0:00
Hah! I'm so bored of studying economics for my test tomorrow. Cuy, you're smart in economics. I can take you to the toilet. What? Toilet? That's good. My dream is to be a pilot, not a finance minister like Sri Mulyadi. Mulyani? Yes, Sri Mulyani. If you want to be a pilot, you don't need to study economics. It's not connected. Here, imagine this. I'm driving an airplane.
0:34
Then there's this, then there's this. What's the connection? Try piloting and economics. There's no connection. There's money in the air. Do you know? A professional pilot named Mike Tyson. He could make 300 million dollars when his profession was at its peak. But remember, he also went bankrupt.
0:56
The bankruptcy can even leave a debt of 207 billion. What? Bankrupt? 207 billion? Mike Tyson who is a successful investor, rich, 7 generations, leaving a debt of 207 billion? Oh my God, an investor can be like that. Especially me who became a pilot. I'm not sure if I'll become a pilot. That's why I want to know why Mike Tyson can go bankrupt. Okay, how? How? Okay, let's learn economics!
1:33
To understand the basic concept of economy, you must first know what is economy. Well, economy comes from Russian language, namely oikonomia. Oikos means family or household, while nomos means rules, regulations, or law. If combined, both will mean household management. So, oikonomia is the society's rules that become a guideline for the proper management of household.
2:02
You just know where the economy comes from, right? The economy is very closely related to how households use limited funds with care. If the household management has implemented financial management, it means that economic science has been applied there. In general, economic science is science that learns about all human behavior that aims to get and manage limited resources.
2:31
For example, if a person works, he will get a salary. And if he manages his salary well and enough until the end of the month, it means he has really applied his economics. But economics doesn't just apply to individuals. It also applies to the community. For example, in small and medium-sized businesses or often abbreviated as UMKM.
2:57
The Ministry of Culture and the Ministry of Tourism usually gives funds to manage to get more funds. The higher level is at the state level. To make creative businesses, Indonesia has the Ministry of Tourism and Creative Economy, as well as the Ministry of Finance to manage state finances. The point is, economics is an effort to create an alternative product or service to satisfy the unlimited needs of human beings.
3:26
The economy itself has been thought of by experts from the past and has different knowledge. First, there is Adam Smith, a modern economist from Scotland. He believes that the economy is the science that investigates the situation and the reason for the wealth of the country. So he was looking for why country A could be rich, why country B is not rich, even though there are many natural resources.
3:56
Then Jean-Baptiste Tessier, an economist and businessperson from France said that economics is a study of rules that can determine wealth. So, how rich are you? Next, there is John Stuart Mill, a political economist from England. He has an opinion that economics is a practical knowledge of production and wealth distribution.
4:23
Next, Alfred Marshall, an English economist who was the most influential in his time. He said that economics is a science that learns individual businesses related to their daily work and life. And this science of economics is a science that discusses how a person can get income and how he uses that income.
4:49
Then there is Paul Anthony Samuelson, an American economist. He thinks that economics is a study of how individuals and communities make choices. There are two choices: using money and not using money. According to Paul, economics is a science that learns how limited resources can still be used to produce various types of goods and services.
5:19
and these goods and services can meet the consumption needs now and in the future for various individuals and groups of society. Next, Lionel Robbins, an English economist. He said that economics is a science that learns human behavior to meet its unlimited needs, but with a limited tool to meet the needs. Finally, there is Richard George Lipsy, an economist from Canada.
5:49
He said that economics is the study of the use of scarce resources to satisfy unlimited human's wants. What does this mean? It means that economics is a science that learns the use of rare natural resources or limited to meet the needs of non-limited humans. That's the opinions of experts on what is economics. If your version
6:19
What's the economy like? For me, the important thing is to be able to make money during the holidays.
6:28
Okay friends, in this video we have discussed what is economics. Economics itself comes from Russian, namely oikonomia. Oikos means family or household, and nomos means rules, regulations, or law. If combined, it will mean household management. So, oikonomia is the rules of society that are the guidelines for the management of good household.
6:56
From here, economic science began to develop. The knowledge of economics itself is the knowledge that teaches human effort to meet its unlimited needs but its resources are limited. Economists have their own understanding of what is economic science. Starting from Adam Smith, Jean Baptiste, John Stuart Mill, Alfred Marshall, Paul Anthony Samuelson, Lionel Robbins, and Richard George Lipsy.
7:25
If you want to learn more about the basic concepts of economics, you can click the timestamp below. See you in the next video. Bye!
