This videos expands upon the basic scenario explained in the first video in the economics basics series. Instead of a world with one person in it, we have taken a look at a world with two people in it. We take a look at how people can cooperate to achieve better outcomes for the group. We consider utility if the two people act independently to each other and when they cooperate.
Utility functions are explained in the context of time devoted to each task and time spent enjoying the results of performing each task. Time constraints and allocation of time have been briefly discussed. Indifference curves and budget constraints have been excluded so far from the videos but will be discussed later in the series once money has been introduced.
Watch the video using the link below:
This video presentation is a little more technical than most videos in the series. This video is worth revisiting after indifference curves and marginal utility concepts have been explained.
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