The Free Market: Competition, Monopolies, and the Dynamics of Innovation
Channel: Sprouts
Date: 2023-02-16

Learn about the free market, competition, and how monopolies can hinder economic growth, in this 5:01 minute long video lesson.
In a free market, unlimited human wants often meet sellers with limited supplies. In such a place, competition is usually a force of good. It leads to more choice, increases the quality of products on offer and reduces their prices. If competition is absent, monopolies can form. And that's a problem. Learn about the basic benefits of competition. 

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THANKS to our patrons
This video was made with the support of our Patrons: Alex Rodriguez, Andrea Basillio Rava, Angela, ArkiTechy, Artur, azad bel, Badrah, Cedric.Wang, Daniele Diniz, David Markham, Delandric Webb, Digital INnov8ors, Dr. Matthias Müller-Mellin, Duane Bemister, Eva Marie Koblin, Fatenah G Issa, Floris Devreese, Frari63, Gerry Labelle, Ginger, Harmoniac Design, ICH KANN DEUTSCH UND ES WAR EINFACH!, Jana Heinze, Jannes Kroon, Jeffrey Cassianna, Jim Pilgrim, Joanne Doyle, John Burghardt, Jonathan Schwarz, Jorge Luis Mejia Velazquez, jun omar ebdane, Khadijah Sellers, Leonel, Linus Linderoth, Liskaya, Marcel, María, martin, Mathis Nu, Mezes.Macko, Michael Paradis, Mindozone, Natalie O’Brien, Nicki, Okan Elibol, Oweeda Newton, Peter Bishop, Raymond Fujioka, Roel Vermeulen, Scott Gregory, scripz, Sebastian Huaytan Meder, Si, Stefan Gros, Stephen Clark, Stuart Bishop, Susan Schuster, Takashi HIROSE, Thomas Aschan, Tristan Scifo, Victor Paweletz, Yvonne Clapham, Zlatko Minev and all the others.Thank you! To join them visit www.patreon.com/sprouts

COLLABORATORS
Script: Jonas Jaquet and Jonas Koblin 
Script Editor: Morgan Lizop
Fact-checking: Ludovico Saint Amour Di Chanaz
Artist: Pascal Gaggelli
Voice: Mithrilda
Coloring: Nalin
Editing: Peera Lertsukittipongsa
Sound Design: Miguel Ojeda
Production: Selina Bador

SOUNDTRACKS
Tarantella - Adieu Adieu

DIG DEEPER with these top videos and articles:
Listen to the insights of former Uber’s chief economist John List and learn why competition makes it so difficult for Uber to increase the money their drivers earn — even adding tips didn’t work.
https://www.econtalk.org/john-list-on-scale-uber-and-the-voltage-effect/

Read about Uber's surge pricing in this case study. 
https://economicsforlife.ca/wp-content/uploads/2015/10/effects_of_ubers_surge_pricing.pdf

Read about cartels and why it's good for society to have strong laws that fight them.
https://www.econlib.org/library/Enc/Cartels.html

Competition, and good overview by Wolfgan Kastper from the Econlib 
https://www.econlib.org/library/Enc/Competition.html

Play Monopoly or Catan to learn how demand, supply and monopolies lead to winners and losers.
https://en.wikipedia.org/wiki/Monopoly_(game)
https://en.wikipedia.org/wiki/Catan

SOURCES
https://en.wikipedia.org/wiki/Competition_(economics) 
https://en.wikipedia.org/wiki/Monopoly
https://en.wikipedia.org/wiki/Supply_and_demand

CLASSROOM ACTIVITY
Visit our website to learn more about suggested active learning activity on this topic!

CHAPTER
00:00 Introduction
00:21 The definition
01:00 The full story
01:15 Competing on price
01:44 Non-price competition
02:12 Free market scenario
02:41 Spectrum of competition
03:18 Monopoly
03:46 Summary
04:06 Tell us how you would compete
04:34 Patrons credits
04: 43 Ending

#sproutslearning #economics #competition #price #monopoly