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
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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
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