Hi sir..... one thing I want to say to you, Iam boosting my mark on chemistry very easily because of you sir, now thermodynamics practice problem are very for me sir and thank you so much sir and iam from Tamilnadu (INDIA).
Hey, Dave. I just finished reading your book. As a fan of science, I already knew a lot of that stuff but not all of it. It's always good to learn. Good book. Thanks!
The distinctions between some these categories are fairly arbitrary. Human capital and labour could easily be placed together, for example. Realistically there are two kinds of people: 1. entrepreneurs, who provide the money for the land & physical capital 2. Labors who create the products and provide human capital. That seems much simpler and makes way more sense.
Such a simple video and idea to wrap your head around but over my short lifetime I have seen numerous government policies, projects, etc as well as group and individual projects fail as a direct results of either ignorance or blatant disregard for the requirements outlined in this video. But it isn't my job to assume the motives behind these failures.
Keep on dude... I show your vids to my niece and nephew 12 and 10. Because they are enlightening and done in a way that I cant exactly produce. Good show.
Land, labor, capital: physical capital, human capital. Entrepreneurship (sorry I just needed to post this cus I need to see these and tell if I wanted it :) )
@@ProfessorDaveExplains sometimes they do sometimes they don't it's about 50-50 when I some of your content on their I always ask them to credit you for it sometimes it works sometimes it don't.
I'd put supply chain management in there as another theme. Count the parts and paths of major appliances or vehicles or the power grid and then manage repair parts. Or not
Really enjoyed this next installment in the progression, Dave. One question as relates to "Land." There are plenty of companies out there today that exist exclusively on the internet. A good example would be someone who creates websites for a living, or plans weddings and events. How would the concept of "Land" fit into these enterprises? Thanks again, and please, keep'em coming!
I think if we were to look at website making, we’d see that we still need land to create locations for the tech services to exist. With internet companies there are people who work behind the computer screens who need to be placed somewhere. With event planning websites we could consider where these events might eventually take place, a wedding for example needs a venue
Economist here, the term "land" is a bit outdated and it could very well be any space (for example, the rent you pay for your apartment iff you work from home) but not all companies need to own all the production factors. For example, when you pay the electric bill, you are contributing to pay the land used by the electric company to install the power plants, or has someone has said well above, the rent the ISP pays for the phisical space to store its servers. In the end, land is needed for the economy to work, but not necesarilly by all the small production units (aka families, companies, etc...)
Dave? Just wanna say: I love ya Brother! All the very best to you and your family and true good friends! Thanks for you and other scientists doing your very best in taking the time in painstaking efforts in conveying facts and information that's so beneficial and needed! Cheers to y'all! 🤗😎🙌🏻👍🏻 "Knowledge is power!" "A stitch in time saves nine!" "An ounce of prevention is worth a pound of cure!"
Hey Dave , I have been watching your channel from long time I loved the calculus videos you made , really helped in my semester . but I want to really know about the black fungus (Mucormycosis) that is really been in my mind . I hope you somehow find this comment and make a video on Mucormycosis. :) this will also be a great video idea and for people it will be a great help if you tell them some suggestions on how to prevent it . have a good day.
Sorry for the delay with the mycology series, the writer had a conflict, but now he is writing again so there should be 30+ more in that series relatively soon!
Exactly. And that's where I have beef with the strict and seemingly religiously accepted idea on point 4. That the entrepreneur works for a profit, and that there is always a difference between that and human capital. This cannot possibly promote democratic ways of running things.
You forget fifth factor and that is compliance to state regulations - this can cost more than the other four factors combined. We don't live in free market anymore - due to regulatory capture - having skills, land and capital is not enough. Today, you need lawyers and lots and lots of money just for the entry.
@@ProfessorDaveExplains Yes but you have a degree - that's different. I was a software engineer/architect and then changed career to chemistry since I found it's my true passion and burned out from 13+ years of active IT work - now I have to go through a second uni just to get a minimum degree so I can do the chemistry professionally (even though I already know most of what I need from years of amateur chemistry hobby). Unofrtunately, I can't even get essential reagents without having a proper training. I understand there are safety regulations, but I am not particularly rich and already spent all the money for setting up a very basic lab and doing the most basic things that just barely pay the rent. Now I am trying to gather money for the school, which is another huge investment so that I can even start...
I think of what you saying is institutional economics which actually studies the impact of regulations over the real economy and this is very much a introductional series for economics, It really, really isn't that simple, nor does It have a completelly "coherent" schools (sometimes It's quite nasty actually, just take some economical models from Harvard versus Chicago and compare them). Also, I don't want to be mean or anything like that but your definition of free market It's quite incorrect, "free market" is defined by 3 major factors: free entry and exit of firms, pretty self explanatory; there is a extremelly high quantity of firms on the market and each of them holds a very small fraction of the market; all the goods and services offered by these firms doesn't have differentiation. Since regulations affect all firms in a market, It's not only the "little guy" that will have problems, but also the larger companies, but that of course isn't perfect, thats where institutional economics comes to play, but is a very deep concept and I don't know if Dave will cover that (if you want to answer Professor Dave, go right ahead). PS: the example that Dave gave was of what we call a monopolistic competition market, basicly, theres little to no restrictions for someone to enter or leave the market (AKA free entry and exit of firms), each firm holds almost nothing of the market share, but there is product differentiation since It's a artisanal coffee shop after all.
Hey so some guy named "don't sphere the truth" apparently answered all of your questions in the flat earth vid challange, have you seen it? If so, what is your opinion on it? But to be honest I wouldn't be surprised if you don't want to watch it, I've watched only about 2 minutes of it, and there's 10 parts each an hour long, in those 2 minutes there was basically close to no information that I found to be useful or neccessary to contain, which already makes a bad impression for the video, as the rest will be the same.
Since intelligence or whatever IQ tests are measuring is heritable I think human capital is heritable to some degree. So please professor Dave have children for the economy! 🎓🙏🥺
Nurse is a labour or human capital, she has special knowledge of her work? Sheep hair will be part of nature free gift or not hen egg or milk 🥛 of cow will be where we will put, cotton will be part of land or not or something else.
Hi Dave, would it be possible for you to do a debunking video on David Icke? He's one of the biggest conspiracy theorists in the world and has a lot of content. I recognise that, since his youtube channel was deleted last year, it may be a little annoying to look into his stuff, but if you can, I think it could really help a lot of vulnerable people who buy into his bullshit, thanks.
amazing video! even my econ books did not talk the factors of production in such a simple yet detailed way. thank you! keep up the good work!
Hi sir..... one thing I want to say to you,
Iam boosting my mark on chemistry very easily because of you sir, now thermodynamics practice problem are very for me sir and thank you so much sir and iam from Tamilnadu (INDIA).
Hey, Dave. I just finished reading your book. As a fan of science, I already knew a lot of that stuff but not all of it. It's always good to learn.
Good book. Thanks!
I am desperately waiting for you further vedios of history of drug
I'm loving this series, thank you. Back-to-basics and succinct!
The distinctions between some these categories are fairly arbitrary. Human capital and labour could easily be placed together, for example. Realistically there are two kinds of people: 1. entrepreneurs, who provide the money for the land & physical capital 2. Labors who create the products and provide human capital. That seems much simpler and makes way more sense.
yo i was having a hard time understanding this and this video helped so much. a huge thank you man
the new animations and design really are spot-on
Thank you soo much for this video
This helped me in my exam a lot
The way you say is good enough to understand and write a lot of points
'He knows a lot about all kinds of stuff, professor Dave explains'!!!
Vow! it was a good information about factors of production,good presentation too.Expecting more tutorial videos from Economics and Business Studies.
Thank you for presenting the material..🙏
Hi I'm happy in mpulungu,I really appreciate your lecturing, continue with your services
Such a simple video and idea to wrap your head around but over my short lifetime I have seen numerous government policies, projects, etc as well as group and individual projects fail as a direct results of either ignorance or blatant disregard for the requirements outlined in this video. But it isn't my job to assume the motives behind these failures.
thank you for the vid^^
Really good editing, the animated text is really engaging
Amazing tutorial ❤️❤️ thanks al lot 💞💞
3:17 Am I the only one who saw the house from Big Hero 6?
W explanation bro, really helped me a lot
Saved me from my term exam tysm!
Important topic 👍
Great video 👍😊 pls make more like this...... it was really helpful.
🥉
Thanks! I needed this video for help with school work!
Thank you🙏🙏
Wow thank you so much for this video 🫂
I wonder if Prof. Dave sees what we all see?... That there's a serious lack of political understanding; and how that effects our future for the worse?
Great content ever
Professor I want to ask you ,is summaries effective to study ??please answer me I have my exams very soon
Thankyou anyways
Thanks for the explanation
Keep on dude... I show your vids to my niece and nephew 12 and 10. Because they are enlightening and done in a way that I cant exactly produce. Good show.
Thx
Thank you for your help
you helped me a lot
Thankyou for the information
thank you very much..🙏
Thanks sir for your video
not gonna lie just made the like section 1k that felt pretty cool. good video
Land, labor, capital: physical capital, human capital. Entrepreneurship (sorry I just needed to post this cus I need to see these and tell if I wanted it :) )
Hey Dave, do you have a video on Classical Physics for Calculating Energy and Working? I’m really struggling and would appreciate the help.
Yep check my classical physics series!
@@ProfessorDaveExplains Thanks you're the best!
sir its really good lecture ever 😍
Excellent !
I don't know if you have a Tik-Tok account but I have been seeing a lot of your videos on Tik-Tok also excellent work as usual.
Weird, other people upload? Do they credit me?
@@ProfessorDaveExplains sometimes they do sometimes they don't it's about 50-50 when I some of your content on their I always ask them to credit you for it sometimes it works sometimes it don't.
Hi Mr
What about “ Movie theater “ for Factor of production ?
thanks
Can you please give economic problem of limited factors of production
Love it😊
I'd put supply chain management in there as another theme. Count the parts and paths of major appliances or vehicles or the power grid and then manage repair parts. Or not
thank you
Dear Professor Dave:
Slightly off topic but, do plan on doing a video on Anthropogenic Climate Change anytime soon❓
I will do an entire series on environmental science at some point.
@@ProfessorDaveExplains Thank you!
That was a good video.
Tanks sir
thanks sir
Thnx
I'm literally still in grade 7 but this was so easy to understand
Class 👍
the intro is cool.
Really enjoyed this next installment in the progression, Dave. One question as relates to "Land." There are plenty of companies out there today that exist exclusively on the internet. A good example would be someone who creates websites for a living, or plans weddings and events. How would the concept of "Land" fit into these enterprises? Thanks again, and please, keep'em coming!
I think if we were to look at website making, we’d see that we still need land to create locations for the tech services to exist. With internet companies there are people who work behind the computer screens who need to be placed somewhere. With event planning websites we could consider where these events might eventually take place, a wedding for example needs a venue
Economist here, the term "land" is a bit outdated and it could very well be any space (for example, the rent you pay for your apartment iff you work from home) but not all companies need to own all the production factors. For example, when you pay the electric bill, you are contributing to pay the land used by the electric company to install the power plants, or has someone has said well above, the rent the ISP pays for the phisical space to store its servers. In the end, land is needed for the economy to work, but not necesarilly by all the small production units (aka families, companies, etc...)
Hey what can we write if they ask "give a example of factors of production"?
Great stuff, may the algorithm bless you
Terimakasih untuk vidonya sir ,Greting in Country Inodonesia University Open
Hi from🏴
Dave? Just wanna say: I love ya Brother! All the very best to you and your family and true good friends!
Thanks for you and other scientists doing your very best in taking the time in painstaking efforts in conveying facts and information that's so beneficial and needed! Cheers to y'all! 🤗😎🙌🏻👍🏻
"Knowledge is power!" "A stitch in time saves nine!"
"An ounce of prevention is worth a pound of cure!"
Hello sir , I want case study of Black Rock, Vanguard & Berkshire Hathaway ..
Radheradhe thank you sir
Hey Dave , I have been watching your channel from long time I loved the calculus videos you made , really helped in my semester . but I want to really know about the black fungus (Mucormycosis) that is really been in my mind . I hope you somehow find this comment and make a video on Mucormycosis. :) this will also be a great video idea and for people it will be a great help if you tell them some suggestions on how to prevent it . have a good day.
Sorry for the delay with the mycology series, the writer had a conflict, but now he is writing again so there should be 30+ more in that series relatively soon!
A complicated puzzle, but one that is solveable
I'm confused plzz help... What are the primary and secondary factors of production
This is so much better than reading over my geography study guide! Thanks Professor Dave!
Businesses should be democratically run
Exactly. And that's where I have beef with the strict and seemingly religiously accepted idea on point 4. That the entrepreneur works for a profit, and that there is always a difference between that and human capital. This cannot possibly promote democratic ways of running things.
Hello Prof Dave, great video. Do you plan to address the pseudoscience of praxeology in the series?
@@LazyOtaku no
Step 1: Collect underpants
Step 2: ?
Step 3: Profit
respect my authorata!
You forget fifth factor and that is compliance to state regulations - this can cost more than the other four factors combined.
We don't live in free market anymore - due to regulatory capture - having skills, land and capital is not enough. Today, you need lawyers and lots and lots of money just for the entry.
That's funny, I've managed to start a successful business without either of those things.
@@ProfessorDaveExplains Yes but you have a degree - that's different. I was a software engineer/architect and then changed career to chemistry since I found it's my true passion and burned out from 13+ years of active IT work - now I have to go through a second uni just to get a minimum degree so I can do the chemistry professionally (even though I already know most of what I need from years of amateur chemistry hobby). Unofrtunately, I can't even get essential reagents without having a proper training. I understand there are safety regulations, but I am not particularly rich and already spent all the money for setting up a very basic lab and doing the most basic things that just barely pay the rent. Now I am trying to gather money for the school, which is another huge investment so that I can even start...
I think of what you saying is institutional economics which actually studies the impact of regulations over the real economy and this is very much a introductional series for economics, It really, really isn't that simple, nor does It have a completelly "coherent" schools (sometimes It's quite nasty actually, just take some economical models from Harvard versus Chicago and compare them).
Also, I don't want to be mean or anything like that but your definition of free market It's quite incorrect, "free market" is defined by 3 major factors: free entry and exit of firms, pretty self explanatory; there is a extremelly high quantity of firms on the market and each of them holds a very small fraction of the market; all the goods and services offered by these firms doesn't have differentiation. Since regulations affect all firms in a market, It's not only the "little guy" that will have problems, but also the larger companies, but that of course isn't perfect, thats where institutional economics comes to play, but is a very deep concept and I don't know if Dave will cover that (if you want to answer Professor Dave, go right ahead).
PS: the example that Dave gave was of what we call a monopolistic competition market, basicly, theres little to no restrictions for someone to enter or leave the market (AKA free entry and exit of firms), each firm holds almost nothing of the market share, but there is product differentiation since It's a artisanal coffee shop after all.
Good job, Science Jesus !
❤️❤️❤️❤️ from 🇮🇳🇮🇳🇮🇳🇮🇳
🥈
2:06 memo
The Blue Economy of Kenya is a Among the Priorities Under the leadership of His Excellency Dr William Ruto
Good series so far, but when do we get to Marxian critiques of classical economics?
Imagine if all people worked only as Doctors, Artist, TH-camr etc.
💯
now do public choice theory
Hey so some guy named "don't sphere the truth" apparently answered all of your questions in the flat earth vid challange, have you seen it? If so, what is your opinion on it?
But to be honest I wouldn't be surprised if you don't want to watch it, I've watched only about 2 minutes of it, and there's 10 parts each an hour long, in those 2 minutes there was basically close to no information that I found to be useful or neccessary to contain, which already makes a bad impression for the video, as the rest will be the same.
okay
Am I the only one who thinks he looks like Metatron
Since intelligence or whatever IQ tests are measuring is heritable I think human capital is heritable to some degree. So please professor Dave have children for the economy! 🎓🙏🥺
Are you sure that the cafe isn't a tax shelter run by seven proctologists?
Nurse is a labour or human capital, she has special knowledge of her work?
Sheep hair will be part of nature free gift or not hen egg or milk 🥛 of cow will be where we will put, cotton will be part of land or not or something else.
Дякую)
god i love moistcritkal
Super, 🤣🤣🤣😂😂🤣
my teacher sent me this
94
nice1
That intro almost gave me a heart attack
Please get off youtube and book a appointment with a cardiologist or go to the ER immediately. Thanks.
Factors of production of industry is not difficult to understand.
Hi Dave, would it be possible for you to do a debunking video on David Icke? He's one of the biggest conspiracy theorists in the world and has a lot of content. I recognise that, since his youtube channel was deleted last year, it may be a little annoying to look into his stuff, but if you can, I think it could really help a lot of vulnerable people who buy into his bullshit, thanks.
Anyone else feel like seizing the means of production? Jokes aside, great video!
I do
among us
From an econ class.......
First?
🍻
🥇
... charlie?