Revenue, Profits, and Price: Crash Course Economics Video Analysis with Key- This is a 12 page document that contains a video analysis assignment and a completed teachers key for easy marking. It contains 36 questions based on The Crash Course Economics video: Revenue, Profits, and Price.
This assignment will ask students to go to YouTube and watch the Crash Course video: Revenue, Profits, and Price. The video will first introduce students to the idea of opportunity costs and different types of profits. Students will learn the differences between an accounting profit (traditional revenue) and economic profit (opportunity costs of doing that job). After introducing these two forms of profits, students will learn how both can be calculated. Following profit, students will learn about the costs of production- variable, fixed, and average costs are all defined and explained using an easy to understand scenario- running a pizza parlor. Economies of scale are introduced and explained so students can understand how large restaurant chains and car manufacturers can make a profit, even after buying expensive equipment and hiring many workers. Other concepts covered in this video include the maximizing profit rule (students will learn about marginal revenue and marginal cost) and the law of diminishing marginal returns. All of these complex and, at times, hard to understand calculations are all explained in easy to understand scenarios and cartoons that students will understand much easier than simple textbook questions.
This video analysis can be easily used as an introduction to the topic, a study guide, or a quick and easy sub plan. Students love the independence of this assignment by getting to use laptops, Chromebooks, or even their own cellphones to watch the video. Crash Course videos tend to move fast so students often find success if they watch the video through once before going back to pause/play to find the answers to all of the questions.