Episode 2: Scarcity & Choice

[don7sam]

Simple n effective!

[coolpop18]

nice!

[KiDxKraZiie]

to answer your question at the end, what about someone who robs a convenient store because they currently have no money to feed their hungry children back at home? They know it isn't rational, but they do anyway, NOT out of self interest..

[mjmfoodie]

@KiDxKraZiie It most certainly IS out of self-interest -- if knowing that your children are safe and well-fed is important to you, then getting the food is also in your own interest.

[danielc1112]

@AmazinglyAgnostic

Communist Manifesto Cartoon

watch?v=0KUl4yfABE4

Trotskyism

watch?v=2QoBfIYWdo8

[AmazinglyAgnostic]

Do you have anything on Communism?

[tobereallyhonest]

i LOVE economics <3

[billcox1962]

@mjmfoodie. Your videos are great! Our instructor uses them in class all the time. I know you have been asked before, but here it goes ... Is there an episode-1??? Again, thanks for the videos.

[mjmfoodie]

@billcox1962 "Episode 1" is just an intro to my class website that my students watch before they start the series.

[instantkiwi]

Is there an Episode 1? I don't see it listed.

[weses1]

Lol @ rampant consumerism. I thought humanity moved past this. :C

[kkbronm]

"Unlimited Wants" doesn´t exist, people can only WANT what they KNOW in their CULTURE an esquimal can´t ask for a stainless steel refrigerator he doesn´t know that exist, a primitive tribe, even if someone can give them what ever they want, they don´t going to ask for an automovil or a train they don´t know nothing about it, we don´t even know what we want, everybody wants a car but 90% of their life time are parked, what we need is transportation system that can take you everywhere safe, quick

[puttincomputers]

@kkbronm You started out ok until you mentioned the transportation system. Why would I want to use a transportation system where the operators of that system know where I went?

[kkbronm]

@puttincomputers Well to answer that you have to know that today the technolgy has increase so much that you don´t need operators in transportation, and continuing with this idea there is a lot of diferent things that we don´t need today with advance technology like cd, dvd, for example because all can be digitalize, also we don´t need to buy a new cellphone every year if you have a cellphone that can be updated, so as I was saying what people "wants" depend of the culture what they are living

[cartermcclung]

@kkbronm

Unlimited wants are still universal. Just because they don't want a stainless steel refrigerator (I don't either) doesn't mean that they don't have infinite wants they can't satisfy. Cleaner drinking water, then more food, then better food, then more leisure time, then better health, then a stronger house, then a prettier house. It goes on from there. What you want is cultural, the fact that we will always want more is universal.

[DarkDrgn666]

@kkbronm Unlimited wants does not mean that you want everything it's that you always see room for improvement in what you have. It is a quality that has always driven mankind forward.

[Kedwa050]

Umm.... I just want you to know I love you. Thank you for helping me with my Econ final. You don't know me but you have saved me at least a letter grade. I love you.

[Just4Th3Lulz]

I would've returned the money and I.D if I had the time to actually look for the person.  If I end up having to pay too much to return the money (like gas and such) then I wouldn't bother and just take it.

[fanaticastype]

TAKE THE MONEY AND GET CRUNK, OH YEAHHHHHH

[shakkirsaeed]

.ألا بذكر الله تطمئن القلوب But the remembrance of Allah does satisfy the hearts.

[djJORDA1N]

@shakkirsaeed hahahahahaha u dopey idiot

[MadMacheart]

OMG WHO"S FROM DHS HERE?? SAD SAD SAD SAD SAD FACE

[kassrnap]

luv this video, very short and very kool

[klick4x]

the drawing of poor man 2:33 is funny ha ha ha but good work helps a lot more then my teacher ! thanks

[rougedior999]

I LOVE THESE VIDSl please keep uploading there so helpful! thankyou xx

[JasonFonceca]

Fantastic video, style, tone, concept and artwork. Beautiful delivery :) Thanks so much for sharing!

Another idea:

I propose that there are 'unlimited wants' because there is 'always more'.

There are always 'unlimited creative solutions' so people can access 'more'.

[cris750]

This is why the importance of new technology or high technology would remove scarcity. Karl Marx ideas were based on moral philosophy rather than economics(calculations of scarcity). Karl Marx was trying to remove scarcity but through the power of the state through the hands of the workers(proletariat). However, Karl Marx left out the role of new technology(high technology) which removed certain social evils during his time and after his time. Marx never factored in the role of technology.

[zjas5]

NOT all "choice" is based on self interest. A rape victim doesn't have a choice. A child without funds does NOT have a "choice" to go to college. As human beings we R bound to humanity to act humanely with or without capitalism or economics. Suggesting those "without" R "without" due to their own choice is offending to all/any who have suffered by the very philosophy utilized in UR video & is perverse as it is derelict.Look around U, this is the philosophy that got USA in condition she's in now.

[diannetherese07]

Hello Sir. Regarding on this link, it is always good to make a wise choice or decision. In this video, about the wallet with money, I would rather choose bringing back the money to the owner than leaving it on the place where I saw it. At least, I'm sure that the money will go to the true owner. We can say that even if we heve limited resources, we still know how to choose what is really right and good. And for me, in doing so, I made a wise decision, I made the right choice. - Balbuena, dianne

[mjmfoodie]

@diannetherese07 It sounds like you know exactly what your rational decision would be! That would be my rational choice, as well (my conscience would never allow me to keep the money), but as an economist I like to understand how a different choice than the one I would make could be rational for someone else. Remember that differences in morals and ideologies can affect what is rational to the decision-maker.

[CrackHeadForLife420]

@diannetherese07 I think the "leaving the wallet with the money where you found it" was meant to be more of a joke :) Nonetheless, your choices are not static. Utility: If I had a lot of money, than another 1000$ wouldn't make me much happier, in fact I would be happier to give the money back if it made me happy to make other happy. But if I have no money, then the utility I would gain from keeping the money would be pretty large, so I may just end up keeping it.

[lildog551]

why the volume so low..

[turkseturk]

Thank you very much for this I had a 8.5 for my test 2 days ago!

[timetraveler3797]

The idea of unlimited wants eventually conflicts with diminishing utility doesn't it?

[mjmfoodie]

@timetraveler3797 Diminishing marginal utility applies to consumption of a single good (equal successive identical units and all that), not across different goods -- I might get tired of one thing, but then move on to something else that I want?

Maybe if I had so many resources that I could consume everything I wanted until I got tired of all of them -- but then I wouldn't be facing scarcity!

[timetraveler3797]

@mjmfoodie Okay, thank you.

[ena1490]

Thanks so much for this!!! I'm also studying for the CLEP exam, both Macro and Micro. This helps SOOOO much!

[carmangavit]

I am preparing for the CLEP exam. This audio/video series for microeconomics is just what I needed. Having the basic concept explained to me verbally and seeing the visual aids at the same time has made ALL the difference, since I am a visual learner. Watching someone write on a chalkboard just doesn't help me. Thankyouthankyouthankyou!!!

[salmanoreen66]

now i understood the scarcity n choice concepts ,, really thanx for explaining this difficult subject in a friendly way ..

[mjmfoodie]

Thanks for the feedback -- I can't promise I'll get on the audio issue right away, since my concern right now is to finish the videos for macroeconomics, but I do want to know which videos have audio problems, so I can go back and fix them. Let me know if you run into any more!

[jodesjm]

The audio is too low. I would love to hear this clearly.

[carmangavit]

Audio is perfect. I loved this video. Very friendly and specific.

[Winstet420]

your drawings are cute

[ashleywilson62]

@Winstet420 I thank you and fet system for teaching us economics for free

[Winstet420]

@ashleywilson62 Wrong reply? :D