What is Economics? - YouTube

hello my name is Kylie and welcome to what is economics economics is the study

of resources including money did I get your attention

great keep watching to find out about the exciting study of economics are you

ready let's go

if you were to read a dictionary definition of the word economics it

might have a rather long and complicated definition something like the science

that deals with the production distribution and consumption of wealth

and with the various related problems of labor finance taxation etc but really

economics is very important and once you learn it has to do with resources and

money I bet it becomes a lot more exciting for example in our marketplace

you are able to create items for sale in our virtual world you are producing a

virtual or digital product and earning a type of money scoops or gold to spend if

you haven't already I bet you'll want to start creating

items for sale after watching this video before we talk about the money side of

economics we need to learn some basics first the first thing to know is that

economics deals with resources there are three types of resources studied in

economics Natural Resources which are things that occur in nature like wood

from trees and coal from the earth human resources which are the people who

create and make items for others to use especially like the people who make

cakes at the bakery and capital resources which are tools and equipment

that workers use to make things like a crane to build a tall building you'll

learn more about the three types of resources in our video three kinds of

resources the next important part of the study of economics is production the

word production means to produce or make things these things can be tangible

objects or things you can see and touch they can also be intangible like a

service information or energy our daily lives are filled with items

that are tangible and a result of production for example a car is produced

in a factory an artist produces a painting for sale a salesperson makes a

delicious ice cream sundae with our favorite toppings that we eat these

things are all things that we can touch see and in some cases taste mmm ice

cream hmm we also are surrounded by intangible

production items have you ever asked a librarian a question her answer or

information is an intangible item produced by a person a store that I live

by hired a security guard to watch over the store and prevent people from

stealing things her watching over the store a service is an intangible item do

you create items for the marketplace on our site if you do you are creating an

intangible resource the study of economics takes a look at how items are

produced business owners want their businesses to have a high level of

productivity this means their products are being made as cheaply and quickly as

possible bosses and managers watch over every part of their business to make

sure that they are being as successful as possible if you can create a very

eye-catching couch in our marketplace in a short amount of time and you're able

to sell them to a lot of other users you are being very productive and finally

money yes money is a very important part of economics in the modern world

however money hasn't always existed yes that's right a world with no money how

can this be well before money was invented and became common people

bartered and traded for resources a farmer may have traded some of his crop

and animals to a newspaperman to pay for a yearly subscription today however we

mostly use money to buy the things we want money can be tangible like dollar

bills and coins or intangible like using a debit card or in the case of our

marketplace scoops or gold now people earn money by working then

the money they earn can be spent on whatever they choose they spend money on

goods and services that can come from anywhere in the world economics also is

a study of how where when and why we spend our money studying how economics

works helps us to learn and be good consumers or the people who buy and use

resources it also helps us if we want to own a

business and make money so now that we've learned the basics of economics

let's come up with an easier to understand definition economics is the

study of resources the kind of resources they are how they are produced and how

they are used economics also studies how money is used

in buying resources remember this is just an overview of the study of

economics I bet you are now thinking about how you earn and spend your scoops

or gold you can learn more about economics and money by watching our

videos and playing our fun online games and quizzes good luck earning and

remember to always be clever