Understanding Economics - Lesson Two: Land, Labor, & Capital (Part 5/6 Crusoe Economics 2)

Understanding Economics Series
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Common sense economic lessons for the interested layman. How a free market economy works, from an Austrian School perspective.
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Lesson Two: Land, Labor, & Capital.

An overview of the process of production, and an analysis of the three factors of production - land, labor, and capital. The definition, importance, and function of each of the factors. Also, an extended example of a single-man economy (Robinson Crusoe) and how the process of production involves the cooperation of land, labor, and capital. Also, the importance of capital accumulation for economic growth and prosperity.

Part One (Land) - http://www.youtube.com/watch?v=BzU8Fb-64ng
Part Two (Labor) - http://www.youtube.com/watch?v=qgmaqPZmkGE
Part Three (Capital) - http://www.youtube.com/watch?v=Enkkb5c2m-Y
Part Four (Crusoe Economics 1) - http://www.youtube.com/watch?v=ZUZQzpnJ-mQ
Part Five (Crusoe Economics 2) - http://www.youtube.com/watch?v=5rgggAUBKng
Part Six (Benefits of Capital) - http://www.youtube.com/watch?v=qZkz0ZwxpF8

Category:

News & Politics

Tags:

• land
• labor
• capital
• understanding
• economics
• Austrian
• factors
• of
• production

[diealm]

very nice series of videos my friend, however, I think (5 fish/hour) x (8 hour of labor / day) are 40 fish / day and not 16 as you say. And if he was catching 1 fish / hour and now with the net he catches 5 / hour, that means he catches 1 fish every 12 mins. So in order to get the same production by using the net he would have to work only 1h36min and not 1h and 40 mins as you said. Beside the calculation errors, videos are great and helping me a lot in my studies, hope to see some more thanks

[sharperguy]

You could say, he's made a "net" gain. :P

[thesmallerhand]

@sharperguy haha...