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

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

[Safnerism]

I appreciate the concern for brevity, and I apologize because I'm not a brief person. Regarldess, such is necessary to deduce economic theory. Economics IS the study of the world of humans! Specifically how humans make decisions and the consequences of those decisions.

Most people mistakenly think economics is about something narrow like money or something. Economics is about the *broader* framework of action, incentives, and consequences. For better or worse...

[claudis831r]

i just found the answer to enjoy & understanx economics...thanks!

[NoMoreSectioning]

@ilyxa01 Why are you speaking for the whole of 'the audience', you are not the entire audience. As a complete beginner to economics I value the relevance of including these details and the pace at which the speaker went. Very helpful slide show

[CaledoniaProductions]

@Safnerism Just a quick query. When you say that land is always finite and that there is no way to create land, are you not considering skyscrapers as viable ways of adding to the total 'stock' of land, as it were? I realise this still makes land scarce, however it is still a way of creating it. Or perhaps I've missed the point? :)

[ilyxa01]

you should make these lecture videos more concise, straight to the point.. right now you mentioning a lot of obvious things that are not worth mentioning, such as "people enjoy work blah blah.." is this a basic economy course or introduction the world of humans? right now your audience loses patience and clicks on videos from other people.