I have a macro exam tomorrow and have been confused on this concept for weeks! Thanks for breaking it down so easily. It makes much more sense this way!
I just started an econ class and when the prof. asked us to find the o.c I saw all my peers start working it out and were done quick while i had no clue and was lost on how to do it. Thanks to this video i finally understand it. Very helpful video, thank you!
Wow! I had such a problem with comparative advantage until this video!! Thank YOU! I really dislike comparative advantage but you literally guided me step by step in the process so now I finally, FINALLY was able to grasp it!! Thank youuuu :)
I hate to be repetitive, but just like the other comments, I was still a bit cloudy with comparative advantage, as well as opportunity costs. (what gets divided by what) Both videos made that click in my head ("light switch" if you will) and allow me to continue my econ class with more confidence. Thanks a ton! The tables were a perfect visualization for me!
Thank you. This is so much better. I was using percentage difference before which gets me confused especially in situation where the final output result is negative
I agree! I taught it with the percentages one time (it was in the curriculum like that) and it was a mess. I should try to think about the best way of that approach and do a video, just to sort it out in my own head! Glad the video helped though, good luck with your study :)
Hi Cristobal. You can always find the range of prices by looking at the range of opportunity costs for each good. Let's take radios. Jack will sell radios since he has CA in the production of radios. The minimum he will sell radios for TV's is his O.C. (1.5 tv's). He won't sell radios for any less than that since if the price of radios was lower than 1.5, his own O.C of making radios would be less than the price. Likewise, Mary's O.C of making 1 radio is 3 TV's. so she will never pay more than 3 TV's for a radio - she would be better off making it herself rather than trading. Same reasoning for price of TV's. Hope that helps!
Good question! 4/6 = 2/3 because in this case I divided both the numerator and denominator by 2. Likewise 3/9 = 1/3 because I just divided both the numerator and denominator by 3. These are called "equivalent fractions", they are the same value, just expressed in a different way. As a general rule, to get an equivalent fraction, if we do something to the numerator, we need to do that same thing to the denominator (and visa versa with denominator/numerators). So 1/2 is equivalent to, i.e = to, 2/4 because I can turn 1/2 into 2/4 by multiplying both the numerator and denominator by 2. I don't have a general video on fractions but this might help: ua-cam.com/video/zVOl7n15WUk/v-deo.html
Sorry you are having trouble. As another example I go through opportunity cost again here: ua-cam.com/video/ciju8hN3ius/v-deo.html. One thing that might help is that remember we are thinking about very simple economies that can only make 2 goods. It's unrealistic but it's just a model to capture a core point: comparative advantage is having the lowest opportunity cost. If you have any questions feel free to ask here.
I have a macro exam tomorrow and have been confused on this concept for weeks! Thanks for breaking it down so easily. It makes much more sense this way!
Wow I hope it went well!!! Thanks for the comment and good luck with your study :)
Your videos are so helpful whenever I need a quick reminder on a topic. Thank you!
You are so welcome, thank for the comment! Hope your study went well Alex!
I just started an econ class and when the prof. asked us to find the o.c I saw all my peers start working it out and were done quick while i had no clue and was lost on how to do it. Thanks to this video i finally understand it. Very helpful video, thank you!
I think we have a similar brain that’s exactly how I felt 😂 took me ages to figure out. Glad you got there!
Thank you for simplifying this. My brain has been overcomplicating this and now I get it.
You are so welcome! It can be a tricky concept to get your head around, it took me ages! lol
Wow! I had such a problem with comparative advantage until this video!! Thank YOU! I really dislike comparative advantage but you literally guided me step by step in the process so now I finally, FINALLY was able to grasp it!! Thank youuuu :)
Great to hear! I had heaps of trouble with this too when I first started learning micro 😆
I’m still confused
@@crossxl5328 which bit? I'll try to help
Oh my gosh. I have struggled with this for so long, and this has finally helped me understand this concept. Thanks for uploading this!
You're very welcome! So happy to help, thanks for the comment!
YES! I have been so confused and genuinely nothing has been able to help. This video did it queen, keep slaying miss econhelp
studying for my econ exam, thank you so much for this! you made this concept so easy to understand in just 5 minutes :)
It took me a\ages to get this at first. I'm glad you liked my way of thinking about it! Good luck with your study :)
same boat, homie
Thank you for this I have my A-level macro exam tomorrow and this explained the concept so well
Glad it was helpful! Good luck with your exams I hope you did well ❤️👍
GUrrrrl you saved my life, god blesssssss! love you..
you are literally Godsend ! ty so so much!!
best explanation ever , thank you
Insanely good explanation. Thank you so much!
Thanks for the comment!! So glad the video helped!
Bless your soul. Thank you.
Thank you SO much! I was completely lost thinking about it in class but now it’s easy! Thank you!
No worries! Thanks for the comment, good luck with your study 📚👍😀
@@econhelp_official Thank you! 😄
thank you so much this video has helped me a lot I've been looking for a video for ages to explain this and I found it can't thank you enough
Glad it helped! I went for about 1 year being confused about this haha it was so frustrating.
Splendid. Thanks a lot, your efforts are much appreciated!
So nice of you to say! Good luck with your studies!! 😊
I hate to be repetitive, but just like the other comments, I was still a bit cloudy with comparative advantage, as well as opportunity costs. (what gets divided by what) Both videos made that click in my head ("light switch" if you will) and allow me to continue my econ class with more confidence. Thanks a ton! The tables were a perfect visualization for me!
No worries! I'm so glad to be able to help and I hope you enjoy your class. Thanks for the comment :)
Thank you. This is so much better. I was using percentage difference before which gets me confused especially in situation where the final output result is negative
I agree! I taught it with the percentages one time (it was in the curriculum like that) and it was a mess. I should try to think about the best way of that approach and do a video, just to sort it out in my own head! Glad the video helped though, good luck with your study :)
You made this so simple to understand thank you!
Welcome 🙏 thanks for the comment 😀
i got puzzled about understanding the calculation. your explanation was clear and concise. thank you so much!
No worries! Good luck with your studies!
I love you so much for this
Thank you for such a great video. Simple and informative video. That was Superb.
So nice of you, thanks so much, I hope you do well in your studies!
I have been so confused on this concept and this cleared it up, thank you so much
Glad it was helpful! ❤️❤️
Please make more of these practice videos, really helps alot!!!
Glad you like them! Will do!
studying for my econs exam rn, and this has helped so much! thank you :)
You're welcome! Thanks for the comment and good luck! I'll cross my fingers and toes for you :)
Thank you so much i have a lot of doubt now after watching your vedio i clear everything ❤️❤️❤️❤️❤️ thank you lots of love 😘😘
Most welcome 😊 thanks so much for the comment!
great. studying for a midterm, this was really helpful :)
Good luck!!!!!!! Thanks for the comment 😍
Awesome video
Thanks for watching and for the comment!!
Thanks a lot its so helpful
Good to hear! 😊 Thanks for the comment, good luck with your study!
Thankyou, it really helps me. 😘
You're welcome Rachel! Thanks for the comment! :)
Wonderful explanation
Glad you think so! Thanks so much for the comment and good luck with your study!
Nice video. How can i know the price range they will accept to exchange goods?
Hi Cristobal. You can always find the range of prices by looking at the range of opportunity costs for each good. Let's take radios. Jack will sell radios since he has CA in the production of radios. The minimum he will sell radios for TV's is his O.C. (1.5 tv's). He won't sell radios for any less than that since if the price of radios was lower than 1.5, his own O.C of making radios would be less than the price. Likewise, Mary's O.C of making 1 radio is 3 TV's. so she will never pay more than 3 TV's for a radio - she would be better off making it herself rather than trading. Same reasoning for price of TV's. Hope that helps!
@@econhelp_official Thanks, very helpful!
Omg you saved me thank you!!!
I'm so glad! Good luck with your study!
Hello, quick question. Would “a fixed amount of labor hours can produce:” be an output question? Ty in advance
I would say Yes, seems to be concerning how much product you get
Thank u so much!
You're welcome! Thanks for the comment!! :)
you are the best
No, you are!!! (Thanks for the comment ❤️❤️)
How can you come up for 4/6=2/3 and 3/9=1/3
Good question! 4/6 = 2/3 because in this case I divided both the numerator and denominator by 2. Likewise 3/9 = 1/3 because I just divided both the numerator and denominator by 3. These are called "equivalent fractions", they are the same value, just expressed in a different way. As a general rule, to get an equivalent fraction, if we do something to the numerator, we need to do that same thing to the denominator (and visa versa with denominator/numerators). So 1/2 is equivalent to, i.e = to, 2/4 because I can turn 1/2 into 2/4 by multiplying both the numerator and denominator by 2. I don't have a general video on fractions but this might help: ua-cam.com/video/zVOl7n15WUk/v-deo.html
What is the second table?
Opportunity costs
Love you a lot❤
Aw thanks! Love you too! Good luck with your study!
Isnt it the number you are looking for be the denominator?
Hi! I'm not sure! There are lots of ways to solve for comparative advantage so I'm not sure if you are referring to another way I'm not clear about.
Thank you
You're welcome, thanks so much for watching!
Great
TYSM
Welcome 🙏 thanks for the comment 😀
👌👌
😎
I ma furious because why didnt my professor explain it this way I would have understood immediately
🙄tell me about it, I know exactly what you mean! Glad the video helped good luck with your study ❤️
Perfect ,, thank you .... by the way , you need to raise your voice because I barely can hear you :) thanks again.
fuck am I doing here bro 💀
Sorry you are having trouble. As another example I go through opportunity cost again here: ua-cam.com/video/ciju8hN3ius/v-deo.html. One thing that might help is that remember we are thinking about very simple economies that can only make 2 goods. It's unrealistic but it's just a model to capture a core point: comparative advantage is having the lowest opportunity cost. If you have any questions feel free to ask here.
@@econhelp_official yea I get it thanks
Thank you so much. 🤍
You’re welcome Chealsa 😊 Good luck with your studies!!