Crash Course Economics Introduction

Hosts

• Jacob Clifford: High school economics teacher and YouTuber
• Adriene Hill: Senior reporter for the public radio show Marketplace

Purpose of the Course

• Teach the theories, graphs, and real-world applications of economics
• Focus on making economics understandable and engaging

Misconceptions About Economics

• Not just about money or getting rich
• Not primarily about stock markets
• Not just men in bow-ties predicting markets

Definition of Economics

• Study of people and choices
• Alfred Marshall: "Study of man (and woman) in the ordinary business of life"

What Economics Involves

• Personal decisions like education and career choices
• Business decisions like product offerings
• Government decisions on spending, especially during recessions

Importance of Economics

• Changes the way you think and problem-solve
• Helps understand opportunity cost: the next best alternative

Opportunity Cost

• Everything has a cost; example: watching this video instead of another
• Scarcity leads to the need for choice

Why John Green Isn't Hosting

• Opportunity cost of time; focusing on other projects

Key Economic Assumptions

1. Scarcity: Unlimited wants but limited resources
2. Everything has a cost

Example of Costs and Benefits

• Traffic fatalities: balancing safety with practicality
• Military spending vs. social services: guns or butter?

Role of Politics

• Economics involves both market and government
• Policies have opportunity costs

Importance of Incentives

• Good incentives can solve problems without extra resources
• Poor incentives can backfire (e.g., rat bounty in Vietnam)

Macroeconomics vs. Microeconomics

• Macro: Studies whole economy (output, unemployment, growth)
• Micro: Focuses on individual and business decisions

Future Topics in Crash Course Economics

• Supply and demand, monetary policy, etc.
• Aim to make learners more informed decision-makers

Supporting the Course

• Produced with the help of numerous people
• Supported through Patreon for ongoing free access

Closing Remarks

• Understanding economics enriches decision-making ability
• Encouragement to join future sessions