Supply and Demand: Crash Course Economics #4 

gotta start with the basics to prepare for this macro exam tomorrow rip

*Main outtakes of this lesson* 1) _Market_ - any place where buyers and sellers meet to exchange goods and services. a. An owner of a supermarket values the labor of the cashier more than money she pays him. 2) _Price signals_ - the information that markets generate to guide the distribution of the resources. a. Businesses, and in particular large corporations , are often villainized as _greedy, heartless institutions_, that take advantage of consumers, but if markets are transparent and buyers are free to choose, then businesses will have a hard time making advantage of people. 3) _Supply and demand_. a. When the price goes up - people buy less, when the price goes down - people buy more. b.When the price goes up - the farmer wants to produce more, when the price goes down - the farmer wants to produce less. c. When quantity supplied = quantity demanded, we get equilibrium price of product. 4) Four market behaviors a. Supply can decrease. b. Supply can increase. c. Demand can increase. d. Demand can decrease.

I'm sure his high school students think it's badass that he co-hosts a CrashCourse Series.

I love the information these guys are giving me. I don't love their attempts at jokes.

I swear RU-vid is a major miracle !! This explained my whole 16 weeks lecture in just 10 mins.. 🙏❤pfft uni

I really like this teaching strategy. It's great having someone explain the charts, and the real life examples provided by Adriene makes the show more interesting.

This series is proving more educational than I first thought it would.

this series is amazing! thank you!!

Supply: Dick picks. Demand: Virtually none. Eternal failure of market.

Ima need these to come out a little faster. My Econ teacher is already speeding through these chapters and I started school literally a week and a half ago!

"Its a big day for you, its a big day!" LMMAOOO thanks for that

As a non-traditional student, some of these concepts are hard to really grasp when you have a billion other things going on in your life. This video made this so clear and easy to understand. THANK YOU

You covered in ten minutes just under what my school taught me in two terms. Now I just need to memorise the model answers for the externals xD

Thanks, this is a great series to read before I delve into my econ text book. I love the short and concise structure of the videos. I love how both of you take the concepts and "shorten/dumb-down" them so that when I crack open my text book, the concepts become more clearer to understand. I love the humor and energy you guys have. Way to go!

I'm watching this for fun because this is so straight forward

The hosts in this video: "Yo whattup, kids! Check it out, capitalism is so lit! 🔥🔥🔥 Free markets be on fleek! 💯💯💯"

"It's a big day for you. It's a big day!" I laughed. ACDC belt also.

This 10 minute video taught me more about Supply and Demand then 3 months of High School Economics.

The waste of strawberry on the start made me uncomfortable.

This was fantastic. Everything that was abstract but known in my head was tied together so quickly and perfectly. I really enjoyed this.

*who is forced to watch this for homeschooling because of the covid-19?*

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.

These videos are so so great and have literally saved me tons of money instead of taking econ courses that would've otherwise cost me a fortune.

This series may prove very beneficial for my microeconomics course! I found this video particularly useful at the moment, as we're currently discussing supply & demand. Thanks, Crash Course!

I'm considering taking an Economics A-Level so this was really useful in teaching me the basics of the subject. Really helpful honestly, because although I knew what most of these ideas were beforehand, I didn't know that they were part of economics.

Summed up two years of high school economics in ten minutes. I see a lot of people criticizing, "you haven't taken into account externalities" or "the problem with this is". This is Econ101, this is the base foundation. All the complications, unrealistic aspects and assumptions are deeply analysed in the latter stages of an economics degree. Don't expect to see it in the fourth installation of crash course economics lol.

I am loving these videos, I love crash course. It helps to learn general ideas and basic facts and then get deep into the details in class.

MY FAVORITE CRASH COURSE CONENT! THESE TWO ARE SO ENGAGING AND FUN TO WATCH!! LOVE THE EXPLANATIONS!!

The funniest part of this episode was the cashier making $10/hr. Oh Crash Course, you're so hilarious with your fictional scenarios.

I pay the most attention during the cartoons...

I absolutely love this series. I've been afraid to study econ since highschool but these videos make it easy to understand and fun to learn. I love the hosts. I look foward to the rest of the series. c:

I'm loving these videos, they tie in with my learning of as economics really well!

I can't tell you how much I appreciate the content you guys put out. Thank you.

I have no idea how long it took to get that strawberry catch-n-crunch right, but I tell you IT WAS WORTH IT.

This crash course gave me a broader prospective on economics. This is very helpful information! Thanks Crash Course!

dude! I forgot mark cuban taught econ--- love this guy!! speaks my language for sure. Best help on youtube by far

Ive started to watch this course of economy 'cause really need to understand it and also 'cause its look like fun. thanks guys

The "after effect" part is hilarious. I love it

Hi, I am a substitute teacher at KIPP King Collegiate High School. My 5th period Economics class absolutely loved your video! They required and demanded that I leave a comment and want you to know that their minds have just been absolutely lit from this video. Their synapses are firing like you don't even know and even though they're second semester seniors, they are working so so hard and making me and their real teacher proud. Have a nice day!

I really appreciate your videos, as they help me to understand really dull concepts in a playful and enjoyable way!

Lol at that remark on whole food

throwin' the whole tree at WholeFoods

As opposed to the one that said they don’t love the jokes in this series, I absolutely love them and I think the way you two act helps to make these videos that much more enjoyable

Thanks Adriene and Jacob...I was like literally entangled with demand/supply juggernauts.. My economics has changed from no way out to new way out.

CrashCourse can you please do more of these as fas as you can! i am currently studying economics in australia and struggling abit im now up to competition and policy industry analysis ive learnt; revenue costs profits,perfect competition and monopoly and monopolistic competition and oligopoly! i love your videos you helped me out alot on your psychology playlist last year it was really fun!!

These crash courses have taught me more than what my teacher has taught me this entire year. This is one of the best examples of why schools are just useless, and a waste of time. Thanks for these videos :D

I've just started an Economics unit at Uni after not being at school for a bloody long time. This video - has helped me get started with a bit more sense. Thanks

omg this helps so much! I'm in an online economics class, and it's a bit of a struggle for me. Thanks crash course!!!

Thank you. I now know more economics than what i learnt in half a semester in college.

I tried learning economics for years and it always bored me so much. Thanks for making it fun, easy and objective for us. The jokes made it very light to understand the complex topics. (Sorry about my English mistakes)

Man, supply and demand really become an end for me in economics at school. But i am willing to continue studying by myself and by help of this beautiful channel. That’s an opportunity choice for ya.

So glad they're doing Econ! I've always wanted to learn about it! As a geology major though I wish they had one on geology!

I wish they taught ECON when I was in High School. That would have been great. As it stands, I'm glad to be learning it in College no - 18 years late.

ACDC belt. What a stud.

Great video about one of the most basic laws of economics. Keep the good educational work.

I just wanted to thank you so much, because of these videos I passed my college Macroeconomics mid term!!!! Thank you so much!!!!! I can't say it enough!

"Businesses, and in particular large corporations, are often villanized as greedy, heartless institutions, that take advantage of consumers, but if markets are transparent and buyers are free to choose, then businesses will have a hard time taking advantage of people." Incomplete. Buyers must also be well informed. Perhaps even too well-informed. Meaning a seller might be completely transparent but buyers may not know many tons of CO2 to produce one widget is unhealthy or out of the ordinary. Buyers may not know the consequences of each choice - and it might be impossible for them to be expert enough in all the factors to make an educated decision. This is where government needs to step in and create standards that all competitors must meet or beat in the interest of public safety.

I like these two :)

Thank you guys!! Your work is so valuable in our current times.

I love how the guy stands there awkwardly near the end when she's talking. He just smiles and keeps his finger points touching.

You guys really are the best i so understand this topic now just in 10 mins wow

I understand that this is Econ 101, but I'd have liked to have seen mention of where, other than so-called market failures (i.e. public services), demand and supply don't necessarily dictate price. Many consumer goods, for example, are priced in anticipation of a certain level of demand, no the supplier then seeks to provide that number of products. Mobile telephones don't rise or fall in price based on supply (other than in extreme, possibly longer-term supply changes), but on how companies have calculated expected profits.

The firefighter joke was really funny! Love this series. Thanks, CrashCourse!

God bless you guys! This was AMAZING! Wish these guys were my instructors in real life!

Glad to see Mark Cuban back at it

Very cool

Iyhoo, it's still rough for me yet I really thank you for these videos. Well done and thanks again.

Thank you thank you thank you! It's clear, useful and amazingly easy to comprehend! Plz do more

Was that office seen with the fire the old icarly set? 😂

Unfortunately, simply "don't shop there" is not always an option because of monopolies and oligopolies. More often than not, from what I have seen in the US, you tend to have little, even sometimes NO choice but to buy from a given company. Simply because they are the only ones to offer a service or product you need. Look at internet service providers for example, they are one of the biggest offenders.

I haven't taken Econ 101 in ten years and this video made me feel smart again. Thanks Crash Course :)

Amazing series, deep explanation of market... Thank you

This series presents a very idealized view of how markets work in the real world. Capitalism works under the assumption that everything (pretty much) can be reduced to a fair (no duress present) transaction between to parties with perfect free will, and this applies to every venue in life. There are many situations in which a party has such a ridiculous difference in power and information compared to the other that this premise does not apply at all. One example here is trading of work force. I think it is easy to agree that, in most situations (specially for unqualified work), the person that is seeking for a job when jobs are scarce can be considered to be under duress to accept any working conditions that an employer is in the mood to provide. Things like abolishing child labour and having an 8 hour work-day are not things that came about because of market laws, they came about because of non-market state intervention and worker's protests. Should there have not been any extra-market intervention, there is no evidence whatsoever to make the statement that these changes would've been made strictly following market laws and non-intervention. Secondly the consumer democracy argument rests on a couple of faulty assumptions. It only works if you assume everyone has the same amount of money and every actor is participating just as much as the other. This is obviously not the case since the more money one has the more they affect and pull the economy in their direction. For this reason markets lean in the direction of people with more wealth. Even a free market with perfect competition cannot yield the desired outcome since individuals with minority preference needs are excluded in what are called lumpy markets. What all this means is the rich and powerful are the ultimate winners. Furthermore, you have to assume an actor in a market system has near perfect knowledge. When i go and buy something i have almost zero knowledge of the factors involved in making that product. I might be able to check where it was made but not if sweatshops were used, if workers were exploited, on and on. Digging a little deeper further complicates things because most products are a combination of other products. Take a simple box fan. Its almost certain the producer went to a host of other companies to get the screws, wires etc. They probably went to another company for the parts in their production line. Not to mention the product needs to be shipped by airlines, boats, trucking companies. What factors are involved in all these companies? Even one product would require a massive research project that would have no end.

"VOLUNTARILY"!!! You choose to work.. VOLUNTARILY!!! TOP KEK!

I am in love with this series!

Messed up on my supply chain class. This course helped me pass it! Now I am running my daddy's trucking company. Thank you

"voluntary" = "not starving to death" ... sounds legit.

When the talk about someone valuing working over not, we have to remember that in the value equation we should consider the debt the person has as well as social pressures to work for certain places, like having a job history or if the person's friends work there. Always remember that economics is about complexity.

these crash courses are great! keep em up please :)

I've been confused with the supply and demand curve for whole two months of studying it in our school. Thanks a lot to this now I can pass the exam in our economics 😭😭😭😭😍

Ah... toy systems that are only stable when there are no other influences. That tends to be the problem with this pre-game theory version of economics, it is really fragile and kinda depends on the idea power is evenly distributed and that there are no other methods for exerting influence. For instance, the example of oil prices. The main influence of the price is neither supply nor demand, but futures trading and speculation, a one off game played by 3rd parties.

"NO! Don't wear your ACDC belt buckle!" I see your wedding ring and i know you've hear this before.

Thank you for this was having a question on what data goes behind supply curves (I know that sounds kind of dumb) but this definitely clarified questions. Also nice AC/DC belt

You guys are amazing. Thanks a ton for creating course.😀

This is such a good way of teaching Economics. I remember sleeping in my Economics Lectures. :P

"voluntary" XD

The burning scene with the scenario change was AMAZING

This really helped my visualize what my textbook didn't explain very well. Thanks!

Markets dont “ make” things . Market are the means for exchange of things.

anyone who does a lot of crafting and selling of items on the auction martets in most MMORPG's understand the supple and demand system pretty well. Over saturation can drive down prices, under cutting can do so too. the more rare and difficult an item is to make and time ot make it, with a high demand for it, causes a rise in prices. For example, in the game Fallen earth, there are high end weapons that can take several hours to maybe a couple of days to craft because of all the parts needed to make them first. Also, most of the parts need to be collected first to be able to craft said parts. I would make say 10 of these specific weapons and sell them at a price that was just under what others were selling, but not so far off that it would allow others to still be a choice. Sometimes the weapons would be all sold, sometimes a few but not all would sell. Another thing that is also considered is time and materials used. A car in the game took nearly a week to make because of all the parts needed to make first. Because of the time and material consumption, as well as skill levels needed to create the parts and whole, very few would be made by anyone, so a price could be set by the crafter that they felt was reasonable for their time and effort and would be reasonable to a buyer.

Thanks for making this series.I find it super interesting and gripping. Greetings form Poland :)

thank you for these informations, i love the show , honestly this way of learning is more fun and much easier to grasp. thanks a lot for everything and good look, please keep surprising me with new videos .

In the intro, Adriane always acts like a foolish student. Like 5 seconds later, she turns out to be the most professional teacher ever!!! It's kinda weird but I love it ^^

4:30 what about intangible items, like a paid subscription or a video download? they don't have a limit on supplies

I'm sure this series is saving hundreds of students' lives right before their exams, like me. THANK YOU!!

I'm glad that there's finally Crash Course Economics :D

I appreciate that this exists but I find that its much lower in quality than the other Crash Course series. I feel like more effort could be put into the initial filming and the scripting!

mr. clifford nice to see you man nice to see you.

BEST SERIES ON ECONOMICS OUT THERE!

Thank you very much this is a great course I'm learning a lot.