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Specialization and Trade: Crash Course Economics #2

18878 ratings | 1370628 views
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!" TO: Everyone FROM: Someone "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
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Text Comments (1894)
Mike Honcho (2 days ago)
...but without physics economics would mean nothing 🙃
If you watch the video at a slower speed such as 0.5, it looks like they are high.
Eliptical (5 days ago)
Communism is a crime!
Kelli Nakamura (5 days ago)
I love how the Mongol is described as a "friendly mustached guy." That's a bit far fetched...
Noureddin Boraei (5 days ago)
Love the Belt
Manohar Kumar (8 days ago)
gobar
Veronica Meyer (8 days ago)
THANK YOU!!!!!
Md M (9 days ago)
Fukkin morons.. Iran is in sithole because of imperial sanctions not because it doesn't want trade
You guys talk too fast. Trying to cram more info into the video in the shortest time doesn't work. You were right, Jacob. My head was spinning in trying to keep up with you both.
DearlyBelovedofGod (21 days ago)
Mark Cuban, is that you?
CyberWolfie (23 days ago)
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.
Nghia Xuan (23 days ago)
like
Zubair Wrraich (24 days ago)
Please make a video on stock exchange
Claudia Reyes (25 days ago)
thanks for saying : or involuntary .... keeping it real .
Nabeeha Kazi (29 days ago)
Lady:"This table is way simplified" Me lady you some kind of super genius or what!!!
Angelsrlilfe (1 month ago)
This is a great series, however, I find that Americans speak WAY to fast.
ray1983able (1 month ago)
Specialization , Trade and P.P.F statistics. Got it !
Ch Da (1 month ago)
I'm scared all the time too. I feel like the supervisor is going to tell at me any moment 🐈
Ch Da (1 month ago)
The only thing with my PT job is that we're all prisoners🙀 we can't use the bathroom and we can't drink water 🙀I'm thirsty and have to pee! 🙀 Help!!!!!!!!
C Beaudry (1 month ago)
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?
Christopher (1 month ago)
I'm having a hard time creating an income, so hopefully watching these videos will help...
Jessica Simon (1 month ago)
LOVE THIS SO MUCH.
dhivyan awesome (1 month ago)
HEY I LOVE PHYSICS AS WELL OKAY!!!!!!!!!!!!!
Baruch (1 month ago)
Amazing Channel! Having the ability to learn remotely and freely usually goes unappreciated. I would like to thank you!
李妍 (1 month ago)
Taiwan is NOT a country.
Lucas Atilano (2 months ago)
Dumb trump supporters never got this...
Sandeep Roy (2 months ago)
Great work...salute
Shun_Swida Jr (2 months ago)
Thanks for the video it was very helpful
Ngân Lương (2 months ago)
In Crash Course, everyone speaks way too fast. And that's why I love it. My listening has improved crazily!!!
Wlong Liu (2 months ago)
Taiwan is part of China, Not a country
Ayman Srour (3 months ago)
First knowldge source for me from Egypt. Let's see how it goes
Jack Plovanich (3 months ago)
Any1 see that boss AC/DC belt on the dude😂
Alison Osborn (3 months ago)
They talk waaaayyyyyy too fast. Slow it down, especially for those learning these concepts for the first time.
Zoro (3 months ago)
The lady's uppity personality doesn't suit her and is distracting
Android jackson lee (3 months ago)
Mark cubannnn!!!
Jenifyw (3 months ago)
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
Tuğçe Hilal (3 months ago)
You guys make a tremendous job. I love it.
Patricia Supapo (4 months ago)
ross geller specializing in another field
keshav kedia (3 months ago)
Hello from india
Gootman Boats (4 months ago)
Stupid capitalists trying to brainwash us into thinking that trade is mutually beneficial... excuse me for one second, I need to mine coal to recharge my computer.
We need Mongol Pizza
Hydra (4 months ago)
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
Shamis Abdi Hersi (4 months ago)
i have a question on specialization and marketing and i need help ASAP!
Nathaniel Rio (4 months ago)
I love these people bruh, I get the idea with ease
Sir. Boaz Mutatay (4 months ago)
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
Weedpacket (5 months ago)
Good for my weed business
Tristan Marta (5 months ago)
I want that og kush
bread (5 months ago)
give me weed papi
bread (5 months ago)
what the friccing hecc
bread (5 months ago)
vian more like gay european
Vian M. Abdullah (5 months ago)
ur sister transgender vendor
Tristan Marta (5 months ago)
ur mom big gay
bread (5 months ago)
ur dad lesbian trap
James Hainsworth (5 months ago)
What about the saying "Jack of all trades, master of none, though oftentimes better than master of one."?
alexander hood (5 months ago)
Trade mutually beneficial? Even if you chose not to trade chance are you most likely forced to trade one ways or another. don't believed me take look at opium war?
Czech Speare (5 months ago)
perfect lesson I'll keep watching :D thx youuu so muchhhh!!!
noahwang36 (6 months ago)
Countries like Taiwan?! That's great Crash Course
Ben Brown (6 months ago)
Donald Trump should watch this
Neha Firdous (6 months ago)
Sir Mil gya 2,3,4,clasess
Arash Ghanbari (6 months ago)
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.
Art Curious (6 months ago)
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.
Eric Kelleher (6 months ago)
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.
Jean-Philippe Lopez Letz (6 months ago)
I learned that specialization is why society works
Promgram Advanced (6 months ago)
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?
沈忻 (6 months ago)
it's so strange that Taiwan has been mentioned as a country.....
Thanks for the free lesson.
Anissa Nicholls (7 months ago)
They need to slow down.
Shubham Panwar (7 months ago)
Thank you for your marvellous lecture. Love from Incredible INDIA.
Sean Murphy (7 months ago)
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?
A one legged man (7 months ago)
nice robert schiller quote
SchaefStudiosLLC (7 months ago)
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.
Jurij Fedorov (7 months ago)
Need to fix the audio.
Shun Jackson (7 months ago)
bbboooooooooooorrrrrrrrrrrrrrriiiiiiiiiiiiiiiiiiiiinnnnnnnnnnnnnnnnnnnnngggggggggggggggggg!
邹心一 (7 months ago)
I'm sorry but...Taiwan is not a country,and Taiwan is one of provinces in China.
Andrew Hedges (7 months ago)
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.
TheEndlessVariables (7 months ago)
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.
Poukkaa Ganeska (7 months ago)
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
Abdul Ghani (7 months ago)
i can't even bear the idea to rely on other people in the first place. how could i even specialized and more so trade
Michael Tharp (7 months ago)
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.
Emilie Lum (7 months ago)
This is so interesting omg
Austin Nichols (7 months ago)
This could be really wrong but why is Africa so under developed
Austin Nichols (7 months ago)
Isn’t it a major hub for resources and materials
torosalvajebcn (7 months ago)
Adriene, I love you...
Bhagyarashmi Dofe (7 months ago)
I loved the videos and watched all of them. But now I am not seeing subtitles. Please provide subtitles. Thank you!
Henrik H Koch (7 months ago)
..Marxist civilizations lol
doing things (8 months ago)
when you parents wanna be hip
It's so strange that Taiwan has been mentioned....
Feynstein 100 (8 months ago)
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?
Feynstein 100 (7 months ago)
+Wojtek The Bear Hmm I thought net exports meant total export - total import. Isn't that the case?
Wojtek The Bear (7 months ago)
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).
Feynstein 100 (7 months ago)
+Wojtek The Bear Hmm wouldn't that be an import and thus covered by the net exports parameter?
Wojtek The Bear (7 months ago)
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.
Charlie Wyckoff (8 months ago)
Doesn't advocating for a comparative advantage promote low wage slave labor?
Wojtek The Bear (7 months ago)
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.
Cedrick Canonigo (8 months ago)
I LOVE YOU CRASH COURSE. KEEP IT UP! :D
Lady Audii (8 months ago)
clifford never changed his shirt meanwhile adriene had a whole wardrobe. Gender and Ethics 101
Cesar santana (8 months ago)
Will these videos help me with stock exchange
OG Dice (8 months ago)
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
OG Dice (8 months ago)
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.
brandon tan (8 months ago)
What's making sure that the country as a whole focuses on the production of e.g. plane over shoes?
Wojtek The Bear (7 months ago)
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.
gollavilli hari (8 months ago)
you both are not explaining you are reading
Devendra Baskey (9 months ago)
The politician she is talking about is Trump
Faruq Hunter (9 months ago)
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
Wojtek The Bear (7 months ago)
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.
aditya singh Rathore (9 months ago)
Both hosts are lovely..!
Franklin (9 months ago)
Don't eat chocolate, it's been made by slaves
Zoe MacDonald (9 months ago)
cool
Dylan Wyman (9 months ago)
hi dom
towmater Roblox (9 months ago)
"Take THAT physics we're coming for ya" ✨😃✨
Fluid Mosaic (9 months ago)
Shoes n planes wtf
Mickey Breezy (9 months ago)
Slavery was simply economic.
Wojtek The Bear (7 months ago)
Except it was totally cultural too.
Aiman Al-Akwaa (9 months ago)
Great CC on economics...What is up the speech speed rate? Slow down.
Blaise Dahl (10 months ago)
Who is the bust of in the background?
ChewyDatHotDog (10 months ago)
Beep Beep imma sheep

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