I know it been two years this video being uploaded but I'm still using it as we approaching 2022, where imma be starting my Bcom in Economics at University of KwaZulu Natal....always wanted to be ahead of lecturer in all cost and all thanks to you guys for your time, effort and dedication... It means alot, not only for those in current studies but for everyone including the upcoming students.... Thank you so much my African brothers n sisters, I'm watching from Durban, South Africa 🙏❤️
I think the issue of 'alternative uses' isn't well explained. The alternative uses in Robinson's definition are linked to resources, but not the final products like Pepsi and Cock as you've stated. For example, land, as a resource, isn't abundant in supply and it can be used for different purposes such as building a house, a market, and more. Now, using land to build a house will make us unable to use it and build a market at the same time. This means resources as factor inputs have opportunity costs. The same treatment goes for labour and capital. In essence, as far as Robinson's definition is concerned, alternative uses apply to 'factor inputs', not the output - the likes of Pepsi and Cock as you have alleged. Thank you.
I know it been two years this video being uploaded but I'm still using it as we approaching 2022, where imma be starting my Bcom in Economics at University of KwaZulu Natal....always wanted to be ahead of lecturer in all cost and all thanks to you guys for your time, effort and dedication... It means alot, not only for those in current studies but for everyone including the upcoming students.... Thank you so much my African brothers n sisters, I'm watching from Durban, South Africa 🙏❤️
I think the issue of 'alternative uses' isn't well explained. The alternative uses in Robinson's definition are linked to resources, but not the final products like Pepsi and Cock as you've stated. For example, land, as a resource, isn't abundant in supply and it can be used for different purposes such as building a house, a market, and more. Now, using land to build a house will make us unable to use it and build a market at the same time. This means resources as factor inputs have opportunity costs. The same treatment goes for labour and capital. In essence, as far as Robinson's definition is concerned, alternative uses apply to 'factor inputs', not the output - the likes of Pepsi and Cock as you have alleged. Thank you.
The title of the course in the description is different from what is being taught... Please, update the caption. thanks
Noted.....It has been done. Thanks
Public finance please!!