{"id":613,"date":"2018-09-20T00:59:56","date_gmt":"2018-09-20T00:59:56","guid":{"rendered":"http:\/\/blogs.vsb.bc.ca\/tquan\/?page_id=613"},"modified":"2019-09-30T17:50:15","modified_gmt":"2019-09-30T17:50:15","slug":"chapter-one-videos","status":"publish","type":"page","link":"https:\/\/blogs.vsb.bc.ca\/tquan\/economics-12\/video-links\/chapter-one-videos\/","title":{"rendered":"Chapter One Videos"},"content":{"rendered":"<p><a href=\"https:\/\/youtu.be\/pPCglI_8QN0\">Factors of Production<\/a> &#8211; Land, Labour, Capital and Entrepreneurship<\/p>\n<p><a href=\"https:\/\/youtu.be\/Kq5F-V_zsSI\">Ceteris Paribus<\/a><\/p>\n<p><a href=\"https:\/\/youtu.be\/nJUFmiFvUXk\">Scarcity Is Not Shortage<\/a><\/p>\n<p><a href=\"https:\/\/youtu.be\/ULIoBKe3cWk\">Opportunity Cost<\/a><\/p>\n<p><a href=\"https:\/\/youtu.be\/XZ1lzwhmUBs\">Opportunity Cost #2<\/a><\/p>\n<p><a href=\"http:\/\/dirkmateer.com\/media\/TV+Clips\/the-best-of-extreme-couponing\">Extreme Couponing and Opportunity Cost <\/a><\/p>\n<ul>\n<li>Don&#8217;t forget to watch the video clip associated with Extreme Couponing<\/li>\n<\/ul>\n<p><a href=\"https:\/\/youtu.be\/ie1XGTYueHw\">There is no such thing as a free lunch<\/a><\/p>\n<ul>\n<li>Questions:\n<ol>\n<li>Is Jerry\u2019s suit free? If not, what are his costs?<\/li>\n<li>The reason everything has costs is because of scarcity. What are the things (not just monetary) that are scarce in Jerry\u2019s life, which he has to give up for the suit?<\/li>\n<li>Are the costs the same for everyone? Imagine if you had lots of money (like Jerry Seinfeld the actor), would you accept a \u201cfree\u201d suit, if it meant creating an obligation?<\/li>\n<li>What if you really liked (for some weird reason) Kenny Bania (the guy giving away the suit). Would that change the costs? Could a dinner obligation with him ever be a benefit, rather than a cost? If so, do you think he\u2019d be so eager to give away an expensive suit to get a dinner invitation?<\/li>\n<\/ol>\n<\/li>\n<\/ul>\n<p><a href=\"https:\/\/youtu.be\/tMhdTn-5fu8\">Thinking at the Margin &#8211; Marginal Thinking#1<\/a><\/p>\n<p><a href=\"https:\/\/youtu.be\/Zx1DunUWxIU\">Marginal Thinking Topic Overview<\/a><\/p>\n<p><a href=\"https:\/\/youtu.be\/KIiVBX_qBew\">Marginal Thinking and Utility Per Dollar Spent<\/a><\/p>\n<p><a href=\"https:\/\/youtu.be\/GVYdN0ISSPk\">Diminishing Marginal Utility and Price<\/a><\/p>\n<p><a href=\"https:\/\/youtu.be\/1kzb6uf0U0k\">Marginalism &#8211; Just One More<\/a><\/p>\n<ul>\n<li>When you go to an \u201call you can eat\u201d restaurant, unless you\u2019re Homer Simpson, does the last bite taste as good as the first? What changes? Do you sometimes regret overeating?<\/li>\n<\/ul>\n<p><strong>Incentives Matter<\/strong><\/p>\n<ul>\n<li>There\u2019s no way to get around the importance of incentives. They are a part of human nature. \u2026<\/li>\n<li>For example: In the former Soviet Union, managers and employees of glass plants were at one time rewarded according to the tons of sheet glass they produced. Their revenues depended on the weight of the glass, so most factories produced sheet glass so thick that you could hardly see through it. As a result, the rules were changed. Managers were compensated according to the number of square meters of glass produced. Under these rules, the firms made glass so thin that it broke easily.<\/li>\n<li>Some think that incentives matter only when people are greedy and selfish. Not true. The choices of both the self-centered and altruistic will be influenced by changes in personal costs and benefits. Example &#8211; both the selfish and the altruistic will be more likely to attempt to rescue a child in a shallow swimming pool than in the rapid currents approaching Niagara Falls.<\/li>\n<\/ul>\n<p><a href=\"https:\/\/youtu.be\/cCqPpjGp_Jo\">Incentives Matter &#8212; King Size Homer<\/a><\/p>\n<ul>\n<li>\n<h5>Question:<\/h5>\n<ol>\n<li>The exercise program caused Homer Simpson to get even less fit. What<\/li>\n<li>about his company\u2019s incentive system caused him to do so?<\/li>\n<\/ol>\n<\/li>\n<li>To see what happens to Homer, feel free to watch <a href=\"https:\/\/vimeo.com\/249442471\">Part 2<\/a> and<a href=\"https:\/\/vimeo.com\/249442641\"> Part 3<\/a><\/li>\n<\/ul>\n<p>All of economics rests on one simple principle: Changes in incentives influence behaviour in predictable ways. Both monetary and non monetary factors influence incentives. If something becomes more costly, people will be less likely to choose it.<\/p>\n<p><a href=\"https:\/\/youtu.be\/W2hhIWbz0Ns\">Economist Potty Training &#8211; Freakonomics Movie<\/a><\/p>\n<ul>\n<li>Questions:\n<ol>\n<li>\u00a0How did changing (creating) incentives for Amanda to use the toilet change her behaviour? Did incentives matter?<\/li>\n<li>How did Amanda figure out how to take advantage of the &#8220;system&#8221; to her benefit?<\/li>\n<li>The video illustrates the power of incentives, but it also illustrates how difficult creating incentives to maintain desired results is.<\/li>\n<\/ol>\n<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Factors of Production &#8211; Land, Labour, Capital and Entrepreneurship Ceteris Paribus Scarcity Is Not Shortage Opportunity Cost Opportunity Cost #2 Extreme Couponing and Opportunity Cost Don&#8217;t forget to watch the video clip associated with Extreme Couponing There is no such &hellip; <a href=\"https:\/\/blogs.vsb.bc.ca\/tquan\/economics-12\/video-links\/chapter-one-videos\/\">Continue reading <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n","protected":false},"author":75,"featured_media":0,"parent":314,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-613","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/blogs.vsb.bc.ca\/tquan\/wp-json\/wp\/v2\/pages\/613","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blogs.vsb.bc.ca\/tquan\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/blogs.vsb.bc.ca\/tquan\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/blogs.vsb.bc.ca\/tquan\/wp-json\/wp\/v2\/users\/75"}],"replies":[{"embeddable":true,"href":"https:\/\/blogs.vsb.bc.ca\/tquan\/wp-json\/wp\/v2\/comments?post=613"}],"version-history":[{"count":19,"href":"https:\/\/blogs.vsb.bc.ca\/tquan\/wp-json\/wp\/v2\/pages\/613\/revisions"}],"predecessor-version":[{"id":929,"href":"https:\/\/blogs.vsb.bc.ca\/tquan\/wp-json\/wp\/v2\/pages\/613\/revisions\/929"}],"up":[{"embeddable":true,"href":"https:\/\/blogs.vsb.bc.ca\/tquan\/wp-json\/wp\/v2\/pages\/314"}],"wp:attachment":[{"href":"https:\/\/blogs.vsb.bc.ca\/tquan\/wp-json\/wp\/v2\/media?parent=613"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}