I was always a hyperactive student, was having problems with reading an entire textbook, or paying attention at the classes. Deep inside I knew I loved learning new things, but couldn't connect with the system. economics was my favorite subject. Your videos literally changed my life, May God give you more fame and fortune to finally help the entire world get educated- from India
8 years ago lol. How are you doing now, what did you majored in, im in freshman college year and don't know what to major in :(. im thinking accounting but my friends are insisting to take CS. idk what to do
@@shinwooyeo3291 im majoring in accounting and if you can handle the stress and manage your time well, as well as having a job/future youd like to pursue, im telling you to go for it. dont major differently just because your friends tell you so, they will play no role in your future (having a family, giving back to your parents etc). do it for u, not the ones around you youll do great, all the best
So you have ADHD and or are Autistic or both like me it sounds. You are probably very intelligent. We would have made awesome Hunter Gatherers. I love learning. I know I;m smart, but its a struggle using conventional miens. I read in intermittent chunks. Some days are better than others. Only so many spoons in a day.
@Prodigal Stunna 2011 I swear my professor explains the easiest things to understand in such a way that even people with above 400 IQ won't be able to understand.
If I were to rate Khan academy, I would say it is a miracle for students like those who wants to learn but conventional ways of teachings are not their style. Therefore Khan Academy has made knowledge and education easier for us, in a far more interesting and easy way, it has simplified many complex ideas for every type of Mental capability of students. Thank you Khan Academy!!! You are awesome! 100/100!
+abo0od1996 Unfortunately a degree in "Watching all the Khan Academy videos on economics from youtube" holds a little less value than a degree in economics from a university.
+The Dude the value that you mean exist only in the mind of what i call the "resist to change " traditional people (which i don't argue is still most of the people in the world) that still holds the thought that uni degree matters. but some people like elon musk, bill gates, sergey&larry, zuckerberg, peter thiel and more of them are already passing those thought and focus on other values in a person. even mr.thiel encourage college student to drop out and pursue their idea with $100.000 funding. all i'm saying is as a younger and more open-minded generation we shouldn't think that uni degree is a very important value cause there's still a lot more other value out there that can be chase with less money. learning through khan academy is one of it
+kannequi // don't get me wrong, i'm a university student. what i meant is that for the less fortunate or people that wants to chase their pursue but doesn't have time for college/uni. khan academy is a good way to go. also khan academy is a great compliment to traditional studying, i passed linear algebra test by watching their vids.
this was the thing I hate most about economics and finance, there is one concept that is called different things, but all the differents things refer to the same concept, why can't they just stick with one word lol
I love how childish the examples are of objects that Khan does comparisons with. There is no complex fluff, just what you need to know. Thank you so much Khan Academy for another great video!
I think this video that is showing college work is basically common sense because if you spend more time playing video games less time you have to study... My point is that kids could understand this from 6-12 grade
your explanation is so cool, my english is not so good, and my bachelor is literature, but your video helps me a lot to under my master degree class, thank you so much!!!!!!!
Lol, I'm in macroeconomics right now and we've mainly been dealing with fish. By making 3 fishing spears in one day, you have no time to fish. Much worse than no rabbits :P
The guys voice though! I feel like walking around saying "you have no time for rabbits" and expecting all my friends to recognize this inside joke but no one will! (except you, I guess).
While the Production Possibilities Frontier (PPF) is a valuable tool for understanding trade-offs and resource allocation in economics, it's essential to approach it with a measured perspective. The PPF makes certain simplifications and assumptions to provide a clear representation, but these should be acknowledged. Its static nature assumes other factors remain constant, and it doesn't account for dynamic changes over time, such as technological advancements or shifts in resources. Additionally, the PPF assumes consistent, identical and interchangeable resources, which might oversimplify the diverse nature of inputs in real-world production. Not to vilify it, the PPF is a great and useful model, but it does make assumptions that you should take with a grain of salt, as Sal mentioned in the Khan Academy video focused on economic models.
I just repeated what my latin teacher told me five years ago, so I guess there's a good chance that you're right. Well, you always learn something new. ;-)
It's a very common thing that I've observed amongst our grownups - the tendency to use all caps for emphasis. It's really not a good idea - it's like using a red marker in some wonderful kid's beautifully maintained pencil written notebook. I appreciate the sentiment of online videos being useful, and I echo it. Regards!
I can't believe I understood this, and I WOULDN'T have been able to get the concept without my friend helping me. He's a Hedge Funds Manage and a broker. He's also been a Trader and Broker for an insurance company.
Sir can do your curser a little big next time & in stick form because in that dot curser form, I was having the problem to catch him in the half of the video while reading subtitles.... Thank you Sir! 🙏
Tom is a full-time lecturer at a private higher education institution and is considering a career in carpentry. He wishes to pursue a career in carpentry (a childhood dream) which he has studied part-time and is now equipped to take on clients. In his current position he earns a rate of R1000 per day and if he were to pursue a career in carpentry he would earn R800 per day. Due to the flexibility of the employment conditions at the higher education institution he works for, Tom can negotiate the number of days he works at and will receive a rate of remuneration based on the number of days worked. Question 1 1.1 Construct a production possibility frontier to illustrate Tom’s earnings potential between the two careers if initially he was not working as a carpenter, then he worked one week per month, then two, then three and finally four weeks per month (assuming only four weeks in a month). (5 marks)
1.2 Discuss the underlying assumption of the shape of the above drawn diagram and comment on how likely this could be true with respect the above scenario. (6 marks)
1.3 Discuss a factor that would lead to an outward shift of the diagram drawn in 1.1 and illustrate this on the diagram drawn. (5 marks)
1.4 Discuss a factor that could lead to an inward shift of the curve drawn. (4 marks) 1.5 In the labour market for carpenters, the current market clearing wage rate is R800 per day. With the aid of a diagram, discuss the welfare effects of government intervention in the form of legislation that sets the minimum wage rate for a carpenter at R1000 per day. HOW DO I SOLVE THIS ON A PPF?
@ilikeknifing777 I understand how you are misunderstanding, because many students initially think like you do. However, it is very important to realize that maximizing the percentage of the maximum is unlikely to maximize your happiness, or your profit, or whatever goal we might have in producing these goods. For example, if we could sell rabbits for $10 and berries for .05 each, then A is best. But if rabbits sell for 5 and berries for .10 each, then F would be the best.
Khan actually forgot to define what economics is!. Maybe he assumed it's self explanatory but what makes Sal a phenomenal teacher is that he doesn't usually make such assumptions!.
This seems EASY compared to what my friend's been telling me LATEly. I never heard of a Misery Index in my life. Tribal Assets either. Although I have almost no idea what a Misery Index is, I find it easier to understand than tribal assets.
One little correction my friend, you can't assure that the optimal solution is on the frontier of this constraint since you don't know all the constraints of the system, e.g. if there is a constraint on the demand, which frontier is under the frontier of this capacity constraint then the optimal solution will be under the production possibilities frontier. The only case in which you can categorically assure that the optimal solution is in this frontier is in systems where there are no any other constraints. Regards.
Why have you decided on a 20 berry decrease every time you allocate more time to getting berries? I don't get why hunting for 3 rabbits instead of 4 would only get you 180 instead of 200...
+Dhanu Le Noury Yeah, but Ceteris Paribus... Everything else is equal ? Meaning you have same amount of energy and same amount of everything, it's just that the variable of the rabbits change. So I think he made a mistake or something, It doesn't seem clear to me as well
Covering distance, break/sprain a leg one day, etc. Not everything can be defined by _predictable_ y=x production. Basically, this is where mathematics meets hypotheticism.
It's a concept called diminishing marginal returns. The more time you give up of one thing to get another, you gain less and less. Here if you look from scenario A to F, the number of berries you gained by progressively giving up a rabbit diminishes. Therefore it is convex by nature.
I was seeing mine country (Ethiopia) videos about economics as this is my first time learning economics, I see difference between Ethiopians and Khan (what a shame Ethiopia ) Anyway thanks sir.
I was always a hyperactive student, was having problems with reading an entire textbook, or paying attention at the classes. Deep inside I knew I loved learning new things, but couldn't connect with the system. economics was my favorite subject. Your videos literally changed my life, May God give you more fame and fortune to finally help the entire world get educated- from India
8 years ago lol. How are you doing now, what did you majored in, im in freshman college year and don't know what to major in :(. im thinking accounting but my friends are insisting to take CS. idk what to do
@@shinwooyeo3291 im majoring in accounting and if you can handle the stress and manage your time well, as well as having a job/future youd like to pursue, im telling you to go for it. dont major differently just because your friends tell you so, they will play no role in your future (having a family, giving back to your parents etc). do it for u, not the ones around you
youll do great, all the best
@@shinwooyeo3291 do what u want. Your friends will be dead one day, and you will have to make your own decisions then. So strartr now
So you have ADHD and or are Autistic or both like me it sounds. You are probably very intelligent. We would have made awesome Hunter Gatherers. I love learning. I know I;m smart, but its a struggle using conventional miens. I read in intermittent chunks. Some days are better than others. Only so many spoons in a day.
@@shinwooyeo3291 im in the same situation rn
His video makes you realise how incompetent some uni professor are...
@Prodigal Stunna 2011 I swear my professor explains the easiest things to understand in such a way that even people with above 400 IQ won't be able to understand.
This video was literally assigned by my professor 😅
Still the same 1y later
*the majority
True
When UA-cam teaches you more in 6mins than your teacher has taught you in 4 months
YOU HAVE GOT TO BE KIDDING ME! you made this playlist after my economics exam! :(((
hi from 2020 :)) Did u graduate?
@@elifberraverdi9847 he unfortunately died 😓
Probs failed cause he didn’t have Khan Academy to save his semester
@@elifberraverdi9847 asla cevap alamazsın 😄😅
@@hippieros5663 yes maybe 🗿
Sir, you represent an infinite production possibilities frontier! Thank you so much for that elaborate and clear explanation!!!
I've applied these microeconomics lessons to playing Age of Empires, and now I'm a pro.
Woah
If I were to rate Khan academy, I would say it is a miracle for students like those who wants to learn but conventional ways of teachings are not their style. Therefore Khan Academy has made knowledge and education easier for us, in a far more interesting and easy way, it has simplified many complex ideas for every type of Mental capability of students. Thank you Khan Academy!!! You are awesome! 100/100!
why should we go to university if there is khan academy
True!!!!! I learn more here than I do at school lol
+abo0od1996 Unfortunately a degree in "Watching all the Khan Academy videos on economics from youtube" holds a little less value than a degree in economics from a university.
+The Dude the value that you mean exist only in the mind of what i call the "resist to change " traditional people (which i don't argue is still most of the people in the world) that still holds the thought that uni degree matters.
but some people like elon musk, bill gates, sergey&larry, zuckerberg, peter thiel and more of them are already passing those thought and focus on other values in a person. even mr.thiel encourage college student to drop out and pursue their idea with $100.000 funding. all i'm saying is as a younger and more open-minded generation we shouldn't think that uni degree is a very important value cause there's still a lot more other value out there that can be chase with less money. learning through khan academy is one of it
+Rizky Octavianto Yeah, but with a uni degree, you have more opportunities open for you.
+kannequi // don't get me wrong, i'm a university student. what i meant is that for the less fortunate or people that wants to chase their pursue but doesn't have time for college/uni. khan academy is a good way to go. also khan academy is a great compliment to traditional studying, i passed linear algebra test by watching their vids.
keep in mind, "Production Possibility Frontier"
Is also called "Production Possibility Curve"
Not sure why, but yea...
this was the thing I hate most about economics and finance, there is one concept that is called different things, but all the differents things refer to the same concept, why can't they just stick with one word lol
@O2 it is also known as the Feasible Frontier
its also called a transformation curve. *smh*
Also a production possibility boundary or an opportunity cost curve
I also noticed this
I love how childish the examples are of objects that Khan does comparisons with. There is no complex fluff, just what you need to know. Thank you so much Khan Academy for another great video!
Every structure originates and therefore is built with simple elements. And there is nothing childish about hunting rabbits and picking berries.
watching this in 2018.. I'm taking micro at the moment. I just want to say, I love your videos! They are so helpful. Thank you so much!
I think this video that is showing college work is basically common sense because if you spend more time playing video games less time you have to study... My point is that kids could understand this from 6-12 grade
YES!!! I'm an SI Leader for microeconomics at Kent State, and these videos will be SO HELPFUL!!!
your explanation is so cool, my english is not so good, and my bachelor is literature, but your video helps me a lot to under my master degree class, thank you so much!!!!!!!
"You have no time for Rabbits" - The best way to study microeconomics. :)
Lol, I'm in macroeconomics right now and we've mainly been dealing with fish. By making 3 fishing spears in one day, you have no time to fish. Much worse than no rabbits :P
The guys voice though! I feel like walking around saying "you have no time for rabbits" and expecting all my friends to recognize this inside joke but no one will! (except you, I guess).
The 'A' in the video is of different color than the '5' and '0' and it's eating me up inside!!!
OMG he just fixed it.
I absolutely love watching your economics videos.
I hate economics, but because i dont understand and tomorrow was quiz, so i have to
About to go to college, this is a great way to "refresh" my mind. I appreciate all the videos, thank you so much.
Founder of khan academy (sir) is an expert of Economics.
Another name for production possibility curve is also transformation curve, used to illustrate the theory of opportunity cost.
this video saved me during my first economics seminar
Growth of resources and improvement in technology can cause a rightward shift in the production possibility frontier .
KEEP THIS UP FOR WE POOR STUDENTS LIVING IN RURAL AREAS....
I signed up for Econ 200 at University Washington
2nd class and I knew where to come for a good lesson
Thank you for your help.
omg !!!!!!!!!!!!!!!!!!! i've just discovered these videos about microeconomics !! i'm so exited how come they're not on the khanacademy website ?!!
This video helped me a lot even after 12 years!
same 😅
I'm so happy you started Econ video series. Please do as much as possible. :)
While the Production Possibilities Frontier (PPF) is a valuable tool for understanding trade-offs and resource allocation in economics, it's essential to approach it with a measured perspective. The PPF makes certain simplifications and assumptions to provide a clear representation, but these should be acknowledged. Its static nature assumes other factors remain constant, and it doesn't account for dynamic changes over time, such as technological advancements or shifts in resources. Additionally, the PPF assumes consistent, identical and interchangeable resources, which might oversimplify the diverse nature of inputs in real-world production. Not to vilify it, the PPF is a great and useful model, but it does make assumptions that you should take with a grain of salt, as Sal mentioned in the Khan Academy video focused on economic models.
Hunting berries lol, GET THEM THEY'RE ROLLING AWAY!
I just repeated what my latin teacher told me five years ago, so I guess there's a good chance that you're right. Well, you always learn something new. ;-)
i used these videos before for class now i use them to sleep! multi purpose! awesome
It's a very common thing that I've observed amongst our grownups - the tendency to use all caps for emphasis. It's really not a good idea - it's like using a red marker in some wonderful kid's beautifully maintained pencil written notebook.
I appreciate the sentiment of online videos being useful, and I echo it. Regards!
my microecons final is tmrw you are a blessing
Thank you so much a lot of love from my side.... These models confused me a lot and i have paper after 2 days may Allah bless you...
Jesus is the Only Way, the Truth and the Life!
Well I just found a way to spend two days of the quarantine. Its been a few years since school, this should act as a refresher and a learning tool.
Make more microeconomics please.. such as. Elasticity and types of Elasticity, rules Demand Schedule, Market, etc.. TY Good Job!!
his videos help me understand so much better. he cracks me up worrying about his colors though lol
bless this channel
Thanks khan academy
salman khan is the best tutor in the world... i apreciate their teaching style... thanks khan academy...
viewer from Bangladesh....very effective to learn....I am a fan of Khan Academy as usual :D
I can't believe I understood this, and I WOULDN'T have been able to get the concept without my friend helping me. He's a Hedge Funds Manage and a broker.
He's also been a Trader and Broker for an insurance company.
2 hours of my lecturer explaining about this, and i still couldnt get it, until khan academy showed it
I love Kahn academy! Been here from the start!
I hope I never hear the words "rabbit" and "berries" again..
coolest explanation 🎉
Thanks i have exams in an hour
I'm gonna rely on Khan Academy for my Econ from now. It's so much easier.
thank you so much this really helped A LOT!
great explanation! wish me luck for my eco test tmrw :*)
Khan academy you ARE BEST
Awesome, thanks Khan Academy
do you guys ever wonder how smart this guy is
Sal, you rock!
I'm watching these for my Macroeconomics class, but I'm watching it on Double Speed and I'm dying.
Robert Roseberry hope you did well
Sir can do your curser a little big next time & in stick form because in that dot curser form, I was having the problem to catch him in the half of the video while reading subtitles.... Thank you Sir! 🙏
panday ji aakh check krvayo
This video is very helpful for me thanks to khan academy
some times i wonder why i attend 2 hour lectures when khan does the same thing in 2 minutes
Simply, loved it.
this man should get a noble price!!!!
I love the way he says "berries."
Fantastic explanation
I LOVE YOU KHAN ACADEMY !
Thanks a lot.........it is really very helpful 😃
Tom is a full-time lecturer at a private higher education institution and is considering a career in carpentry. He wishes to pursue a career in carpentry (a childhood dream) which he has studied part-time and is now equipped to take on clients. In his current position he earns a rate of R1000 per day and if he were to pursue a career in carpentry he would earn R800 per day. Due to the flexibility of the employment conditions at the higher education institution he works for, Tom can negotiate the number of days he works at and will receive a rate of remuneration based on the number of days worked.
Question 1 1.1 Construct a production possibility frontier to illustrate Tom’s earnings potential between the two careers if initially he was not working as a carpenter, then he worked one week per month, then two, then three and finally four weeks per month (assuming only four weeks in a month). (5 marks)
1.2 Discuss the underlying assumption of the shape of the above drawn diagram and comment on how
likely this could be true with respect the above scenario. (6 marks)
1.3 Discuss a factor that would lead to an outward shift of the diagram drawn in 1.1 and illustrate this on
the diagram drawn. (5 marks)
1.4 Discuss a factor that could lead to an inward shift of the curve drawn. (4 marks)
1.5 In the labour market for carpenters, the current market clearing wage rate is R800 per day. With the aid of a diagram, discuss the welfare effects of government intervention in the form of legislation that sets the minimum wage rate for a carpenter at R1000 per day.
HOW DO I SOLVE THIS ON A PPF?
Watching this after graduating 😂😂😂 opening books once again is horrifying, this does help in excellent way during revisions...
i'd like to see some tutorials on personal motivation and procrastination. that'd be awesome
You are amazing❤
Sal Khan, God bless you!!!!!
Hello Sal, please sequence the videos with numbers for each category. regards
@ilikeknifing777 I understand how you are misunderstanding, because many students initially think like you do. However, it is very important to realize that maximizing the percentage of the maximum is unlikely to maximize your happiness, or your profit, or whatever goal we might have in producing these goods. For example, if we could sell rabbits for $10 and berries for .05 each, then A is best. But if rabbits sell for 5 and berries for .10 each, then F would be the best.
this is freaking awesome dude!
Thanks 🙏🏻
thanks to khan Academy..
this is like my uni lectures but 1000 times more concise
How do you know which axis to but each variable?
1:40
"Not changing the amount of time hunting rabbits or hunting berries"
"hunting berries"
"berries"
lol wut?
Thoose dastardly berries should just accept their fate and let themself get caught.
this is good video explained clearly
I failed microeconomics and now in Economic Issues x3
You are gonna help me so much.
Khan actually forgot to define what economics is!. Maybe he assumed it's self explanatory but what makes Sal a phenomenal teacher is that he doesn't usually make such assumptions!.
thank you for the help !
you should upload videos on accounting and taxes/the irs. and how to prepare taxes on all sorts of forms. Thanks.
thanks for the video,needed that..need more on the supply curve and demand cure,the equilibrium.thanks
Also uploading videos on investing too. Thanks.
FINALLY! I understood
This seems EASY compared to what my friend's been telling me LATEly. I never heard of a Misery Index in my life. Tribal Assets either.
Although I have almost no idea what a Misery Index is, I find it easier to understand than tribal assets.
I put PPF curve on my naan bread to dip in my butter chicken curry. So spicy. Mmmm.
One little correction my friend, you can't assure that the optimal solution is on the frontier of this constraint since you don't know all the constraints of the system, e.g. if there is a constraint on the demand, which frontier is under the frontier of this capacity constraint then the optimal solution will be under the production possibilities frontier. The only case in which you can categorically assure that the optimal solution is in this frontier is in systems where there are no any other constraints. Regards.
Great khan sir
we must petition for a NP in teaching.
I have an exam tmr you saving me rn😭
thanks alot sir
what program does khan use for his videos any idea?
Why have you decided on a 20 berry decrease every time you allocate more time to getting berries? I don't get why hunting for 3 rabbits instead of 4 would only get you 180 instead of 200...
+Dhanu Le Noury Yeah, but Ceteris Paribus... Everything else is equal ? Meaning you have same amount of energy and same amount of everything, it's just that the variable of the rabbits change. So I think he made a mistake or something, It doesn't seem clear to me as well
Covering distance, break/sprain a leg one day, etc.
Not everything can be defined by _predictable_ y=x production.
Basically, this is where mathematics meets hypotheticism.
Dhanu Le Noury berries and rabits have no physical value. They are just names. Tomorrow, he would replace it with some other words.
Daniel Waring
law of diminishing returns
2 years and no answer!! I wondered this ad well. The math doesn't add up.
waaaaw! wonderful!!!
does PPF have to be curved? what defines if it curves convace or convex
It's a concept called diminishing marginal returns. The more time you give up of one thing to get another, you gain less and less. Here if you look from scenario A to F, the number of berries you gained by progressively giving up a rabbit diminishes. Therefore it is convex by nature.
I was seeing mine country (Ethiopia) videos about economics as this is my first time learning economics, I see difference between Ethiopians and Khan (what a shame Ethiopia )
Anyway thanks sir.
The concept of a production possibilities frontier seems very similar to isocost curves. Are these concepts equivalent?
My exam savior 😂😭💜
\the best way to learn !!