In which Adriene Hill and Jacob Clifford teach you about specialization and trade, and how countries decide whether they're going to make stuff or trade for stuff. You'll learn about things like comparative advantage, the production possibilities frontier and how to make pizza!
Crash Course is now on Patreon! You can support us directly by signing up at http://www.patreon.com/crashcourse
Thanks to the following Patrons for their generous monthly contributions that help keep Crash Course free for everyone forever:
Mark Brouwer, Jan Schmid, Anna-Ester Volozh, Robert Kunz, Jason A Saslow, Christian Ludvigsen, Chris Peters, Brad Wardell, Beatrice Jin, Roger C. Rocha, Eric Knight, Jessica Simmons, Jeffrey Thompson, Elliot Beter, Today I Found Out, James Craver, Ian Dundore, Jessica Wode, SR Foxley, Sandra Aft, Jacob Ash, Steve Marshall
TO: Sarah M.
FROM: Anthony M.
"Making our own history awesome! Happy 3 year Anniversary!"
"The earth is but one country, and mankind its citizens."
Thank you so much to all of our awesome supporters for their contributions to help make Crash Course possible and freely available for everyone forever:
Nathanial R. Castronovo, Eefje Savelkoul, Nupur Maheshwari, Jacob J., Dominik Steenken, Shai Belfer, Stefan Bjerring Henriksen
James Kribs, Hugo Jobly, Tim Eramo
Want to find Crash Course elsewhere on the internet?
Facebook - http://www.facebook.com/YouTubeCrashCourse
Twitter - http://www.twitter.com/TheCrashCourse
Tumblr - http://thecrashcourse.tumblr.com
Support Crash Course on Patreon: http://patreon.com/crashcourse
CC Kids: http://www.youtube.com/crashcoursekids
Actually, the civil war was fought because southern states did not want to abide by federal law, but instead to have different laws for different states. One of the big reasons that pushed them to fight was because of the fact that the president/congress/government passed the federal law of "all men equal" or "no slavery" or something along the lines of that. There were many plantations owners down south, so they took up arms and fought to protect their lives. Without slaves, their plantations would fail from lack of hands, shrink a lot, or they would loose a lot of money to hire enough people. As appalling as the truth is, slaves were the cheapest form of labor. Without slaves, many of their lives would be ruined. Many of ther lives were in fact ruined from damage from the war and no slaves. The north wouldn't have suffered much from the law of no slaves. That's one of the reasons they were so for it. Those were the reasons they fought, they didn't want to be ruled by federal law, but instead state law.
So disclaimer: I don't know squat about economics. But from a laymen's perspective, it seems that they're assuming the nationalization or (more likely) the centralized national oversight of business. Because that's absurd, could anyone explain that?
Yup, developed countries making complicated products and export to undeveloped countries have the same advantages as undeveloped countries making simple products and export to developed countries. Yea right, I believe you
this whole economics crash course series is taught in a “concerned parent teaching drug recovering teen that technology is taking away from our real world perception and awareness and we need to go take economics in the real world instead of online because info online is being manipulated”.
they wont just say it and then teach normally, they have to teach in condescending tone to make sure you get the point
but ive known that since the start i just want to learn with normal teaching dude not everyone on the internet forgot the real world
I am 24 and I have understood for the first time ever the concept of trades. Before you come at me, I am the guy who is busy enough to design applications and website the likes of youtube so y’all can learn about all of this as well. Thank you very much Crash course
Love your vids. Very creative, entertaining and cool way of educating. No more boring teachers for our generation because we just switch to the next Youtube channel. Too bad our parents had to put up with it.
I wish free trade was as simple and beneficial as the production possibilities graph. They should find a way to put lax labor laws, no pollution controls, job losses, and dumping on the same graph in order to see who benefits most. Its interesting that China’s decrease in poverty, rise in economic and military power came at the expense of US jobs and economic weakness. Maybe we can live without cheap shoes.
Economics only goes so far. Without ethics society begins to degrade into resentment and eventual revolution. If Governments don't make the right decisions people begin to starve and die of horrible plagues. With out ethics from the top down a society is doomed. Now with that in mind what do you think about Trump and the Porn actress? ...or extreme feminists who want to imprison all men and run society themselves? How about countries that bomb civilians in the middle east? Its all adding up to Earths ultimate destruction. We better get ethics back in there. Now I realize some people in the system are ethical but their good ethics must be matched by their peers and superiors or they are cast aside. Instead putting the focus on ourselves we need to reason if some thing is wrong or not.
I think trading requires transport network between countries, it means that a country focusing on the advantage product must lose their unnecessary ability on logistics. Is trade explosived-developing truly good?
So, if I'm understanding the shoes/planes example correctly, it's beneficial to trade at a loss as long as the loss is less than what you would lose trying to produce everything yourself. Basically. Am I wrong?
Specialization might be good for the collective, but can be very damaging to the individual. What happens when your specialization becomes obsolete? What happens if the global economy takes a huge step back and you are forced to grow your own food, fix your own car, build your own house, etc? Without these skills you won't survive. My grandfather was a farmer who built his own house with his bare hands. I can barely change my own oil because I was raised to believe I wouldn't need the skills of my grandfather.
I don't think you did justice to Cuba, they have had massive growth in health care and education. Third world countries like Cuba, such as Bangladesh, have had greater free trade but not the same benefits of lowering of infant mortality etc. This would seem a gross simplification of economics.
Here in 2018 trying to get a better grasp of the whole new crypto currency revolution and what's driving the whole thing.
I'd also like to point out on a micro scale. My friend is a mechanic, and if I need something fixed on my car I would rather take it to him in exchange for my woodworking services. rather than spending the time and resources learning how to fix my own car. which would be similar for him, learning to woodwork, not to mention buying the specialty tools.
CrashCourse, I imagine you get people licking your arses all the time, but I cannot allow myself to do any different after watching your videos. Super, super impressed and I have nothing but respect and the best of wishes for your current and future success. To put yourself out there for the main purpose of truthfully educating the general population is the most unbiased and factual manner is absolutely awe-inspiring and along with your millions of loyal fans, I really cannot tell you how much I love and appreciate all the hard work and effort you've put into making it so easy for us non-genius eejits to finally understand these much-needed and important topics despite our 14 years of privileged education. I didn't go to school past 14 so perhaps that's why I'm not as educated as I should be - but with people like you I will be very, very soon!! Much love, peace and respect to you all at CrashCourse!!! Xxx
The Civil War was not fought to keep slavery. Please stop spreading false information to students all around the world. Just read Lincoln's inaugural speech and he makes it very clear why he started the Civil War. It was all about collecting taxes. He basically says, keep your slaves forever we don't care, but if you try to not pay taxes were are going to war.
Hmm I noticed somewhat of a contradiction between this video and the one about GDP. 70% of the US' GDP comes from consumer spending. Which I take to mean that the goods being produced in the US are being consumed within it. Wouldn't that be akin to self-sufficiency?
No, and that's actually one of the reasons net exports as shown through GDP can be misleading. For example, if I produce the graphics card for a laptop which is produced in Japan, the full value of the laptop ends up showing up as an import even though in reality some of the laptop, in this case the graphics card, was actually produced in the United States. The Apple IPhone is exactly this. Even though it is technically an import from China, it's really disguising the products made in Japan, South Korea, and even the United States (like its Bluetooth technology).
No, one problem is that GDP only measures final products. It does not take into account resources that go in these products. So while your laptop's graphics card might be produced in the US, the gold and other resources used to make it probably came from elsewhere.
Short term yes, long term no. Keep in mind that for a country to industrialize they have to go through a period of sweatshops. It's a sad fact, but we have no found any way to circumvent it. This also works. Keep in mind that China's GDP per capita, or an indicator of their wage growth, has been increasing dramatically in recent decades because they allowed these sweatshops. Eventually when quantity demanded of sweatshop workers increases and quantity supplied falls, the workers will gain more market power and start demanding workplace rights as seen in more developed countries. It's how industrial economies have always popped up.
The other question I had was whats going to happen to hollywood when the vast majority of the work is no longer creative or original and people just slowly stop watching television and movies? will the hollywood sign just like rust or collapse and become a ghost town? Why is hollywood trying desperately so hard to be so cool when they really arent as cool as they used to be
How many Joints would I have to trade for an 8ball? Would other countries benefit from this international trade? What would happen to the pharmaceutical monopolies and government if we expanded the underground trade internationally? What happens to the supply and demand when people start receiving Christmas Bonus? Also, what would happen to the Trump monopoly? We all know Trump is monopolizing the stock market right now while in office for his own benefit.
The market. Planes are naturally cheaper and easier to produce in one country over the other. If people in that country try to produce shoes instead, they'll find themselves being out competed by shoemakers in the other country as the other country is naturally able to make shoes cheaper. This can be due to the closeness of raw resources, educated workforce, etc. Maybe the country producing airplanes has a more educated workforce, meaning they'd have to be paid more to make shoes. It would then be inefficient for a company to open up there when they can go to the other country, which has cheaper labor, and make shoes there. Similarly, while the labor is cheaper in the other country, the workforce isn't skilled enough to make quality airplanes, so any company wanted to make airplanes has to go to the original country.
there are so many social factors that are not calculated in the barrage of opinions given towards the end of this video. Humans are not linear enough to ensure production in an equation that does not address their social conditions. Things like morale, and a sense of pride, community and belonging can reduce or increase production rates and completely adjust these linear examples. Adam Smith did not just address economic, but rather social-economic concepts about determining a countries success. In many cases trade can reduce patriotic pride which can reduce the production capabilities of the workforce. In such case, self-sufficiency increases production possibilities.
"No society can surely be flourishing and happy, of which the far greater part of the members are poor and miserable. It is but equity, besides, that they who feed clothe, and lodge the whole body of the people, should have such a share of the produce of their own labor as to be themselves tolerably well fed, clothed, and lodged" Adam Smith
This is why everything is generalized. The law of large numbers shows that the variation in the norm is decreased to such a small level that it doesn't even matter. Sure, workers in one factory might be sad because their management sucks, but there are thousands of factories in the country, so output isn't really effected.
Todays Random Latinas Archives Porn List Jean Skirt Latina Teen Toys Outside This cute girl strips off skirt and panties to toy her pussy and ass. Lingerie Latina Strips Naked Out by the pool Leslie slips off her cute teddy to show us her figure. Huge Boobs Latin BBW Nice woman from Guatemala exposing her very plump breasts. South American Cutie Diddles Sofia has a sweet tight ass and little tits with tan lines on them. Tanlines Latin Girl Posing Stripping off lingerie to open up her fine pink pussy while still in stockings. Wicked Pussy Masturbation Sexy Latin flavour Shay uses a vibrator to get herself off in these masturbation videos. Brown Eyes South American Sucking Dick Latina chick from Miami taking cock in her mouth. Tan Lines Latin Babe In The Kitchen In heels she slips out of her striped dress to show us everything. Horny Latin Teens 2 Clip Sucking dick on the tennis court then fucking back at the house. Marisa Ramirez Naked From doing soaps early in her career to baring it all on Spartacus. Hot Latina Showing Small breasts and spicey pussy revealed on this delicious young babe.
Arousing Bella In Lingerie Lovely raven haired Latina in sexy blue lingerie on a web show. Curvy Bikini Latina Out By The Pool Tasty lady slowly removing her two piece swimsuit for us. Petite Teen Big Dildo Latin girl with a fat sex toy trying to squeeze it in her tight pussy. Fingered And Licked Latin Girl Laying back on the bed a man diddles her twat and asshole before tasting. Petite Latina Jinx Maze Lusty young babe gets naked in the bath tub and uses a big head vibrator. Hot Latina Sex With A Beauty Arousing gal sucks him hard so he can go balls deep in shaved pussy. Petite Latina Masturbation Video Laying back on the bed Camila lets her red painted nails diddle her twat. Tasty Star From Spain Amarna Miller teasing and flashing her bits while in an RV in California. Scene from Party In America NURU masseuse Sophia Leone takes care of Marcus real well. Hot Latina Babe Sexy bod that has big firm breasts and shaven taco box looking so damn tasty. Petite Latina Sex Hot babe Ria Rodriguez gets taken from behind before riding him good. Pigtails Latina Cheerleader Strips To Masturbate Petite sweetie outside stripping her uniform to please herself. Silvana And Claire Out in the backyard these two Latinas slowly start to get naked. Young Mexican Pussy 19 yr old sweetheart Maria is wearing boots while exposing tiny tits and part furry bush. Latina Pear From Miami In the bedroom slowly exposing her soft tits and belly in pics. Mexican Girl Pantie Teases Sweet young lady in her underwear showing off her ass and crotch. Larger Natural Breasts Latin Babe In her shorts Natalia pulls back her blouse releasing her lusty boobs.