This is literally my entire MicroEcon semester. I physically checked every page of my notes, and this is everything.

1:25 Accounting Profit (Revenue - Explicit Costs) != Economic Profit (Revenue - Explicit - Implicit(Opportunity Costs) 2:40) Business calculate their potential revenue and their costs production, including implicit costs, to make informed decision. Companies in competitive market do not make much profit (no economic profit) 2:44 Normal Profit - minimum level of economic profit a company needs to stay in business. 3:25 Total Cost = (Variable Costs - 3:51) + (Fixed Costs - 4:00) Average Cost - 4:12 Average costs fall with more units of production. Economies of Scale - 5:20 Profit Maximizing Rule - 6:10 :- Continue to produce until marginal revenue-6:25 is greater than marginal cost-7:15 Law of Diminishing Marginal Returns- 8:05 Sunk Cost - 9:25

@mothw.9620

4 жыл бұрын

Prajwol Gyawali thank you!! :)

I struggle to ignore sunk costs. I can't stop thinking about the money and time wasted. Even for little things like when I bought a pen for an exam and then realising pencils were only allowed

@rileywilsonepicarcher9995

4 жыл бұрын

Duvee Hie keep the pen for another exam. Sunk costs are not always lost forever, just think of them as potential future investments and try to focus on everything else

@joecurran2811

4 жыл бұрын

If used that pen again that's not a sunk cost.

Best crash course ever in my opinion.

@Pyrrhic.

8 жыл бұрын

+hoarf There is nothing political about microeconomics lol

@johnvonshepard9373

8 жыл бұрын

+hoarf What happen to John Green and stan?

@hoarfyt

8 жыл бұрын

+John von Shepard I'm not a 13 year old girl so I don't care about Jhon Green and Stan's subject was not very insteresting in my opinion.

Love this channel

@tvastardev463

8 жыл бұрын

+Rob Scallon you here? wow

@icameherejusttocomment550

8 жыл бұрын

+fo shizzle I've never found him on one of my subscribed gaming channel.

@okiwatashi

7 жыл бұрын

Rob Scallon

@pramodsutar700

7 жыл бұрын

Rob Scallon

@mahawiryasantoso5689

6 жыл бұрын

Rob Scallon me too.

The best part of the blooper at the end is hearing someone saying: «again!»

a young scotchman comes home and says proudly to his father: I saved a lot of money by running behind the bus. "Stupid lad!" his father blurts. "by running behind a taxi, you would have saved a lot more".

@JonahSteps

5 жыл бұрын

hate to be the guy who doesn't get it lol

@thabangtukule999

5 жыл бұрын

I don't understand the logic

@ncedwards1234

5 жыл бұрын

@@thabangtukule999 Running cost $0. For example let's say the bus would cost $2 and the taxi would cost $20. The father is saying that he is "saving" more money when he doesn't ride the taxi than when he doesn't ride the bus. And in the moment you might say the you do save more, but in reality you are spending $0 no matter what you run behind. If you spend $0 either way, there is no actual saving when comparing which vehicle you run behind.

I can't even explain how helpful I find these videos! I always watch after I finish reading my chapters from the micro and/or macro book and this really makes things easier to remember. So thankful! :D

@4:17 “the average cost of producing most things *initially* falls as more is produced” @7:10 “the more you make, each additional unit is *eventually* gonna cost more” I had to write them down side by side to “see” the difference lol!

"become an entrepreneur" Establishes tic tac empire at school

@geeway5923

5 жыл бұрын

you should create a mob, where you're the only one with access to mint related snacks, and if someone doesn't want to pay for their tic tacs or orbit gum, then you hire the school bully and pay him in Altoids, the most valuable mint

@henriqueschuh4191

4 жыл бұрын

@@geeway5923 lol what the what xD

Hey Jacob and Andriene, and all of the crash course team, keep up the fantastic work! I love these videos. Not only are they super accurate, but they're so fun to watch. I have a suggestion though. You guys should do another specific, real life example video, like the 2008 financial crisis. I suggest you do one on Standard Oil and John D. You could highlight so many real world econ concepts with Standard Oil and really demonstrate how these concepts matter -- I see that your next video is on monopolies... And Jacob, your side channel is good too, although the way in which the videos are categorized is a bit messy, but that may just be youtube. Awesome work!!

7:21 Behind the left side of the restaurant Spongebob was fueling them with the power of imagination

Damn it, Jacob, you weren't supposed to take "Crash" _literally._ -_____________-

@6otato

4 жыл бұрын

XD

Thank you Stan for "Breaking it Down!" You're the real MVP!

Love the last few examples of studying and relationships on sunk costs. I've been kind of struggling to connect Economics with my current life experiences but these two examples make it more relatable and fun! Thanks for sharing the knowledge :)

One thing you forget - fixed costs are rarely fixed. Rather, they are fixed to a capacity, a stepping cost. If you buy one pizza oven, you might be able to produce 1000 pizzas an hour, that oven is your fixed cost. But your capacity is limited to 1000 pizzas per hour. So you have to buy a second oven later if your demand rises. Fixed costs therefore increase.

@99thTuesday

8 жыл бұрын

True, but they are these costs are considered Fixed in the Short Run which is where a lot of microeconomics takes place.

@BloodSprite-tan

8 жыл бұрын

+99thTuesday cost of maintenance is not fixed.

@saeedbaig4249

7 жыл бұрын

True. I would also add that, in the long run, anything and every thing becomes a variable cost.

@henryscott487

6 жыл бұрын

yeah your analysis are so true.. when he bought is first oven he was at the short run with a plant size capacity to produce 1000per hour... as the demand increases in the market since the capacity is utilized already the firm needs to vary its capital in order to meet up with his demand... hence the firm is in the Long run and no Longer in the Short run where cost is fixed

This episode was very detailed and well done, good work :D!

I really enjoy this channel. I have been blessed to help it continue by giving towards its future existence. I run a small business, and enjoy somewhat formally learning the thoughts that have enabled myself to grow into the location in life I currently have placed myself. I believe that this kind of resource can help others that have interest in being in business at a "micro" level understand the reasons for their decisions and enforce positive beliefs. Stan and Hank are a blessed to have spawned a maybe over looked, but very useful resource. To every buddy at Crash Course thank you.

The path to CrashCourse Ethics is open

@DontReadMyNameMarvin

8 жыл бұрын

+Alfonso J. Ramos (theraot) I think they'll take care of it in CC Philosophy, as it is a part of just that. I'd love to see that though.

@Theraot

8 жыл бұрын

DontReadMyNameMarvin yes, they will cover ethics there, yet ethics is large enough for its own series. It won't surprise me if they skim over it on philosophy. In fact I think that both economy and philosophy are making the case for CrashCourse Ethics.

Excellent video! I am a visual learner so your videos help me tremendously. I will be sure to donate, and keep up the excellent work!

genuinely helping me so much, right now im doing an extension subject (starting it two years early ) please do more of these !

Guys you're awesome. Keep doing what you're doing we business students and future economists appreciate it. :D

I have an exam in 2 hours LET'S GOOOOOOO

Best video ever on cost of production. Thank you so much for creating with magical level of creativity. Adore your work so much 😊❤😘

love the channel! cant help but notice that Jacob doesn't blink at all.. Great channel.

Excellent snap shot shows on all economic topics. Although my speciality is not economics, i'm sold immediately each time I watch and want to watch more. You seem to use 5 steps to break down your topic descriptor....Intro, presentation, story, Close and a rehash as a closure for understanding. Great work and please, continue with the mitigation of educational costs by keeping it free!!!!!!!!!!!

Love the pictures and examples, they make everything so much easier. Thought bubble is the best!

TOO MANY COOKS!

@xddxopkx6148

8 жыл бұрын

+Darkrai's Victum lol

@triton62674

8 жыл бұрын

+Darkrai's Victum SPOIL THE BROTH

@PFAlt

8 жыл бұрын

+Darkrai's Victum YOU MUST CONSTRUCT ADDITIONAL PYLONS!

@tygrande3127

5 жыл бұрын

read that as too many cocks, thanks for the laugh mate!

@immanuelsugar6209

5 жыл бұрын

@@tygrande3127 same

This is one of your best episodes. Thanks!

Great job! It doesn’t profit me anything telling you this ;) your always fun to watch and I learn a lot with you.

I learnt a great deal from this channel for my final exam. THANK YOU SO MUCH!!

This was a really informative episode. Thanks :)

This could not have been explained any better. Thank you Crash Course!

That was a solid piece of relationship advice.

I'm in my first year of IB and ur channel helps me go over what i learnt and stuff. I like the tempo of this one and it's really cute too lol Thank u!

That Life advice at the end hits hard for me:)

10:35 just the enthousiastic smile on the dude's face. Makes my day

Clifford!! I bought ur app ur the reason I passed macro and micro economics!

@liaeverdeen7258

4 жыл бұрын

which app

I would definitely say that basics of my economics learning started right here .👍

I'm in highschool, and I found this very helpful.

Thnks a lot ... ! u guys r really doing a good job ! bless u all :)

Wow I hated economics last year, and now its my fav Thanks CrashCourse!!

This channel really helps

Omg.. love this channel 💗💗💗 i just understand all those theory and law after i start my business.. hahaha

"It takes a lot to make a stew..."

@PissedOffGhost

8 жыл бұрын

+sinecurve9999 I was thinking the same, I had to hold myself back from bursting into song.

@icedragon769

8 жыл бұрын

+sinecurve9999 Which one do you hear in your head? In my head it goes straight to the slowdown near the end when Snarf is crawling on the floor.

@louisptrvil8338

6 жыл бұрын

sinecurve9999

I love this channel. It's so useful :)

I had a test about it today (still awake so its today :D) for the description part of the single costs, i would have wanted a bit more visualisation, some other kinds of graths for example, because the talk alone doesnt get you to understand things fast enough for a youtube video... just a tip for the future^^

@JacobAClifford

8 жыл бұрын

+TheNefari We focus on the big picture stuff at Crash Course. If you are interested in learning all the cost curves you can check out my channel

@tafadzwa_8585

8 жыл бұрын

why were you up at 1 an

@saeedbaig4249

7 жыл бұрын

Have u never had 2 cram 4 a test?!

@tafadzwa_8585

7 жыл бұрын

nah i never bother

Learned a lot. Thanks crashcourse. :)

Thanks for the course!

1. I love this channel. So much. It is such a great concept. 2. I love the little animation Easter eggs! Like at 8:30 with Craig and Hank and John too? I think one is John. I for sure see Craig and Hank!

Jacob's ACDC belt buckle collection is insane.

thank you sir for helping me in economics

really nice episode, liked it!

Im loving this channel. Nice production guys.. I will definitely confess in the interview with FOrtune 500.

Fantastic! Thank you so much for this....#24

I'm a have to watch this 20 more times. I understand it but then I don't. Lol.

The notion of opportunity cost might be my favorite in Economics. I think in those terms all the time.

Amazing video. Thank you very much..

Awesome. Thank you so much :)

2 years later, and I am watching! thanx guys!

I appreciate the blooper thrown in at the end. :D

BEST TEACHERS *EVER*!!!

Favorite crash course!!!!

simply amazing!

Great video!

Man I wish they more videos! Lol I have a test soon. Love this channel!! #CollegeStudent 💗

I will surely tell them that it started from here! Thanks a million.

"AGAIN???" amazing blooper and video, I love this channel.

this crash course is gunna help me pass my final!!

I learnt more in 10 minutes than the past hours!

you're great keep going doing this

that ACDC belt buckle

love you guys!

Mongols! Mongols everywhere! hahaha

The pizza chef in the pics makes cooking pizza epic 😁

9:15 yeah im staying up rn to learn for my exam sobbb

Been waiting on the monopoly episode since this course started lol

Thank you guys sun cost is very new funny word to me but I really understood the meaning

What a kickass belt!

I love Crash Course.

That 'Break It Down' tho 😂😂😂

this is the best channel WOWW

I'm going to use all the information I learn here on MMORPGs. ^_^

Thanks!!!

I'm going to start using economics in my relationships

I love this Chanel

@emericswitchyoureawesomean3658

6 жыл бұрын

Erin Hayes Chanel s a makeup company. You meant ****Channel right?

YOU GUYS SHOULD DO ORGANIC CHEMISTRY!! PLEASE HELP

Binging these before the AP micro exam

god i was damn hungary watching it and cann,t stay after seeing those pizza,s

The profit maximisation point where MC is equal to MR just applies to Monopolies. I think you should explain Perfect compition and for them, is Marginal Cost equals Price (or Demand)

You two are so great! Seeing this in 2023 ❤

Thank you🌷

great video economics

6:21 STAN!

Great video! I'm curious, and this may be more of a business question. But, if we continued with the example of that rainbow pizzeria, how would they determine the ideal number of pizzas to make, say per month? What other factors would go into the decision? The size of the town would determine the market size. The number of competitor pizzerias would cut into profits, especially if their pizza were a higher perceived value. location would be a big deal. Then there's the question of over estimating and losing money on ingredients that have to be tossed. And, so far as allure, possibly having long lines and not enough pizza might drive up demand further? How can they manipulate customers to increase sales? I'd love to see a mathematical equation for this.

love the vid

I saw your little SpongeBob Squarepants at 7:23 when you said imagination! Very clever :)

hehe...the boys and girls at 'thought bubble' not at stereotypical, especially the unlikely ending to the clip. love it...

the two girls at 7:49 are definitely ilana and abbi from broad city!!! so cool they made a cameo in this lesson :)

i'm taking IB business and this video saved my life lol