We found an excellent, easy-to-understand YouTube video that explains the economics of running a business using a lemonade stand as example. The animated video runs through basics such as marketing sales, pricing, conditional pricing, the difference between sales and profit, profit margins, government regulations and how entrepreneurs must use their skills to juggle all these factors. The video uses animation to explain all this and does so in just over two minutes.
So go ahead and spend your two minutes here. It’s a great start if you’ve just entered the big bad world of business management. All the best.
Video by PragerU