I can’t believe I actually watched the whole thing of this your lighting academy video. Because I have never done a thing with lighting and have no clue what so ever.
But by watching this and hooking up some of the terms of baked, dynamic and static lights it all actually made sense somehow in the end.
I am a bit confused still tho. Can you answer me this if this is true or false?
Static lights: Bakes the materials/textures of meshes and stuff to give a more detailed and ‘better’ look overall, but takes up a lot of memory.
Dynamic lights: Takes point in the action and lights upon the stuff that is actually in its radius.
If it is false, can you try and tell how it works in short? Because I have no experience with this at all, but just want to learn. 
Great video and great work dude. I realize now that guys like you make the gaming experience top!