Dave has a new hair cut
@chetannanaware1665
@chetannanaware1665 Жыл бұрын
Hi, Do you have any PowerPoint Presentation Tutorial? I liked your PowerPoint- please share the Tips and tricks Thanks
@ProfessorDaveExplains
@ProfessorDaveExplains Жыл бұрын
I don't use PowerPoint, I used Adobe After Effects.
@lorddonk9806
@lorddonk9806 3 жыл бұрын
Professor Dave, have you ever considered doing the political compass test and putting it on YT?
@major7thsmcgee973
@major7thsmcgee973 3 жыл бұрын
I'd watch that
@thisisisabella3634
@thisisisabella3634 3 жыл бұрын
Conservative rebuttal: Greed good, Poor people bad.
@RamAurelius
@RamAurelius 3 жыл бұрын
I'm guessing you've never actually spoken to an actual "conservative" in your life before lol. And your comment seems to insinuate that the majority of wealthy people are conservative or vice versa, which is demonstrably untrue. But what good is life if you can't spend it with vitriolic hatred towards invisible strawmen you've created in your own mind, right?
@thisisisabella3634
@thisisisabella3634 3 жыл бұрын
@@RamAurelius I've been a conservative so you can't bullshit me.
@gurditrehal3348
@gurditrehal3348 Жыл бұрын
1:36 "... or sleeping"
@YsoCereal
@YsoCereal 3 жыл бұрын
is it possible for you to create a playlist of all ur flat earth debunking videos so i can binge them?
@ProfessorDaveExplains
@ProfessorDaveExplains 3 жыл бұрын
They're all in the debunking playlist!
@ryanzeng890
@ryanzeng890 3 жыл бұрын
"We make 35,000 choices per day". That's striking :). Wondering are there principles to decide which those should apply "Cost/Benefit Analysis"? Thanks for the great tutorial!
@harrybaker9044
@harrybaker9044 3 жыл бұрын
Hi Dave
@rufusapplebee1428
@rufusapplebee1428 3 жыл бұрын
If the reward is below the sustainance no one is going to do anything.
@Anuj-2
@Anuj-2 3 жыл бұрын
Not last
@archivist17
@archivist17 3 жыл бұрын
When do we get on to Surplus Value of Labour? It's pretty fundamental, too.
@Robert-dt4is
@Robert-dt4is 4 ай бұрын
35 thousand choices? Wow.
@gianlucarocca1511
@gianlucarocca1511 3 жыл бұрын
Daveee
@qwerteria7366
@qwerteria7366 3 жыл бұрын
sleep doesnt work the way you described sadly. sleep is chaos being awake is a drag
@trickyepithet9122
@trickyepithet9122 3 жыл бұрын
first!
@oleggeraschenko4932
@oleggeraschenko4932 Жыл бұрын
if you choose to study for 3 hours and sleep 5 hours before the test, the opportunity cost is clarity of mind. Sleep deprivation brings you to a drunk-like state, you can do something really stupid and potentially life-threatening because of it. That extra hour of not sleeping WON'T be productive learning. DO NOT deprive yourself of sleep - it's dangerous for your LIFE
@whatsgoingondude1673
@whatsgoingondude1673 3 жыл бұрын
Hello, sir! I'm new to the channel, and I have one question: are you really a professor, or this is just your KZfaq nickname?
@chaseeyy
@chaseeyy 3 жыл бұрын
He has a series of him answering FAQs of his audience. To answer your question, he is not a professor but he graduated with a degree in organic chemistry (I am not sure with this one tho).
@Jopie65
@Jopie65 2 жыл бұрын
Hmmm.. Although this is a good video, I could probably have done much better things with the time I watched it. But considering what is best to do next also has a cost. 🤔
@SigmaElement
@SigmaElement 3 жыл бұрын
So.. whats the beneficial cost of rounding the flat earth?
@chaossspy6723
@chaossspy6723 3 жыл бұрын
:D
@hrabia
@hrabia Жыл бұрын
"You know what men need? Food, sex, silence! Feed me, fuck me, shut the fuck up!"
@viperplays4744
@viperplays4744 2 жыл бұрын
ah yes, IS.
@deadchannel5933
@deadchannel5933 3 жыл бұрын
Plss I want the older intro music
@jakenelson568
@jakenelson568 3 жыл бұрын
2:00 America in a nutshell
@enescevik1137
@enescevik1137 Жыл бұрын
saclari kesince adama benzemisin dayi
@patricksarama4963
@patricksarama4963 3 жыл бұрын
I’m not even interested in economics but I’m watching this anyway because I love economy Jesus 💕
@justanotherdayinthelife9841
@justanotherdayinthelife9841 3 жыл бұрын
Tragedy of the Commons
@khashayarbiglari2208
@khashayarbiglari2208 Жыл бұрын
i dont fe
@3bdalra7man_32
@3bdalra7man_32 3 жыл бұрын
why did he stop showing his face ?
@ProfessorDaveExplains
@ProfessorDaveExplains 3 жыл бұрын
KZfaq studios where I used to shoot is permanently closed :(
@marcdevries4470
@marcdevries4470 Жыл бұрын
are you sponsored by netflix?:P
@Sscstudy649
@Sscstudy649 3 жыл бұрын
Came here with the speed of light(c)
@MsBukke
@MsBukke 3 жыл бұрын
1:30 jokes on you I'm doing both at the same time
@clover4958
@clover4958 2 жыл бұрын
is dave sponsored by netflix???
@jogimarbun5924
@jogimarbun5924 3 жыл бұрын
I think he is tired hahhaha, getting make more contents but not the happiness, this is the trade-off
@infinitemonkey917
@infinitemonkey917 3 жыл бұрын
Making a bird house is a close second imo.
@tln_greks2896
@tln_greks2896 3 жыл бұрын
The earth is flat
@eweseloh
@eweseloh 3 жыл бұрын
fIat?
@tln_greks2896
@tln_greks2896 3 жыл бұрын
@@eweseloh I am just saying to get attention😂of course the earth is round.
@death5154
@death5154 3 жыл бұрын
@@tln_greks2896 unfunny
@tln_greks2896
@tln_greks2896 3 жыл бұрын
@@death5154 it was a joke
@asylumskp4391
@asylumskp4391 3 жыл бұрын
Woah it's Sans Undertale
@YellowFireIpad
@YellowFireIpad 3 жыл бұрын
me watching this video over netflix planning to build birdhouses, rollerskate, play games, and go fishing: excuse me what the *f*ck*
@lynguy439
@lynguy439 3 жыл бұрын
Nothing. My world does not revolve around economics. The question is what did I loose or how much damage did I do to my body because I did not sleep.
@chrstfer2452
@chrstfer2452 3 жыл бұрын
Pretty sure the "what did i lose" bit is half the question of opportunity cost.. to say you dont think in economics is funny though, because even if you dont the concepts still apply and you're just losing out by not integrating the useful ones like this into your general decision making process. I'm not saying go around estimating utility functions and spreadsheeting out your trips to the toilet, but don't ignore the concepts with disdain like you seem to be doin
@lynguy439
@lynguy439 3 жыл бұрын
@@chrstfer2452 pretty sure that you are correct. I did econ a long time ago. My point is sleep is sweet there's nothing I would trade sleep for😃
@silver_tongue9644
@silver_tongue9644 3 жыл бұрын
U made that racist black guy look so stupid It would be so cool if u debated Ben shepearo or other transphobs and give them a good dose of science bc atm they think science is on their side haha And u the entire trans community would love u forever 😂
@chrstfer2452
@chrstfer2452 3 жыл бұрын
Lol that'd be awesome, and it'd be nice to give shapiro an example of what actually owning someone with facts and logic is like, rather than bullying with a quick tongue and then calling it facts and logic. I'd say drink a shot every time Ben makes an appeal to authority emotion or named fallacy, but that'd kill people.
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