Item number, SCP-727, Object Class, SAFE, Special Containment Procedures. A security fence has been constructed around the area of SCP-727. Civilians are to be turned away, and officials are to be told that the area around SCP-727 is geologically unstable. Access to SCP-727 is permitted only for testing, and requires at least one armed guard on duty outside the item's entrance. All crafted objects produced inside SCP-727 are to be stored in containment room 727H at Site B. Description SCP-727 resembles a smithy of ancient Greek design. It contains artisan's tools, originating from a wide variety of eras and countries, some of which have not yet been identified. The item's walls and ceiling are covered with masses of chains, made from a material similar to iron. SCP-727's nature makes these chains length impossible to measure. When a human being enters SCP-727, the chains along the walls and ceiling become active and forcefully ensnare the subject. Ensnarement does not kill the subject, but invariably breaks many of its bones. Subjects with reinforced limbs are not immune to disfigurement. If more than one person enters SCP-727 at a time, the chains kill all but one subject by strangulation. Non-human animals and inanimate objects are simply thrown from SCP-727 by the chains. Once the chains have full control of a single human subject, they manipulate it like a puppet, forcing it to craft a series of objects of diverse nature and exceptional quality. Subjects describe this process as extremely painful. The source of the raw material for the crafted objects is unknown. After an indeterminate period of time, the chains throw the subject and its crafted objects out of SCP-727 and become dormant until another person enters SCP-727. Subjects of SCP-727 are given no sustenance and no opportunity to sleep. If a subject loses consciousness, it is thrown out of the smithy. Surviving subjects are severely crippled and deformed, with many of their bones broken and joints twisted, but invariably demonstrate great manual dexterity. Persons interacting with surviving subjects, even those with previous experience working with the disabled, express feelings of disgust at their disfigurement. The only long-term psychological impact on the survivors themselves is withdrawal from social activities and failure to seek out human contact. Periodically, the chains will keep a subject within SCP-727 for days at a time, forcing it to work on one large object instead of several smaller ones. So far, all of these large projects have met with failure, as all such subjects have died before completing the item's work. For a list of the failed crafted objects, see Addendum 727. SCP-727 was discovered by tracking repeated reports of a miracle forge by mysteriously disfigured people in Greek. The item was contained. Its victims were given class B amnestics and placed in hospitals throughout Greece. Addendum 727. The list of failed crafts from SCP-727 are as follows. A humanoid construct, 10 meters tall, with jointed limbs. A massive chariot of unknown metal, capable of withstanding temperatures over 6,000 degrees Celsius. A helmet and pair of sandals with intricate silver wings. The subject expired while engraving the wings.  The metal was placed into SCP-727's forge for 65 hours, in which time the subject expired. A large doorframe and door. The subject expired while working on the locking mechanism, which did not match any known design. A clay statue resembling a young woman. The subject was strangled by the chains for an unknown reason. The statue shattered when it was thrown out of SCP-727. Lesson complete. If you missed the previous orientation, go watch SCP-726, Reconstructive Maggots, right now. Or for the complete course, watch this playlist.


QuickBooks Online 2024. Record short-term investment in stocks and bonds. Get ready and some trail mix because we're hiking on QuickBooks Online, our audit trail to success. Here we are in our Get Great Guitars 2024 QuickBooks Online sample company file. Let's open up our major financial statement reports like we're gonna do every time. Reports on the left-hand side in the favorites. We're gonna be right-clicking on that balance sheet report to open link in new tab. On the profit and loss report, right-click open link in a new tab. And in the trial balance, right-click open link in a new tab. If you don't have that trial balance in the favorites, you can type it in up top. But I think it deserves to be there. So that's where I put it. We can tab to the right then close up the hamburger. We're in 2024. Let's just do the whole month of January, going from 01.01.24 to 01.31.24. Running that report. Let's tab to the right, close up the hamburger and change that range again. 01.01.24 tab. 01.31.24 tab. We'll run it to refresh it, nothing currently in the P&L, otherwise known as the profit and loss report. Tabbing to the right, closing up the hamburger. First, a word from our sponsor. Yeah, actually we're sponsoring ourselves on this one, because apparently the merchandisers, they don't wanna be seen with us. But that's okay, whatever.  Like our Accounting Rocks product line. If you're not crunching cords using Excel, you're doing it wrong. A must-have product. Because the fact as everyone knows of accounting being one of the highest forms of artistic expression, means accountants have a requirement, the obligation, a duty, to share the tools necessary to properly channel the creative muse. And the muse, she rarely speaks more clearly than through the beautiful symmetry of spreadsheets. So get the shirt, because the creative muse, she could use a new pair of shoes. If you would like a commercial-free experience, consider subscribing to our website at accountinginstruction.com or accountinginstruction.thinkific.com. One more time for the month of January, 2024. Oh, one, oh, one, two, four, tab, 1231, two, four, tab. We will run it to refresh it. Let's go back to the balance sheet tab and just recap real quick what we've done thus far in the prior section. We laid down those foundational items necessary to then be able to process our normal accounting system, the normal accounting system, including the entering of financial journal entries, which are done with the forms here broken out by cycle, customer vendor and employee. We did those foundational things, usually found under the cog dropdown, including your company information, and then the lists, including the general ledger and the products and services, and then or the chart of accounts and the products and services. And then we put in place our beginning balances, imagining that we were pulling our information in from a prior accounting system so that we have our balance sheet accounts ready to go as of the current year that we're doing work in January of 2024 and nothing's on the income statement. Then we wanted to imagine that we're entering those transactions often done when you start a new company or possibly done when you're increasing or leveling up the company, in which case you need financing oftentimes. You need cash. Why do you need cash? Because many businesses are gonna need an upfront investment in machinery and equipment, property, plants and equipment, as well as inventory to get going. So the question is then, how are we gonna finance the investments? How do we finance the purchase of the assets? Not the asset is cash, but the asset of an investment type is property, plants and equipment, as well as possibly the inventory. Well, there's a couple of ways we could do it. We could do it either with the liability, meaning we take out a loan possibly. So we get cash, increase cash. The other side goes to the liability or we can do it some way of equity if it's a sole proprietor. We can put the money in ourselves. We can take on somebody else. We can take on a partnership possibly that puts money in. So now we have two equity owners. If it was a corporation, we might issue stocks, for example. So we talked about those two things last time. Now we wanna think about having our cash. We have our cash now before we take this fairly substantial amount of cash that we now have and do what we want to do with it, which is to purchase inventory and the property, plant and equipment. If we're holding it for a short period of time, we might put it in some kind of investments such as stocks and bonds so we can get some type of return on it in the interim before we use it. Now I wanna make a distinction here that normally if you're looking at a company file, say your business file for a sole proprietor like this one, if we sell guitars, we're not gonna have a lot of cash on hand in investments. If we had a whole lot of cash just in the checking account, that's not typically good for investment purposes. We should want to put that cash to work or at least part of it, possibly investing in things like stocks and bonds and whatnot. And we possibly wouldn't want to invest in stocks and bonds within the company file if it's not a company file set up to invest in stocks and bonds. In other words, our goal for this business is to sell guitars and generate revenue with guitar sales and later we'll have guitar lessons and whatnot. The goal of this business is not to generate revenue through investments. So if we have a lot of money that we've accumulated possibly through the sales and we want to invest it instead of investing it in the company through the purchase of property, plants and equipment and inventory rather invested in stocks and bonds, the typical way we would do that is to distribute it to the owners if it's a sole proprietor in the form of a draw, if it's a corporation in the form of dividends and then the owners can invest it in the stocks and bonds on their own, possibly using QuickBooks to kind of track the overall stock and bond in there as well. But on the personal side, we have a separation in other words between the business goals here which in our case is selling guitars and the personal investment goals and whatnot which would include the stocks and bonds. So that's the general setup. However, if it's a short-term investment we have some cash that we're going to sell shortly or use shortly to buy stuff, property, plants and equipment, inventory then maybe we wanna park it or just put it in an investment for a short period of time. As we do that, we can kind of compare how you might use QuickBooks as well on the personal side of things. So you could use QuickBooks for your personal accounts as well in a similar fashion. It's the same kind of idea. It's just that your goal is different on the personal side, not necessarily revenue generation but rather to live well, right? But you still have a balance sheet and an income statement set up on the personal side. So you might be tracking things like investment in stocks and bonds in your personal QuickBooks file but typically you want to have them separate. Now that leads to one more discussion I wanna point out here in that with QuickBooks online unlike the desktop, if I want two files, possibly one for my personal and one for my business, it's gonna cost more because I have to buy two separate accounts. So some people that have a small company it might benefit you to try to combine them together which most people will recommend against.  However, it's possible to do with the use of class tracking and in that way what will happen is on the income statement or profit and loss which is the statement necessary for tax preparation for small businesses on the schedule C. You're gonna create your schedule C using the profit and loss. Then what you can do is you can use class tracking which will break out the income by personal versus business. So that's just something I wanna point out that we have courses on that or sections on that if you wanna dive into that concept a little bit more in the future. If you're a small business and you're like I would like to use QuickBooks for both personal and the business and see if I can break out my income over here for my schedule C using class tracking or something like that, you can check that out. Okay, that said, we're gonna go back on over here and we're going to take some of our money and we're gonna put it into stocks and bonds meaning we're gonna go to something like a Vanguard or E-Trade or whatever and let's imagine that we're purchasing stocks and bonds for a short period of time. What's gonna happen when we do that money's gonna come out of the checking account and it's gonna go into, we're gonna call it a current asset because we expect not to be holding on to the stocks and bonds very long but just for a short time and then we're gonna sell them so that we can purchase property, plant and equipment. Now I'm not gonna go into a lot of rules on the generally accepted accounting principles and so on for short-term and long-term investing but we'll go over some of the concepts here. So let's first make that transfer. So I'm gonna go on over, I'm gonna say that this is gonna be, I think there's a couple of ways we can do this. We could go into the plus button here and you might say, is there a form that is related to us taking money out of the checking account and putting it into the investment account? There's not a form specifically designed for that, why? Because that's not something that happens all the time in our normal accounting cycle. So if it's not something that happens all the time, the next question is, well, is cash affected? Because if cash is affected, I can use my normal cash forms which means a decrease in cash would be an expense form typically and an increase in cash being a bank deposit or possibly I can use a transfer if I wanna set up the new account as another bank account or if I was putting it into like a savings account. So in this case, money's coming out of the checking account so we could go into an expense form. So an expense form is a little bit deceiving in the name because we're not always gonna be applying it to an expense, in this case, we would be decreasing the checking account, this would be going to the checking and the other side would be increasing the other account which would be an asset account that we will set up which will be a short-term investment account. All right, so let's close that out. Now note that I'm not gonna use that because it would be easier oftentimes to use if I'm doing a register format. So I might use the bank feeds which we'll talk more about in the future course or section and as the transaction goes through because it would most likely be an electronic transfer, I can record it that way which it'll possibly still use an expense form or I can use the register which I think is a little faster. So let's do the register. Let's go into the transactions and then I'm gonna go into the chart of accounts on the right and then here we have our accounts. I could use either register of either accounts impacted because they're both balance sheet accounts so we've got a bank account register and we don't have an account for short-term investments. So I could create an account here for the short-term investments by going to the new button up top and I can make it an asset and an other current asset but I'm gonna make it this time as we go as we do the data input. So I'm gonna close this back out and let's use the register for the checking account because that's the account that we would probably first think about if cash is going down and I'm putting investments in something. So I can then select the dropdown and say that we want, let's say an expense form which is kind of like a check form without the check number. Let's say it happened on 010424, let's say and then it's gonna be paid to who is it gonna be paid to? We're gonna say, let's say Vanguard, boom, I'm not sure, did I spell Vanguard? Let's do that. And then I'm gonna say investments in stocks and bonds. Let's say we're putting it, let's imagine we're putting it into some kind of mutual fund or something and we're gonna say 12,000. 12,000 is going in there. So I don't have the other side set up. So what's the other side gonna be? Well, it's gonna be an asset account. Notice I can set up an account on the fly as we're going, in other words, going to the plus button up top and it's gonna be, I could make it a bank account if it was like a savings account that we're putting it into but if I did that, I would most likely use a transfer form. In our case, I'm just gonna make it an other current asset. And bad debts, investment, investments, other. And I'm gonna say investments, let's say, and we're gonna say short term investments and short term stocks, let's say, and bonds. Just so it'll be clear of what we're thinking here. It's not gonna be a sub-account of anything. We'll set it up like that. So let's go ahead and that's all we really need. So let's say save it and there it is. So what's this gonna do? Decrease the checking account. The other side's gonna go into that new account that we set up short term stocks and bonds, investments, so let's go okay. And then let's go to the balance sheet and run it again. So if I scroll down, we can see then in the checking account we have then in the checking, let's check out the checking. We've got a decrease of the 12,000. Notice it used an expense form even though we entered it into the register. And if I go into that account, we can see that it is an expense form and they just put the other side to the investment account which isn't an expense, it's an asset. So don't get confused, the expense form just means that basically you're decreasing the checking account or possibly you're increasing the credit card account depending on how you're using it.  It's just like a check form but without the check number because it's most likely an electronic transfer. Okay, let's go back up and back. The other side went into the investments. So there's our 12,000 in the investments. And that looks good. So there it is there. And that's the two sides of the transaction. Once again, nothinging yet, nothinging happening to the income statement. So nothinging happening there. Okay, nothing's happening there. So now just note with this investment right here. There's a couple of issues with investments. I just wanna point out, you might not see it as much in your business companies but if you're using QuickBooks on the personal side of things for small businesses and then the personal, you're gonna run into these kind of issues. How do you track the investments? Note that if you have multiple investments in different areas, you probably do not want to be tracking every single stock and bond that you're putting money into. If you have different stocks and bonds or even different mutual funds that you're putting money into, you probably want to group them together by groups of some kind. QuickBooks is not designed as a software to track everything that's happening as the value of stocks go up and down and all of the detail. There's other softwares you can use to do that and you can also use just whoever you purchase the investment from, in this case like Vanguard or eTrade, their website to help judge the performance of the stocks that you have from time to time. What does QuickBooks do? It summarizes the information so you can see it in a comprehensive format for your financial statements. So what kind of groupings might you use then? Well, if you invest in stocks and bonds, you might group them, for example, by bonds versus stocks, for example. That's one way that you might group it. Now that can be difficult sometimes because a lot of people on the personal side will be investing in target funds which have both stocks and bonds mixed in it and that's the point, right? And that's often recommended to do for many people to just do the target fund, get the best mix that you can in the investment and let it lie. Well, if that's the case then you might want to enter your investments as short-term investments or current investments, those being ones that are not under an umbrella of an IRA or a 401K or some kind of retirement plan because if it's under the umbrella of an IRA 401K or retirement plan, you can't take it out until retirement. So therefore you might just say, I'm gonna put those ones in long-term investments and then the short-term investments will be those, if this was a personal account, those that are not under the umbrella. Why? Because you can take the money out if by selling them fairly quickly. That would be another strategy you might use on the personal investment side. Now the other issue we have with the investments is that the investments are gonna change in value over time. So notice with accounting, we have this problem of should I record things at cost or should I record them at fair market value? In the United States, usually things with like property, plants and equipment we record at depreciated cost, meaning we put the item, let's imagine it was a building because I think that's the easiest one to think about. If we had a building, we put it on the books at what we've paid for, even if we financed it. So whatever the cost of the building was. And then we depreciate it, which is us trying to account for the decrease in the value of the building. However, the building might not go down in value because for whatever reason it might actually go up in value. So you might say, well what we should do is adjust the building for the current value of the building. But the problem with doing that with property, plants and equipment, similar thing with a car, right? We're gonna depreciate the car. But you might say, the car might not go down that much or maybe it turns into a classic and it goes up in value or something. You shouldn't just use a depreciation method because you're not just consuming the car. It really has a different value that you can estimate or something like that using some kind of appraisal process. However, the appraisal process is not gonna be perfect. That's the point. If it was a building or a car, each building and car are unique because you could have abused the car versus someone else that treated it well, those are two completely different cars, right? So you can't really, it's hard to come up with the current value of a car and that's why the depreciated cost is a more conservative thing to do generally because I'm gonna just apply my cost out over the useful life and I'm not gonna worry so much on the fluctuations on the market possibly. So you can argue one way or the other with that but that's the idea here. With the investments, it's a little different though because if you're investing in publicly traded stocks, investing on a market, the beauty of stocks are that they're all the same. They're standardized units and they're being traded every day on the stock exchange. So that means it's not like a building where every stock is unique. They're completely the same. So that means all the stocks are the same. So that means that you can determine with a high level of accuracy what the current value of the stocks are, at least if you don't sell a whole bunch of them at one time, right? If you're Warren Buffett or something and you try to sell your entire holdings, well, the stocks aren't really worth that much, right? Because he's so powerful that he actually has, like if you were Facebook and you were an owner of Facebook and you had a lot of stocks and you tried to sell them off, then it's not actually worth that much because the stocks will go down in value as you sell them, right? But if you don't have all that much of stocks, then of course you can determine the value of the stocks because they're actually currently trading on the stock market. So that means every time you get a bank statement or a stock statement, it's actually gonna give you the fair market value as of the point in time that you've received it, which you can kind of depend on, at least as of that point in time. It will still fluctuate, but you can kind of say, well, that's what it was at that point in time because that's what they were selling for. So that means that you might want to adjust this number periodically, possibly monthly, quarterly, or yearly, based on the stock statements and then you can increase the value if it went up, decrease the value if it went down. You could do that with a journal entry possibly periodically. Where should the other side of the transaction go? Well, you could put it into equity, but that usually confuses people. So most people just put it on the income statement and that's the easy thing to do because the income statement closes out to the balance sheet. Where should it go on the income statement? Typically at the bottom of the income statement is where most people would want to do it because it's not part of your normal income. It's like other income. So that means I'm gonna put it at the bottom as other unearned income. And I would do that one because it's not my normal income source. And two, even if it were my normal income source, I haven't earned it yet because I haven't sold the stock. So the stock could still go down in value. So it's earnings that I haven't really captured yet by selling the stock, right? So I would put it on the other. So we'll talk more about that later a little bit when we sell the stock. One more thing I just want to, or a couple more things to point out on the stocks. One is that you can also, you might wanna track the cost of the stock that you put in and then also track the change in the stock value. So we put 12,000 in. I might put a subsidiary account here to track the increases and decreases so that I can see the cost as well as the gains and losses thus far as time passes. And that can help you to get an idea if you sold the stock, what your capital gains and losses might be. So you might make like a parent account and then have these two underneath it or you might make another account just to be a subsidiary account of this one to track the increases and decreases and keep the cost the same. Just an idea, a little bit more complex to do that, but it gives you a little bit more detail. And one more thing or another couple of things. If you have multiple investments, you might wanna make a parent account of investments in stocks and bonds, possibly a short-term and long-term, or one that's not under the umbrella of an IRA or retirement plan and one that's long-term that is, and then list your stocks and bonds possibly by institution, E-Trade, Vanguard or whatever underneath it, or list out if possible by your investment types, bonds versus stocks, for example. But you don't wanna get too detailed in QuickBooks. Now also just realize that there are other softwares out there that could actually pull in your ending balances. Remember that QuickBooks connects to financial institutions like the checking account and we can use bank feeds from the checking account. You can also connect to many of the financial institutions where you have your investments, like possibly like you might have your investments through your bank account, the same institution. However, it's not gonna give you exactly the proper ending balance at any given time because QuickBooks is designed to record the transactions. So for example, the checking account, we're not just getting the ending balance on the checking account as of January 31st, for example, if we pull in the information from the bank. What we're getting is the detail, that's what we want from an accounting standpoint so that we can create the books because we need the other side of the transaction. That's gonna help us to construct the income statement. Whereas some other software, you can even use Excel I think at these days, could just pull in the ending balances from your institutions. So you can connect financial software to your financial institutions and pull in just the ending balances.  So that's great. You can use that in conjunction with QuickBooks because that will give you the actual ending balances at any given time. What it will not do is give you an income statement because it's not actually giving you the detail of what has happened. It's not recording transactions. It's just telling you where you are at a given point in time, not based on your bookkeeping but based on the financial institutions end result, right? So just a couple of things to think about on that. All right, so this is where we're standing at this point in time. Nothing's on the income statement. Let's go on over to the trial balance over here and let's run it again. So the trial balance is just the balance sheet on top of the income statement. So we have the, if your numbers tie out to these numbers, great. If they do not try increasing the date range and see if it's a date issue. If it is a date issue, drill down on that number, drill down to the form, possibly change the date. Okay, so we have the asset accounts, checking accounts receivable inventory and now we have the investments as part of the asset accounts. We've got the contra asset account of accumulated depreciation decreasing the asset and in particular decreasing the property, planting equipment or fixed assets of the furniture and expenses. Then we've got the liability accounts, payable visa that we owe the visa to, loan payable current portion. I think I spelled that right. And then we have the equity section where we have the owner's investment, the money that we put in in this period and then the owner's equity, nothing's on the income statement. Thus far, this owner's equity representing the accumulation of earnings prior to us using this accounting system that went through the income statement generally and then ended up on the balance sheet of the earnings that have accumulated over the life of the business which we have not yet distributed in our case in the form of dividends if it was, I mean in our case as a sole proprietorship and the form of draws if it was a corporation, it would have been in the form of dividends. It might also include the investments that we would close out possibly to that equity account.


Welcome to Sailor Academy's Introduction to JavaScript, this is of course PRDV401. If you're just joining us now, make sure you go over to Sailor Academy and take the course. You can find the links in the description below and if you have any questions as you're watching this there, you can leave your questions in the comment section or in the chat and we'll try and get to them if you have any questions about what's going on here. But I will just hand this over to our great instructor to introduce herself and I will get out of the way unless I'm needed later. Hi, I'm Susan Hoyt and I'm being instructor today for PRDV401, Introduction to JavaScript. This is a new course that has just come out so we're excited to introduce it. I'll tell you really quick something about me. I am here in Houston, Texas where the Astros just won the World Series so life is fun here. I've been a computer science educator for 25 years. I have been with Sailor for one year. I love teaching coding. I think it's a great opportunity for people to see something that they may not have ever had a chance to see and it opens a lot of opportunities for them. I do love to hang out with my dogs and read some books even though they might be on my iPad, I still like to read a book and I do like to hang out at the beach. So that's enough about me. Let's start talking about the course. So this course is a first in a series of three courses that will cover the JavaScript language. There's going to be six units in this course. Unit one will be HTML and CSS Pre-Rec overview. You may not need to take that. We'll talk about that in a minute. Unit two is going to be Introduction to JavaScript. Unit three has values, variables and statements. Unit four will be our conditional statements and control flow. Unit five will be the basics of functions. Unit six, the objects, the DOM and best practices. We're going to start today with unit one, HTML and CSS Pre-Rec overview. So what are the Pre-Recs? Well, unit one will help you if you don't have all the Pre-Recs but you still may need to go back and do some more HTML and CSS if you don't know it at all. It's not intended to be the full course. If you've never, ever looked at HTML, you've never looked at CSS, I would suggest you go do another course first before you come here and do this. This is more like a review, like, hey, in case you don't remember, this is how you do this. It will cover the HTML structure, headings, elements, tags and attributes. And CSS will cover the colors, the font size and the backgrounds. If you're comfortable with all that stuff, then you can totally skip this section because you're like, I already know it all. I don't need to do this. If you're not familiar, go ahead and do this. Or if you haven't done it in a while, go ahead and do this section. Wait, it can be fresh in your mind as you're going through all this other stuff. How does this course work? Well, once you register for this course, you're going to see it on your dashboard. And once you see it on your dashboard, on the left, you'll pick what unit you're working on and it'll show up in the main window to the right. OK, so then I'm going to show you really quickly what that looks like. Well, let me go back. Sorry. So here I am on my dashboard. I have already signed up for this course. So I went to courses and I found it and I signed up for PRDV 401. So as I do it, I click on it and notice it shows up over here and it tells me which unit and you see that there are six units over here. It tells me how long it would take me to take this course. And it tells me that as I complete this course, if I meet the conditions, I will get a free certificate. All right, whenever I'm over here, I'm going to pick unit one because that's where we're going to start. And as I come here, it will tell me that completing this unit should take me about three hours. So if I can't devote that three hours to this time right now, then I can work on it and come back. There's no time limit that I have to complete it all of three hours at once. And it may take you four or five hours. It may take you one hour. It's OK. This is just an estimate or guideline. It doesn't mean that's how long it should take. As you get here, if you click on this part right here, it will make your screen bigger so that you can see things. And as you see right here, what we're going to do is we're going to be talking about unit one. And so we're going to go through all of these little sections here and I'm going to tell you how it works and kind of give you an overview of what is covered in those. And at the end, we'll talk about the assessment because you want to take the assessments. They don't count towards your grade, but they are what is going to help you prepare for that final exam so that you can get your certificate. All right, so let me head back over here. All right, so now we have registered and we are now at unit one and we're ready to work. One big thing to remember is as you finish a unit, you always want to mark it as completed because you wanted to know that you completed every unit as you've gone through. So you will see that, which I will show you again when I go into there, but you'll see the mark is completed after each little section. How do you get that free certificate? Well, after you've completed every section in the course, then you take the final exam. The final exam has to be. Met with a score of 70 or above, it will be calculated as soon as you complete it. So once you are done, you hit submit. It tells you what your score was. If you didn't earn a 70 that first time, you can retake it and you can continue to retake until you do get that 70. But just remember, there's a seven day waiting period between each time. Once you do pass with that 70 or higher, then you will get your free course certificate and we'll talk about the actual exam in a later video after we get to all the units. All right, so what are we going to try to complete in unit one? Completing this unit should take you about three hours. Again, I said, don't say, oh, my gosh, it took me four hours. I did really bad. No, that's fine. And if you took you one hour, you can be like, wow, I really knew that stuff since it is kind of a review. That's OK, too. After you finish this unit, you should be able to identify types of HTML five tags and attributes in a document. Explain how CSS is used in HTML five. Illustrate the use of CSS rules and create a simple web page using HTML and CSS. So notice, I didn't say anything about doing JavaScript at this point. We're just doing the HTML and CSS. Oops. So what is HTML? Well, it's a markup language. It will have text and tags. There are four HTML tags that are considered standard for all web pages. These tags are HTML, head, title and body. This template right here is really handy to have and keep because if you're going to design another page, you're going to do something. You can just copy paste this, throw that in there and then change it around and add whatever you need to add. Notice that any time I have a HTML, I also have a closing tag for that HTML. For head, I also have a close for that. For title, I also have a closing for that and on body. So each one of these tags, there is a close. So opening one and closing one. That's very important. So in our contents that we're going to do in this is we're going to talk HTML. Then the text tags and attributes, standard tags, document structure tags and a simple web page that you will make. And then a quick check. Once you go through all that part of the checks or I'm sorry, all this part of this unit, then you will mark it as completed and then you'll next go to the next section, which is HTML text fundamentals. So give me one second to show you this navigation real fast. So here I am and I was at this course and I started it. So I want to go to my HTML basics, so I'm going to come here. And as I get here, I see a table of contents over here that tells me where I'm at right now and where I'm headed. And then I have a quick check at the end. As I go through here, it gives me this heading, which will follow me as you watch whenever I click that heading is still there. However, my content down here is changing. So this is where I want to be looking at stuff and reading it and trying any examples they may give me so that I can try it and try to learn it. So as I click through, I will click through. I will find examples that they have here, things they want to do. And I can go next page down here or I can go next page up here. And if I'm like, OK, I don't even know where I'm at. I got lost. I can always jump here down at the bottom and get back to where I think I might need to be. OK. OK. So let's me look at my list here. What I wanted to do next. Sorry. Arts here. OK. So that was our table of contents that we looked at and it was on the right side. So now we're at the text fundamentals. So whenever we come here and we get to this practice, they go through and it does an introduction. It talks about your basics on your headings and your paragraphs. And it talks about lists. The lists are hugely important and they have some great examples in here that you can use to do your list. I highly, highly recommend that any time they give you these examples that you work through them. The cool thing about it is that you have these live examples and live output as you're working through the course. And so I'm going to show you one of those real fast. And let's see. I have the little link here. Give me one second. OK, so if you see down here as you come through this, here's an active learning section right here. So if you notice right here, our active learning is a really cool part where we have live output. So right here, we have some editable code. So if I'm here and I go, oh, my gosh, I have absolutely no idea what they're asking me to do. I don't have any clue. I can show the actual solution and it will show me what I should have known. And so I go, oh, gosh, I really now I understand what they needed. So I can reset it and after I reset it, then I can try it again myself. And then if I'm still struggling, I could do a show solution again. So I can go back and forth between these, which is really helpful as I'm trying to learn through all this stuff. And then I have a second one of those live ones to show you real fast. Okay. And this is where we're getting into the list, which are very important and very helpful. So as you notice, they're giving you these examples are showing you how to do list. Then they tell you, hey, make up your own list here and let's go ahead and do it. So again, we have another live output with some editable editable code from like I was saying, edible, edible code. So when you are here again, you went, oh, gosh, I don't remember what to do. Well, if you want to try it first, come up here, look at the examples and see if you can type that in here and make it work. Again, if you can't show the solution, see what they did and then go, oh, that's almost the same example that was up here. OK, let me try myself now and then you can redo it. OK. So then after we leave the list, then we go into files. Now, whenever we get into files and naming and trying to organize for our web pages and stuff, it's super important that we listen to this stuff. We've gotten spoiled by Microsoft and how we can name stuff and put spaces in between and give it all kinds of weird stuff in it. We don't want to do that here. So we're going to look through as we're going through these sections. And we're going to say, how should I name my folders? Well, everything should be named, good names, and we'll see what they're saying. Why do I need an index dot html file? That's a huge question that you need to have answered. What is the purpose of a file path? You need to know what a file path is and what it means and why you need to know where to find stuff. I, as a high school teacher, have found that file paths blow some of my students away who can do all kinds of stuff on their phones. They just don't understand where the file path happens. So that's really important to pay attention there. And why should file names be written without spaces and with words separated by hyphens? Another thing on conventions and how you should name stuff coming from, again, a high school teacher who has seen crazy, crazy names and stuff and students can lose their files all over. This section is really, really important in all aspects. All right. So if you notice here, they will go through. And oops, sorry, keep hitting my thing. It will go through and it will tell you how to set up a folder. And it will say set up your folder like this. It will have you put your index.html file in there. It will have you make a folder for your images. That way they're all in there together. It'll have a folder for your scripts and a folder for your styles. And as you go through and follow the course there, it will have you set this up. I can't suggest enough times that you make sure that you posit if you need to take a break and get your stuff set up like this because you really, really need to follow it and understand how this all works together. Once you have that done, they start to talk about some examples in action. So that's our next section after we get through all the file stuff. Examples in action are huge. They are an expert going through talking a lot of times just typing out the code and showing you something they're creating using the stuff that you are learning. This one example in action is someone who it's about 15 minutes long, which seems long. But if you're working on your own computer doing the same exact kind of stuff he's doing on his, it's not boring to watch through it all because he's showing you exactly what to do. So instead of just watching the video, you should be watching it while you're doing hands-on. Pause it when you need to take a chance. Oh, let me go set this up. Oh, wait, I didn't understand that. Rewind it. Go back and look. So in this, he talks about some different editors that you can use to do your HTML. He talks about Adam using notepad and brackets. There are so many out there. There's tons. And you do not have to simply use these because he's using them. If you have some editor that you always like to use, just use that but still follow what he does and make sure that you are trying to create the web pages he is creating so that you can make sure you understand the content. That is my house. Okay. So as you go through, you'll see the video and he has his screen up like this. And you literally watch him create this document to show you exactly what each part means. Notice he's got his HTML. He's got his head. He's got his clothes for his head. He's got his title, clothes for his title. He's got his body, his clothes for his body. And it goes through all those steps that you should have just seen from going through the other two parts of this unit. And it is super helpful. This is him using Adam. And so he's in his index.html here. And so you'll see that he's got a whole set up like yours. Your folder where you may have all your website stuff may be named different than his. But you definitely want to follow along. Do it at the same time. I can't suggest that enough times. So then after you go through his, which is at least 15 minutes, if not longer, I would suggest it being as long as you need to make sure that you get everything done. Then it will go into a practice review. The practice review will follow the steps and you'll create a webpage that will have a document header. So this is almost the exact thing you just watched him do, except now you're going to do it on your own. You're going to have a document header, an image tag, some heading tags. You're going to do a list and you're going to have a link in your website. So after you're starting to do this and you're working through it, then let me show you this real fast. Oops, let me get that link. Okay. And as you go through, it has told you we have gone through this whole section now. We're in the finished webpage. We've gone through everything here. And so it says, try the practice exercise to see how well you understood this unit. And so we started way back over here and we did what they said. So we are coming over here and we're making our webpage and we think we have finished. So I should have a webpage that ends up looking like this at the end. And I'm so excited because I'm ready to look at mine and mine doesn't look right. Mine looks funky. I don't know what happened. My picture isn't showing up, which is a common thing that happens, is that that that link to that picture isn't set up right. Your file path messed up or something like that. So that's something that could happen. So it says right here, if you get stuck, you can compare your work with our example code. So you can click on that. And if you go over here, here's all the code. And so you can compare it to yours or you can actually copy it, put it over there and look at it. But either way, you have the whole answer here. So don't panic as you're going through this. If you're like, I don't know what I did wrong. I have no idea. There's always answers. There's always something here to help you. So you can make sure that you're on the right path. All right. So then after we finish our HTML, then we want to go into CSS. Now remember, this is kind of a review. So it's not really, really specific, but it should like refresh you if you kind of know this stuff already. And CSS is our cascading style sheets. It's our language to specify how the HTML documents are presented to users. The fonts, the colors, everything that makes it look nice and makes us want to look at that website and enjoy it. CSS will define the way a page looks separate from your HTML. So CSS is just kind of an enhancer. It makes it look better. You will learn about three types. You have the inline CSS where you're using that style attribute inside your elements, embedded in internal CSS using the style and a head tag, and external CSS using that link tag to an external CSS file. All of these are covered in there. So as you go through it, it will talk through each thing, and you definitely, again, want to work through every example and try it on your own. So what else could we do if we had HTML paired up with CSS? Well, we can make animations happen. We can change our backgrounds. We can add borders to where things look nice around our webpage. The colors, because everybody knows, nobody just wants to look at a black and white webpage. Images. Images definitely grasp our attention. We look at them longer. Tables, because you really have to have stuff organized. I can't stand when I look at a webpage and I can't figure out how something goes from top-bottom, left-bribe, what is it? And text, and so much more. So CSS is huge for making things look great. So here's just an example of HTML with CSS. If I wanted the main heading on my page to be red text, then I can change it into some red, okay? So this is the kind of things you'll be doing in the CSS unit. And let's see, hold on. Whoops, sorry, one, two, four, sorry. Okay, so CSS. Boom, we've gone through it all. We've learned how to make our webpage look nice, how to make it attractive, how many people want to stay on it. So now we're ready for our practice assessment. The practice assessment is great because it helps prepare you for that final exam. So you always want to make sure you try your best on these practice assessments because you want to be able to go back and look at them again. And I'll show you, we'll kind of look at it here in a second. But each unit will obtain questions. So in this one, it's one through nine that are a mixture of drag and drop. Fill in the blank. Matching, multiple choice and tree falls. So you get all kinds of different questions that you can look at here. Question 10 is going to be the one I really want to show you how it's set up because it actually has a live coding box. And the coding box will use HTML and CSS. Although you will see that there's a place that we could put JavaScript, we won't use that this time. So to prepare for this assessment, the quick check at the end of the units will help you. This assessment will not count towards your grade. It's only for practice. So let's see what it kind of looks like before I take you over there. So here is Code Runner and how it looks. It has HTML section up here. It has a CSS section here. And it has a JS for JavaScript section down here. Your page will show up right down here. So whenever you do it and put your code in here, it will show it down here. You can always reset it to where it's backward started. If you wrote some ridiculous code and you're like, okay, that didn't work at all. I'll just reset it. So let's go over and look really fast at this. What? Where am I? Hold on. Hold on. Let's close that. And I want to go back. So I'm going to go to sections. I could go all the way to the top. But I'm going to go to unit one because that's where I'm going. And as I have gone through here, I've gone through everything. I've marked it all completed. So now I also finished this and I marked everything completed. So now here's where I'm at. I'm at the assessment. Again, it says it doesn't count towards your grade. Once you submit your answers, you will see the correct ones. Use that to help you study for the final exam because it's not just the answers. It explains why they are. And you can take it as much as you want anytime you want. So if I open it up and I actually had an attempt a minute ago, so let's go ahead and continue my attempt again. And I want to go to the previous page first. And as I look through here, this is where it would show up for you. I'll do start a new preview. Let's do that. That way you don't see my other stuff. So I'll start off. It says drag and drop. I will drag and drop things. I will fill in the blank kind of things, but it gives me some stuff to do. I'll do a little bit of matching. Of course, we got to have a multiple choice. Some true or false.  And then another thing where you write, hey, what is the value of this? And then another one where you're writing stuff. So then once I go through all those, I will go to the next page. And now it tells me I'm going to develop a simple HTML page. It tells me exactly here what I'm going to do with it. And then it tells me right here how to complete it. So if you notice, it says use the HTML pane to enter your HTML code. So you see my HTML pane here. I've already got a little bit of code in here for you, but you're going to be adding to it. So if I need more room, I will come over here and I can drag it down so that I can see my code better. And if I'm done with it and I want to close it up, I can do that. Now down here is my JavaScript. And if you notice up here, watch, it says this exercise doesn't contain JavaScript code. So that means you should not be putting anything down here in JavaScript. And so let's say I just accidentally wrote something in there. I don't know. I just wrote something. And I went to check it. Well, first of all, I messed up because it didn't pass any of the stuff. And so it's like, I don't know what you're doing.  Oh, did you reset? I thought let's do show differences. Let's start an preview. Let's just do that real fast. Okay. So let's go back to the chat. All right. So that was me checking it and resetting it. Now, I'm going to be using the HTML and I'll be using the CSS. When I am done and I check it, I will have my stuff show up down here. Now, if I check it right now again, it's going to say, hello, you didn't do anything. So if I asked it to show the differences, it'll say you basically did nothing. So it won't show me any answers yet. So I have got to at least attempt and try to do some stuff. Now, when I finish, I just click finish attempt and it's told me, hey, you haven't done anything, but I'll go ahead and submit. And then I can check my answers. I can go through. I can review it. I can start a new preview, which is always good to do and make sure that I understand everything. The biggest thing you want to remember in Code Runner is that all of your code will go in here and you can move it however you might need to move it. So that you can check it. And then JavaScript can say little because on this one, we're not using it. Later on in the course, you will be putting things in the JavaScript and your page will always show up down here. So let me go back here and I'll show you. Once you get it to work and you have the correct code in and it will show your page down here and it will say, hey, you did it right. Good job. You'll get expected match and that you got the match and you are good. They'll give you all your little green checks and then you'll be perfect.  Make sure you understand it. You can take that test as many times as you want, reset it, do it again. It's great practice. And Code Runner is a great little editor that you can put all your stuff in, run it, see your code. Without having to keep going to your computer. So it's a great thing to have. All right. Summary of this course. It's one in a series of three courses. So this is the very first course that you would take. You can earn a free certificate. There are the, that you have to have a 70 on that final exam. So the course will have the six units and that final exam, but you have to make that 70 on that final exam to get that free certificate. The time for each unit is an estimate. They will not be timing you to make sure you spent that much time. You can take less time or more time. Just take your time and make sure you're understanding it. Another big thing that Sailor would appreciate is that you take the time to do that course feedback survey. Tell us what you liked, what you didn't like. Hey, these, these live coding sessions were great. Hey, the video was okay. I didn't really like it or any kind of feedback like that that we could take and make the course better for later on. And that is it. That is it for our introduction to JavaScript one. That's our quick go through the course. And now I hope you decide to take it and I hope you sign up for it because it's a great course and I'm so glad we're offering it. I can't hear you. You might, I was going to say, don't give feedback that you didn't like the videos, but maybe do now. But again, thank you. Thank you for taking us through that. Thank you everyone for watching the video. We'll have more of these coming in this series. Again, you can check down in the description below, for a link to the course. If you haven't started the course yet now, you can get on board and catch up with us. And if you have any questions, feel free to leave them in the comments below. But again, thank you everyone for joining us and watching the video. Thank you. Thank you.


CHAPTER 15 SUMMARY OF THE GENERAL THEORY OF EQUILIBRIUM OF DEMAND AND SUPPLY The present chapter contains no new matter. It is a mere summary of the results of Book Five. The second half of it may be of service to anyone who has omitted the later chapters, for it may indicate, though it cannot explain, their general drift. In Book Five we have studied the theory of the mutual relations of demand and supply in their most general form, taking as little account as possible of the special incidents of particular applications of the theory, and leaving over for the following book the study of the bearings of the general theory on the special features of the several agents of production, labor, capital, and land. The difficulties of the problem depend chiefly on variations in the area of space and the period of time over which the marketing question extends, the influence of time being more fundamental than that of space. Even in a market of a very short period, such as that of a provincial corn exchange on Market Day, the higgling and bargaining might probably oscillate about a mean position which would have some sort of a right to be called the equilibrium price, but the action of dealers in offering one price or refusing another would depend little, if at all, on calculations with regard to cost of production. They would look chiefly at present demand on the one hand and on the other at the stocks of the commodity already available. It is true that they would pay some attention to such movements of production in the near future as might throw their shadow before, but in the case of perishable goods they would look only a very little way beyond the immediate present. Cost of production has, for instance, no perceptible influence on the day's bargaining in a fish market. In a rigidly stationary state in which supply could be perfectly adjusted to demand in every particular, the normal expenses of production, the marginal expenses, and the average expenses, rent being counted in, would be one and the same thing, for long periods and for short. But as it is, the language both of professed writers on economics and of men of business shows much elasticity in the use of the term normal when applied to the causes that determine value, and one fairly well-marked division needs study. On the one side of this division are long periods in which the normal action of economic forces has time to work itself out more fully, in which, therefore, a temporary scarcity of skilled labor or of any other of the agents of production can be remedied, and in which those economies that normally result from an increase in the scale of production, normally, that is, without the aid of any substantive new invention, have time to develop themselves. The expenses of a representative firm, managed with normal ability and having normal access to the internal and external economies of production on a large scale, may be taken as a standard for estimating normal expenses of production, and when the period under survey is long enough to enable the investment of capital in building up a new business to complete itself and bear full fruits, then the marginal supply price is that the expectation of which, in the long run, just suffices to induce capitalists to invest their material capital and workers of all grades to invest their personal capital in the trade. On the other side of the line of division are periods of time long enough to enable producers to adapt their production to changes in demand. In so far, as that can be done with the existing provision of specialized skill, specialized capital, and industrial organization, but not long enough to enable them to make any important changes in the supplies of these factors of production. For such periods, the stock of material and personal appliances of production has to be taken in a great measure for granted, and the marginal increment of supply is determined by estimates of producers as to the amount of production it is worth their while to get out of those appliances. If trade is brisk, all energies are strained to their utmost, overtime is worked, and then the limit to production is given by want of power rather than by want of will to go further or faster. But if trade is slack, every producer has to make up his mind how near to prime cost it is worth his while to take fresh orders. And here there is no definite law. The chief operative force is the fear of spoiling the market, and that acts in different ways and with different strengths on different individuals and different industrial groups. For the chief motive of all open combinations and of all informal, silent and customary understandings, whether among employers or employed, is the need for preventing individuals from spoiling the common market by action that may bring them immediate gains, but at the cost of a greater aggregate loss to the trade. We next turned aside to consider the relations of demand and supply with reference to things that need be combined together for the purposes of satisfying a joint demand, of which the most important instance is that of the specialized material capital and the specialized personal skill that must work together in any trade. For there is no direct demand on the part of consumers for either alone, but only for the two conjointly. The demand for either separately is a derived demand, which rises other things being equal with every increase in the demand for the common products, and with every diminution in the supply price of the joint factors of production. In like matter commodities of which there is a joint supply, such as gas and coke or beef and hides, can each of them have only a derived supply price governed by the expenses of the whole process of production on the one hand and on the other by the demand for the remaining joint products. The composite demand for a thing resulting from its being used for several different purposes and the composite supply of a thing that has several sources of production present no great difficulty. For the several amounts demanded for the different purposes, or supplied from different sources, can be added together on the same plan as was adopted in Book III for combining the demands of the rich, the middle class, and the poor for the same commodity. Next we made some study of the division of supplementary costs of a business, and especially those connected with building up a trade connection with marketing and with insurance among the various products of that business. Returning to those central difficulties of the equilibrium of normal demanded supply, which are connected with the element of time, we investigated more fully the relation between the value of an appliance for production and that of the things produced by it. When different producers have different advantages for producing a thing, its price must be sufficient to cover the expenses of production of those producers who have no special and exceptional facilities. For, if not, they will withhold or diminish their production, and the scarcity of the amounts applied, relatively to the demand, will raise the price. When the market is in an equilibrium and the thing is being sold at a price which covers these expenses, there remains a surplus beyond their expenses for those who have the assistance of any exceptional advantages. If these advantages arise from the command over free gifts of nature, the surplus is called a producer's surplus or producers' rent. There is a surplus in any case, and if the owner of a free gift of nature lends it out to another, he can generally get for its use a money income equivalent to this surplus. The price of the produce is equal to the cost of production of that part of it which is raised on the margin, that is, under such unfavorable conditions as to yield no rent. The cost of this part can be reckoned up without reasoning in a circle, and the cost of other parts cannot. If land which had been used for growing hops is found capable of yielding a higher rent as a market garden land, the area under hops will undoubtedly be diminished, and this will raise their marginal cost of production and therefore their price. The rent which land will yield for one kind of produce calls attention to the fact that a demand for the land for that kind of produce increases the difficulties of supply for other kinds, though it does not directly enter into those expenses. And similar arguments apply to the relation between the site values of urban land and the cost of things made on it. Thus, when we are taking a broad view of normal value, when we are investigating the causes which determine normal value in the long run, when we are tracing the ultimate effects of economic causes, then the income that is derived from the capital in these forms enters into the payments by which the expenses of production of the commodity in question have to be covered. And estimates as to the probable amount of that income directly control the action of the producers, who are on the margin of doubt as to whether to increase the means of production or not. But on the other hand, when we are considering the causes which determine normal prices for a period which is short relatively to that required for largely increasing the supply of those appliance for production, then their influence on value is chiefly indirect and more or less similar to that exerted by the free gifts of nature. The shorter the period which we are considering and the slower the process of production of those appliances, the less part will variations in the income derived from them play in checking or increasing the supply of the commodity produced by them and in raising or lowering its supply price. This leads to the consideration of some difficulties of a technical character connected with the marginal expenses of production of a commodity that obeys the law of increasing return. The difficulties arise from the temptation to represent supply price as dependent on the amount produced, without allowing for the length of time that is necessarily occupied by each individual business in extending its internal and still more its external organization. And in consequence, they have been most conspicuous in mathematical and semi-mathematical discussions of the theory of value. For when changes of supply price and amount produced are regarded as dependent exclusively on one another without any reference to gradual growth, it appears reasonable to argue that the marginal supply price for each individual producer is the addition to his aggregate expenses of production made by producing his last element, that this marginal price is likely in many cases to be diminished by an increase in his output much more than the demand price in the general market would be by the same cause. The statical theory of equilibrium is therefore not wholly applicable to commodities which obey the law of increasing return. It should, however, be noted that in many industries each producer has a special market in which he is well known, and which he cannot extend quickly, and that therefore, though it might be physically possible for him to increase his output rapidly, he would run the risk of forcing down very much the demand price in his special market, or else of being driven to sell his surplus production outside on less favorable terms. And, though there are industries in which each producer has access to the whole of a large market, yet in these there remain but few internal economies to be got by an increase of output, when the existing plant is already well occupied. No doubt there are industries as to which neither of these statements is true. They are in a transitional state, and it must be conceded that the statical theory of equilibrium of normal demanded supply cannot be profitably applied to them. But such cases are not numerous, and with regard to the great bulk of manufacturing industries, the connection between supply price and amount shows a fundamentally different character for short periods and for long. For short periods the difficulties of adjusting the internal and external organization of a business to rapid changes in output are so great that the supply price must generally be taken to rise with an increase and to fall with a diminution in the amount produced. But in long periods both the internal and the external economies of production on a large scale have time to develop themselves. The marginal supply price is not the expenses of production of any particular bale of goods, but is the whole expenses, including insurance and gross earnings of management of a marginal increment in the aggregate process of production and marketing. Some study of the effects of attacks, regarded as a special case of a change in the general conditions of demand and supply, suggests that, when proper allowance is made for the interests of consumers, there is on abstract grounds rather less primifacial cause than the earlier economists supposed for the general doctrine of so-called maximum satisfaction, i.e., for the doctrine that the free pursuit by each individual of his own immediate interest will lead producers to turn their capital and labor and consumers to turn their expenditure into such courses as are most conducive to the general interests. We have nothing to do at this stage of our inquiry, limited, as it is, to analysis of the most general character. With the important question, how far human nature being constituted as it is at present, collective action is likely to be inferior to individualistic action in energy and elasticity, in inventiveness and directness of purpose, and whether it is not, therefore, likely to waste, through practical inefficiency, more than it could save by taking account of all the interests affected by any course of action. But even without taking account of the evils arising from the unequal distribution of wealth, there is primifacial reason for believing that the aggregate satisfaction, so far from being already at a maximum, could be much increased by collective action in promoting the production and consumption of things in regard to which the law of increasing return acts with a special force. This position is confirmed by the study of the theory of monopolies. It is the immediate interest of the monopolist so to adjust the production and sale of his wares as to obtain for himself the maximum net revenue, and the course which he thus adopts is unlikely to be that which affords the aggregate maximum satisfaction. The divergence between individual and collective interest is primifacial less important with regard to those things which obey the law of diminishing return, than with those which obey the law of increasing return. But in the case of the latter, there is strong primifacial reason for believing that it might often be to the interest of the community directly or indirectly to intervene, because a largely increased production would add much more to a consumer surplus than to the aggregate expenses of production of the goods. More exact notions on the relations of demand and supply, particularly when expressed in the form of diagrams, may help us to see what statistics should be collected, and how they should be applied in the attempt to estimate the relative magnitudes of various conflicting economic interests, public and private. Ricardo's theory of cost of production in relation to value occupies so important a place in the history of economics that any misunderstanding as to its real character must necessarily be very mischievous. And unfortunately, it is so expressed as almost to invite misunderstanding. In consequence, there is a widely spread belief that it has needed to be reconstructed by the present generation of economists. Cause is shown in Appendix I for not accepting this opinion, and for holding on the contrary, that the foundations of the theory, as they were left by Ricardo, remain intact, that much has been added to them, and that very much has been built upon them, but that little has been taken from them. It is there argued that he knew that demand played an essential part in governing value, but that he regarded its action as less obscure than that of cost of production, and therefore passed it lightly over in the notes which he made for the use of his friends and himself, for he never essayed to write a formal treatise. Also, that he regarded cost of production as dependent, not as Marx asserted him to have done on the mere quantity of labor used up in production, but on the quality as well as quantity of that labor, together with the amount of stored up capital needed to aid labor, and the length of time during which such aid was invoked.


Can we get a rant video about the Elves in Aragon? Yeah, okay. This is the introduction song. It's not very good, but it's not too long. Okay, so Aragon, if you don't know, I don't feel like explaining it, so just, like, go experience it yourself. I think it's a pretty good series, but I don't know whatever. It's not what I'm here to talk about. Yeah, yeah, I'm laying on the floor. Get over it. So, the Elves are super obnoxious in Aragon, though, because, like... They're the Middle Earth perfect Elves from the Lord of the Rings movies, not really the books, but the movies, just turned up to 11. Because the thing is, the Elves in Aragon are, like, these isolationist tree people with pointy ears, basically. Like, after the Dragonriders were all killed off, they went into their forest and they just sort of sat around and waited for more Dragonriders to come and solve things. Which is weird, because they're supposedly these big badasses who can fight really well, and we kind of see that later, but... So, it seems like they just kind of decided to leave humans to their own fate because humans are less enlightened than them. Because, really, Christopher Paulini writing about the Elves in Aragon feels like a weeaboo writing about Japan, except he's never been to Japan, and so he's only writing about what he's found through anime. That... I mean, that would be most weeaboos, but whatever. The point is, it feels like he's trying to make them as perfect as possible, and gloss over any flaws, or just not make any flaws. Because, like I said, they're these enlightened tree people, okay? They live in the woods, they don't eat meat. They're all vegetarians because they can telepathically communicate with animals and stuff, and they just know they don't want to be eaten, and they know others don't want to be eaten, so they just eat fruits, and they don't even cut down trees to make their houses. They like sing and use magic to make trees grow a certain way and live in them that way. That's kind of dumb. And they just spend all their time just gaining knowledge and being really good at magic, and they also have this weird free-love thing going on where they don't get married, and they just, if two people decide to be together, then they are, and if they're not, they're not. And they barely ever have children either, and that's never explained, I don't think? Because, like, they never mention any sort of birth control or anything, it's just, like, yeah, elves don't have children very often, and also they're immortal, so it's okay that they don't have children very often, it's just dumb.  And the reasoning for it is that, like, well, there's just not enough evidence to support deities being around, and I mean, like, okay, I don't disagree with your reasoning, but the way it's shown in the books is, like, really obnoxious, and I just kind of am reminded that Christopher Paolini was in a cult when he was a kid, but let's not get too deep into that. Look, um, anyways, the elves, like, yeah, they're just, their atheism is kind of obnoxious and just feels, well, no, it just feels obnoxious. And then, as I mentioned earlier, they're supposed to be these big badasses, and they are.  Why didn't you do this a hundred years ago? Like, you're supposedly fighting Galbathorix because he's evil, but, like, you couldn't do that earlier. Why not? Why not? Do it earlier. You could have saved everyone trouble, whatever. And what else was there? Was there anything else about the elves that was dumb? Oh, they're impossibly beautiful, too. Like, all of them, like, they can change their appearance at will, but even, like, by default, they're just extremely beautiful by human standards.  And they're immortal, so they can just do whatever they want forever. It's like, it's...   And, like, literally the wiki page for elves in Aragon, the top quote is someone just saying, Bah, the elves, all they do is sit around and wait to be conquered. And by the end of the series, it's like they're trying to show him wrong by throwing the elves in there. But, like I said, the elves were just kind of hanging around, not helping anybody. So that's really what a Mary Sue is.  They're amazing, so it's just dumb. And, I mean, there's something, a bit of a non-sequitur, I know, but, like, there's something about the races in the series where, like, the dwarves seem to be, like, this masculine ideal where they're, you know, they're really tough and gruff and they fight a lot and they have big beards and they're constantly being, I don't know, they just seem like a masculine ideal whereas the elves are, like, beautiful and intelligent and always looking for knowledge and basically they're more cerebral than the dwarves, so they're supposed to be, like, this feminine ideal, I guess. And I forgot where I was going with this, but I guess this might be an interesting essay topic or something one day because, I mean, I'm not going to jump to any conclusions here, but I will say that the elves didn't actually want to fight until they were forced to, so I don't know, what's that say? I don't know, I'm not, whatever, I'm not making any real statements on that, just whatever, whatever. Just people wanted rants, the elves and Ergon are obnoxious for all the reasons I just listed and that's it. Patron names here, woo, thanks, and it's a rant video, you don't need all your names said, bye.


The International Atomic Energy Agency has a new director-general. Rafael Mariano Grossi of Argentina was sworn in this week during a special meeting of the nuclear body's member states. I solemnly swear to exercise in all loyalty, discretion and conscience the functions entrusted to me. Mr Grossi was elected by the 35-member Board of Governors in October. Before he formally took office, he listed some of the priorities and challenges faced by the agency. To make sure that, first of all, we don't have any proliferation crisis. This is important. We also need, indispensably, to work in safety so that there are no accidents or that we minimize the possibility. And we also need to be ahead of the curve in terms of security. And we have to be an instrument for development in areas like medicine, agriculture, food security and others. Mr Grossi, an expert in non-proliferation, also discussed his plans for the organization, including its approach to Iran. We are going to continue working with impartiality, with the technical accuracy and with the, I would say, balance and efficiency that is expected from us. This is very clear. I think this is a formidable institution that is unique in that it has a mandate equal to none. We are relevant in medicine and we are relevant in issues of war and peace at the same time. This is unique.


Soldiers from the 173rd Airborne Brigade participated in a unique jump today in Latvia as part of the NATO Land Forces exercise. My name is Michael Charles Henry. I am the battalion command sergeant major for 1st Battalion 503rd Infantry Regiment. What we're doing here today is we're doing a paratroop operation over here on Unity DZ, over here in Latvia. Today we're doing it with UH-60s from 12th Combat Aviation Brigade.  But it's a lot of fun, so it's very different from a regular fixed wing aircraft. You have to jump out of the doors or over the ramp. This one you're just sitting there right in the doors and so it's a unique experience for the guys is you put six to eight paratroopers in there with a jump master and they get to sit out there and they're flying over, you know, flying over terrain waiting to approach the DZ and you have the wind in your face. It's a pretty neat experience for guys in a unique one that I'll remember. They're doing great. You can see it from here. Everyone's watching their buddies jump. As we go chalk by chalk, the guys are doing great. They're doing the right thing and most importantly is they're having fun and they're enjoying themselves with their Latvian and Canadian counterparts. It's training we need to do. It's fun and we're demonstrating commitment so you can't ask for more. Reporting for the 116th Public Affairs Detachment, I'm Army Sergeant Tyler Slutton.


We need to think about and plan for a united Europe, as if it were possible to create it immediately every day. We need to reject the ideas of those who put everything off until tomorrow. If things are genuinely possible, we can start to implement them today. On this very special day of Europe, I could not think of any more fitting way to start by using these words of Ursula Hirschmann. For those who do not know her story, Ursula Hirschmann was an architect and builder of today's free and united Europe. She resisted the rise of Nazism in Berlin in the early 1930s. She shaped the future of Europe on the island on Ventotene in the 1940s. She pioneered women's rights all across Europe. The courage of her actions and of her convictions helped to make Europe what it is today. And I start with this picture, because for Europe, the memory of our past has always framed our future. And that is all the more important at a time when the unthinkable has returned to our continent. Russia's flagrant attempts to redraw maps and to rewrite even the most tragic parts of our history have reminded us of the dangers of losing our grip on both our past and our future. On living in a perpetual present and thinking that things can never be different, that there cannot be better ways of doing things, and even worse, that things will always stay the same if only we do not change. That's so wrong. Standing still is falling back. But this conference has shown us that Europeans are determined not to make this mistake. You have told us that you want to build a better future by living up to the most enduring promises of the past, promises of peace and prosperity, fairness and progress of a Europe that is social and sustainable, that is caring and daring, just like Osula Hirschmann and all those who went before us. Ladies and gentlemen, this conference has spoken clearly. And I'm delighted to see so many of you here today. Through your 49 proposals and more than 300 measures, you have weaved and crafted a vision of a Europe that delivers on what matters most, that helps to make everyday life better. That is not confined to one place, but it is at your side when you need it. On everyday priorities, such as the air we breathe, or the food we eat, the education that we give to our children, and the houses that we bring them up in, it is a vision of a Europe that pulls its strengths and capacities and diversity to tackle the biggest challenges. From climate change, or nature loss, to pandemics, or security in our region, a Europe that has a stronger capacity to activate and uphold its values and the rule of law, a Europe that is able to provide for itself in vital areas, from energy to food, from materials, to medicines, from digital chips to green technologies, a Europe that delivers unique social protections and benefits all the way through these major transitions. Ladies and gentlemen, I want to address every single one of you who took part in this conference. Your message has been well received, and now it's time to deliver. That is what I promised when I stood for election in this very house two and a half years ago. And together we have proven that we can do just that, with the powers that already exist even amidst the pandemic or war, whether procuring billions of vaccines for citizens across Europe and our neighbourhood, or kick-starting the economy after the pandemic through next generation EU, whether setting an ambitious and legally binding path to climate neutrality, or setting rules of the game in the digital world, or supporting small businesses to retain their staff during the pandemic. None of this, none, would have been explicitly foreseen in the treaties. But it was possible, and we did it together, because Europeans expected their union to step up. So next month already, we will set out what is needed to bring your proposals to life and respond the best we can. In some areas, your proposals give us a push to speed up work already ongoing, for example on the European Green Deal, or on making society fairer. So that means accelerating negotiations on the fit for 55 package, so that we can boost renewable energies, that we can save energy, and finally wean ourselves out of fossil fuels it has to be. And it means ensuring that our proposal on minimum wages becomes law, so that work pays for all. In other areas, we have already started the work you have asked for. The health working group, for example, proposed creating a European health data space, which would facilitate the exchange of health data across borders. Well, my commission delivered last week with a proposal. And in the next weeks and months, we will bring out proposals you have been asking for. For example, restoring our nature, or cutting down waste from package, or banning products made by forced labor from entering our European market. On all of these upcoming ideas, we will look closely at your proposals so that we can best cater for what you have been asking for. The point is, there is already a lot we can do without delay. And that also goes for those recommendations which will need us to take new actions. So to make sure that we follow up swiftly, I will announce the first new proposals responding to your reports in my State of the Union address in September already. But my fellow Europeans, even beyond this, there is a need to go further. For example, I have always argued that unanimity voting in some key areas simply no longer makes sense if we want to be able to move faster, or that Europe should play a greater role, for example in health or defence after the experience of the last two years. And we need to improve the way our democracy works on a permanent basis. I want to be clear that I will always be on the side of those who want to reform the European Union to make it work better. The point is, you have told us where you want this Europe to go. And it's now up to us to take the most direct way there, either by using the full limits of what we can do within the treaties, or yes, by changing the treaties if need be. Ladies and gentlemen, dear fellow Europeans, democracy has not gone out of fashion, but it must update itself in order to keep improving people's lives. Those are the words of David Sassoli, a great European who stood here a year ago together with you, dear Antonio Costa, to launch this conference. We all miss him dearly, and I have a very special place for him in my heart today. And I feel pride that citizens from every corner of Europe have brought life to his vision of a vibrant and modern European democracy. We saw it in the national citizens' panels, such as those held right across France, and we saw it in the European citizens' panels, from Dublin to Natolin, from Florence to Maastricht. It connected men and women who have never engaged with Europe before. Different stories, different languages, different identities, but one shared future to build on. You have proven that this form of democracy works, and I believe we should give it more room, it should become part of the way we make policy. And this is why I will propose that in future we give citizens' panels the time and the resources to make recommendation before we present key legislative proposals. Because democracy does not end with elections, conferences or conventions. It needs to be worked on, nurtured and improved every day. We saw it in the grassroots events held right across Europe, whether debating biodiversity in Varna, gender-based violence in Lisbon, or democracy and subsidiarity in Budapest, and we saw it indeed in the image of Linda, the young mother, we saw earlier this day speaking about the future in this very hemicycle, withholding her baby born halfway through the conference. Ladies and gentlemen, this is the image I want us to celebrate on the 9th of May. An image far more powerful than any military parade and debate going up and down the streets of Moscow as we speak. And I want this image to remind us, to never ever take for granted what Europe is and what it means. Europe is a dream, a dream that always was, a dream born from tragedy. But today, that dream shines brightest, not only here in this historic place. It shines brightest in the hearts and minds of the people of Kyiv and Kharkiv, of Odessa and Mariupol. It shines brightest in the courage of those families and young people, bunkered down in subways and basements. It shines brightest of those mourning the senseless, mindless atrocities of Bucha and in Irpin and in every Ukrainian village and town struck by war. And it shines brightest in the eyes of all those young Ukrainians who have found refuge in Europe, a home away from home. Those people, my fellow Europeans, young and old, are willing to fight and to die for their future and for that dream of human. That dream that always was, that dream that must always be. So I want to finish with a message. This morning I had a video conference with President Zelensky and he wanted to virtually hand me over his answers to the questionnaire of the commission for the accession process he has applied to. It is more than 5,000 pages he handed over to me. And therefore I want to give a very special message to our Ukrainian friends and families. The future of Europe is also your future. The future of our democracy is also the future of your democracy. Seventy-seven years ago, war in Europe was replaced with something different. Something new, first a community, today a union. It was the day when the future began. It is a future that we have been writing together ever since, as architects and builders of Europe. And the next page, dear Ukrainian friends, is now being written by you, by us, by all of us together. Slava Ukraine, long live Europe.


Welcome to Toffy TV, it's my three things from Brighton 3 editant 2. Overall, overriding feeling is one of disappointments, a game. You know, we played, we were so bright and fresh in attacking last week. Manatee kept the same team. You know, apart from yet he mean it, he's been our best player this season. So obviously we were going to miss him. And we ended up throwing a game away that we should have won. We were in a position to win a game and it's not happened and it's frustrating. So the first thing I want to talk about is our mental strength, I suppose. It just seems like we haven't got any. It seems like the minute something goes against us, there's no resilience there from the team. Now, we conceded a goal from a free kick. Well, it, by Pascal Gross, it's a tremendously well, but the goalkeeper in my opinion should have done better. The fourth thing for us was that we equalised within a couple of minutes.  But the minute that penalty went in to go 2-2, there was an air of inevitability about us losing the game. Now, when I'm talking about mental strength on our travels, that should be the splay from the first whistle. That should be, we keep doing what we're doing. If we go behind, so be it, a game of football, but you know what can happen. You've got to continue to do the right things. I don't understand how we can play the same way as we do with Goulders and Park with the same players. Last week, we flew forward, we were incisive with our pass and we were on the front foot. And I know a lot of teams do this away from home, but that, to me, separates the really good sides from the average sides from the poor sides. You know, we've seen Lester City last week. Now, I've criticised, not criticised them, but I haven't bought into the hype with Lester City that some people have. However, what I would say is, last night, they were absolutely marvellous. They've gone away to Southampton, tough game, you know, could be a tricky game. All right, they've scored a goal on Southampton being reduced to 10 men, but they just continue to hammer them and hammer it and hammer it. And they win 9-0, you know, in incredible results. And they've had mental strength, they've been really good all season, some fair play to them, you know. And they look at the moment, the best of the rest after City and the people.  And I just don't think everything do that. I don't know whether it comes in the manners yet, or whether it's the players. I don't know, or a bit of both, but whatever it is. We've had this problem for a few years now, our waveform has been shocking. And it is a case for me of, I don't know how you instill that in a team. Because the minute anything goes against us, we crumble. Is it leaders? I don't know maybe. But as a team, how are we so easy to beat? Because we are, we're very, very easy to beat. We're not getting battered by teams, but we're losing games. And that to me, we're losing. We've played Palace, we've played Villa, we've played Sheffield United, Bournemouth, we've played Burnley, we've played Brighton, you know. And the only one we haven't lost out of all in is Crystal Palace. If we've got a month soon coming up, we've got Liverpool Arsenal, Chelsea, United City. And yet we can't compete with these other teams. It's something that's got to change. I don't know how you do it, but something's got to change. Secondly, I want to talk about Jordan Pickford, because the dip has happened again with him today for me. That first goal is atrocious from him, England's number one. He gets a good sight on it, it goes through his fingers. And just really, for me, we need him in big moments. We've seen him make brilliant saves, absolutely incredible saves. You made a brilliant one last week against Westam, but today, I don't know just something about that first goal. I don't know, it frustrates me Jordan, because I think he's got everything to be one of the top keepers in your, in my opinion. But just little things like that today, they're the big moments you need to keep it to pull you out of trouble. We've seen Matt Ryan in the first half, make it, I think it was a wobby. I did the cross, they hit someone and he's down sharp and he makes a save. Over the gun him, you couldn't have blamed him, it happened that quickly. But they're moments when you make big saves and it gives your team, keeps your team again. And we've had them for Jordan Pickford, we've had some big moments, but times like today where it's gone through him, I just wonder about what his concentration is. To me, the ball went through the middle of the ball, he shouldn't be getting beef from there. It was well hit, but come on. He'll say, ah, the shots are not in training. So that to me is frustrating today from Jordan. I don't think he was at his best at all. And the third thing, the third person I have to talk about really for me was Michael Keane, who is the senior of the two centre backs today with him and Mason Holgeith. And I thought he just looked. I'm not blaming him for the penalty. The penalty is by the by. That's something that, you know, the referee didn't give so normally. You know, you'd get away with that. He's looking at the ball, he catches the lap, but they're looking at the ball. So is it a foul if there's contact made when you're watching the ball? Do you know what I mean? So I'm not talking about that, but I'm just talking about his general demeanour, his general play. Now I defended them all last season because I thought he had a good season and I think he's a good defender. You know, he's a decent defender, but today I'm just lightly, he can tell he's having to think about everything he does. Instead of just, when he was on form last season, he just went out and defended and he just played the game and he was looking good. He was solid. You know, no one really, you know, got anywhere with him. He made a brilliant challenge against Salah when it was a certain goal and the Neil Millard Gouldersen and things like that. He made some key moments last season, but this season, he just looked off it. And it's been since that England game, not the last one, which he didn't have a great game, the break before, when he gave the goal away. And even though he set a goal up immediately, it's all, it's like, it seems. I don't know him, so I don't know, but it seems like he's just knocked over it and his form is causing issues, I think, in that back four as well, because he should be like a leader for us. And another one today, which I thought was really pobysant aigolmes, who was marvellous last week, but I thought today, just looked off it. You know, a lot of them, to be fair, looked off it today. But there are three things from today, I don't really know what else to say. So check out the Matri actions and have a great weekend. See you later.