The answers to the practice questions are below. Just click on "Read more". Be sure to leave a comment and let me know how you did. 1. A 2. E Be sure to subscribe!
@@duplo93pc Innovation in the long term would technically increase employment. As entrepreneurs think of new innovative products that will be advertised in the future, economic profits become positive. In the long term, this increases the number of firms in the market. In the short-term, creation of "barriers to entry" is a negative result from innovation. The result of innovation involving products can also increase employment in the long term for monopolistic markets as well. It also depends on the type of innovation. If the innovation is involved with the production of goods, there may be "higher unemployment," but this unemployment is what is referred to as structural unemployment because of a large innovation causing many people to exit the current jobs they are in. If the time horizon we are analyzing is short, we may not see any increase in employment until much later. However, this unemployment may leave in the long-term. We should also note that innovation in the production of goods can be a new source of employment. If that is true, it will increase employment in the long-term and short-term. TL;DR: it depends, but in the long-term, any innovation for products will increase employment because of positive economic profits from the past. Any innovation involving the production of goods will decrease employment because of a large structural change involving the production of goods -- structural unemployment increases in the short term -- wherein the long-term, the unemployment rate will return to normal. If innovation in production involves the creation of new jobs, the unemployment rate will decrease in the short-term and long-term.
Wow. I had no idea economics could be interesting, I came here to learn what the buzzword "economies of scale" meant, which I learned on one of your other videos. Your video production and quality is great, well done. Looking forward to learning more . Thank you.
1- A. Scarcity is always exist because people have unlimited wants and the resources used to to achieve these wants are limited no matter how rich people are. 2- E. The use of scarce resources are the main concern of the economy.
If I were to take AP Microeconomics in the next coming semester (SEM2), would you also recommend or encourage me to self-study for AP Macro to save time considering the broadness of topics and difficulty of the course?
4:25 you said before money is not a resource, but in the examples you mention you say capital. Can you explain that or am I misunderstanding you? greetings from Germany
4:51 I wish you had mentioned how we combat this, especially on an individual level, cause it's not like a student can learn just one subject or a doctor know just one skill, so how this "sequencing of production" it's thought? It's not like you cant have both things forever, just not right now, so when do you decide youre going to switch especially when you unlimitedly keep doing one thing? Etc.
1:20 PWOOHH, that's mind blowing but at the same time makes you feel incredibly stupid, just thinking "what about those who didnt survive?" Changed everything. The scary part was that it wasnt a pilot or engineer who pointed that out even though theyre the experts, really shows you how the way you think and what you consider can be more important than expertise at times, thats probably what sets inovators and creative thinkers apart.
In this first video, did you mention the "Four Factors of Production" ? I see it on the Ultimate Review packet (PDF), but don't recall it in the video.
Macro looks at the big picture vs Micro focuses on the smaller details that are just as important to the big picture like the example he gave of the plane in consideration of where to add armor on the plane. A macro inclined Economist would suggest to add armor where the plane got shot more and made it home vs Micro inclined economist would suggest to add armor to where the plane got shot and didn't make it home. To me a microeconomist has insider knowledge in a sector than a macroeconomist because they relied on general given data, but they are all important in a discussion.
The answers to the practice questions are below. Just click on "Read more". Be sure to leave a comment and let me know how you did.
1. A
2. E
Be sure to subscribe!
Innovation in the long term would increase employment, right?
@@duplo93pc Innovation in the long term would technically increase employment. As entrepreneurs think of new innovative products that will be advertised in the future, economic profits become positive. In the long term, this increases the number of firms in the market. In the short-term, creation of "barriers to entry" is a negative result from innovation. The result of innovation involving products can also increase employment in the long term for monopolistic markets as well.
It also depends on the type of innovation. If the innovation is involved with the production of goods, there may be "higher unemployment," but this unemployment is what is referred to as structural unemployment because of a large innovation causing many people to exit the current jobs they are in. If the time horizon we are analyzing is short, we may not see any increase in employment until much later. However, this unemployment may leave in the long-term.
We should also note that innovation in the production of goods can be a new source of employment. If that is true, it will increase employment in the long-term and short-term.
TL;DR: it depends, but in the long-term, any innovation for products will increase employment because of positive economic profits from the past. Any innovation involving the production of goods will decrease employment because of a large structural change involving the production of goods -- structural unemployment increases in the short term -- wherein the long-term, the unemployment rate will return to normal. If innovation in production involves the creation of new jobs, the unemployment rate will decrease in the short-term and long-term.
i love ur videos and i already love econ!
Hey what's the difference between:
AP Macro Ultimate Review Packet
and
College Introductory Macro Ultimate Review Packet?
1. B 2. D love your video, quite helpful, thanks.
DUDE! This video was on. Seriously: new background, great story, cinematic lighting. It’s going to be a good year!
Sup Heimler
Lol, then covid happened
This did not
Thanks for getting me through AP world and AP US History
1. A ; 2. E
Teaching Econ for the first time in my 29 year career as a Social Studies teacher. Thank you for making it fun even for me to learn!
I literal learn more from u then my teacher...
Steven Bassett nice dude lol
@@liltaichi7129 lol
than*
sorry
Literal?
love these videos!!! Thank you for a 5 on my AP Macro Exam!! ❤️❤️❤️❤️
You, sir, are an amazing, engaging teacher. You deserve a million dollars.
he is my econ tezcher rn
'
I made it through Micro, Macro and Labor Econ thanks to you. Glad you finally have merchandise!
You are by far the best educational TH-camr at making sure viewers are active learners.
This guy is honestly the best economics teacher keep coming back to him for revision
best channel to learn economics from....LOVE YOU
Thank you for all your help this past school year! You helped me score a 5 on both Micro and Macro. Thank you thank you thank you!!!
Did u only watch his videos for prep?
Wow. I had no idea economics could be interesting, I came here to learn what the buzzword "economies of scale" meant, which I learned on one of your other videos. Your video production and quality is great, well done. Looking forward to learning more . Thank you.
I did great but I also learned all of this first semester, thank you for being my whole review before the AP test :))
I had to replay 3 times to understand the entire contents of this video and it's very useful for college assignments. thank you and I just subscribed
You just made econ so entertaining. I lol'd so hard when I saw that makeshift plane tank.
1. A
2. E
A and E are the correct answers !! This is professor Doony from Algoma University :)
idiocracy is a good video source for anything and this is an example to show that.
Creating a mind palace for us to remember too???? You thought of it all! Many thanks!
I GOT ALL OF THEM RIGHT YIPPEE. I think this may actually help me!
Great introduction to Econ! Using it for my macro Econ college course currently
1.A 2.E THANK YOU SIR
LOVE FROM IIT- GUWAHATI, INDIA
My uni teacher linked this video in session 1. I hope her classes are as awesome as this video
I get a kick out of economics!
Is option A is correct answer?
A and E is the answer
tHIS IS EPIC AND IT MADE ME HAPPY
1.B
2.A
But Mr Jacob please mark my answers, because I have been answering with no reply weather wrong or right which frustrates me
1- A.
Scarcity is always exist because people have unlimited wants and the resources used to to achieve these wants are limited no matter how rich people are.
2- E.
The use of scarce resources are the main concern of the economy.
THANK YOU MR CLIFFORD I GOT 5 ON MACRO
Jacob you are awesome! I got both answers correct. Question 1A & Question 2 E
If I were to take AP Microeconomics in the next coming semester (SEM2), would you also recommend or encourage me to self-study for AP Macro to save time considering the broadness of topics and difficulty of the course?
Wow! Now this is a great video. I must say, in all my years there have only been three intro to Macro/MicroTopic 1.1 videos better than this one!
My favorite subject Economics.☺️
Love from Pakistan ❤️
I got both of the practice questions correct but is there a specific reason that "entrepreneurship" is not included in the four factors of production?
A and E is the correct answer.
The principle that stood out to the most to me was scarcity
Mr. Clifford you are the best teacher anyone could ask for. BUY THE ULTIMATE REVIEW PACKET IF YOU WANT TO DO WELL!
I get my all my classes (y9s up to y13s) to use your videos (along with my guy Econplusdal)... They love them! Cheers from the UK
Thank you very much Jacob, your way of teaching is very amazing
1.A
2.E
As for innovation its can also decrease employment...introduction of machines an improving of technology
time to pass business and economics!!
4:25 you said before money is not a resource, but in the examples you mention you say capital. Can you explain that or am I misunderstanding you?
greetings from Germany
These videos are helpful
Who’s here watching because of Corona
LOVE IT - economic way of problem solving!
Please more videos like this!
Hi Jacob! You’re my hero! Please make a video entirely committed to Oligopoly (all of its features) if you can. Thanks x
4:51 I wish you had mentioned how we combat this, especially on an individual level, cause it's not like a student can learn just one subject or a doctor know just one skill, so how this "sequencing of production" it's thought? It's not like you cant have both things forever, just not right now, so when do you decide youre going to switch especially when you unlimitedly keep doing one thing? Etc.
1:20 PWOOHH, that's mind blowing but at the same time makes you feel incredibly stupid, just thinking "what about those who didnt survive?" Changed everything. The scary part was that it wasnt a pilot or engineer who pointed that out even though theyre the experts, really shows you how the way you think and what you consider can be more important than expertise at times, thats probably what sets inovators and creative thinkers apart.
Got a 4 on my Ap exam thanks for everything man God bless
got 4&5 for both tests. Thank you so much man god bless
1.A---2.E
I want to purchase a book about the history of the US economy. What book would you recommend?
How can I find your econ videos in order? Thanks!
My man said SCAR CITY. Lmao. I'm already in love with this playlist.
Economic topic in only 7 minutes ..easy to understand ..in the easiest way ..keep it up..subcribed!!!
Thanks. I appreciate it
May you please do a video on the Lorenz curve and the Gini ratio
Thank you for the great content! Is it possible for you to put subtitles on for your videos?
Can you make a series in macroeconomics for business (second level macroeconomics) for us college students
Excited for the new videos!
Will like to see a video on gold standard and FIAT
right when I saw Mr. Clifford bring up a quote by Thomas Sowell, that's when I knew he would continue to get all my views.
PLEASE PUT CLOSED CAPTIONS ON YOUR VIDEOS!!! It is not accessible for students without them!
can I get the transcription since there is not closed caption
Got a 4 on micro. Thanks my g
thank you so much for sharing!!
love from🇨🇳
It is supper video. Thanks a lot sir. Could you please post your scrip of your video or some good short and sweet literature it would be great.
Cool video! watched my first one at the recommendation of my Micro Econ professor. BTW, I got a perfect score on the quiz!
Why didn't you put armor in the right place !!
I like your videos
Best 🔥
Hello Sir your videos are really awesome.It really helped me to lot to love and learn Economics. Thank you so much for putting in more effort.
Love these..just fantastic for my students...Do you have one of For What, For Whom & How?? Cheers
Thanks for your great channel
I did😁
In this first video, did you mention the "Four Factors of Production" ? I see it on the Ultimate Review packet (PDF), but don't recall it in the video.
thanks for the video
well done sir, well done. This is one of your best videos yet!
Excellent video, thanks!
Nicely explained.
thank you for everything like your videos have helped me so much
Thank you for your videos!!!
sir would you plz make a video on indifference curve
Superb!
Still not sure what the difference between micro and macro are, hopefully you can explain
Macro looks at the big picture vs Micro focuses on the smaller details that are just as important to the big picture like the example he gave of the plane in consideration of where to add armor on the plane. A macro inclined Economist would suggest to add armor where the plane got shot more and made it home vs Micro inclined economist would suggest to add armor to where the plane got shot and didn't make it home. To me a microeconomist has insider knowledge in a sector than a macroeconomist because they relied on general given data, but they are all important in a discussion.
Thank you so much for this amazing video! I did answer the two questions correctly.
Can you add closed captioning please?
❤ nice one
this video is so well done!
At 0:56 ... What's the name of the economist? Was it Abraham Wall?
Nice Cliff, my name is Tiff
preach to the choir camacho!!! we need more dough LOL the video is great btw, im having troible finding a good exolanaition for a scarce good
You are awesome
PLEASE CHECK TOPIC OF MONEY AND MONETARY POLICY
Thank you sir
Mr. CLifford, I'm back for fall semester...
Thank you!!!
Really great video!
Thank you very much, I got both 5s on aps. Hahaha
Wish you taught in my uni! :D amazing! Super helpful! :)
The answer is A... Human wants exceed the production capacity of the economy... 🎁