The Economics of Automation: What Does Our Machine Future Look Like?: Supply and Demand

The video discusses the impact of automation and technology on job markets, drawing parallels with supply and demand economics. It explains how technological advancements can make jobs obsolete, using examples like accountants and apples to illustrate supply and demand dynamics. The video also highlights the effects of outsourcing and technological improvements on wage stagnation and job availability.

What is the main theme discussed in the introduction section?

• The role of economists in society

• The benefits of automation

• The obsolescence caused by technological advancements

• The history of the internal combustion engine

In the supply and demand graph, what does the X-axis represent?

• The demand for goods

• The supply of goods

• The quantity of goods

• The price of goods

What happens to the demand for apples if their price increases to $10 each?

• Demand remains the same

• Demand becomes unpredictable

• Demand decreases

• Demand increases

How does the concept of supply and demand apply to the job market?

• Jobs are only affected by supply

• Jobs are affected by both supply and demand

• Jobs are only affected by demand

• Jobs are not affected by supply and demand

What effect does outsourcing have on the supply of accountants?

• It decreases the supply

• It increases the supply

• It has no effect on the supply

• It stabilizes the supply

How does technology affect the demand for accountants?

• It has no effect on the demand

• It decreases the demand

• It increases the demand

• It makes the demand unpredictable

What is a potential outcome of increased automation in the job market?

• Increased job opportunities

• Wage stagnation

• Higher salaries for all jobs

• More manual labor jobs