What Is Opportunity Cost?
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- Опубліковано 29 вер 2024
- In economics, opportunity cost refers to the value a person could have received but passed up in pursuit of another option.
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watching this has messed up my youtube recommendations for good.
Haha, just click on the three dots and then "I'm not interested". If you didn't know.
Edit: I realized I'm replying a year later.
"Because our time is valuable, any decision we make has a cost."
Hmm
@@sagartandon647 my exact reaction.
Ur comment made me question if I should be studying rn 😂
Tell me how this 3 minute video explained this to me when half a semester in my econ class couldnt :/
same here...
please don't tell me u spent half a semester on Opportunity cost 😂
Bro to sum this shit up 10 months later :you waste time pursuing things that won't entirely benefit you.
I'm going on a spiel.
Be aware of: what your not aware of.
If you specialize in one or two things for instance you may be better off.
If you REALLY need a job, you'll get a job right?
But if you know that job sucks, youll get a better job if the opportunity presented itself, correct?
But there is one big trap that lies on this idea! That if you keep jumping from job to job, you will defeat yourself in the end professionally in the end because you never specialized. Anyone can do the trades, but if they don't master one trade-do they really get ahead?
General principles to think about: Efficiency, make more for less, etc.
If everyone did everything themselves, like cook food for for instance, would the restaurant industry exist? Fuck. People can cook their own food but they don't want to.
In fact, Im a mechanic and welder and I can't use my own garage. Guess what? I have to swallow my pride and get my car fixed somewhere else and get the problem solved FOR THE SAKE of getting that car moving and usable.
Opportunity and precedence is valuable.
I know someone who has jumped from coal mining to coal power plant building to house building to car mechanics all because he isn't happy after 7-8 months with what he does.
Just because you do everything doesn't mean you should, you waste time pursuing things that won't entirely benefit you.
@@flashallen2298 that's what😂😂
3 minute video has better opportunity cost xd
I gave up 15 minutes of trying to understand this term by reading a book to later understand this concept in under 3 minutes on UA-cam. Damn.
Thank you MRU! Easy to understand and well presented. You've got my sub :)
Thank you. It helps me a lot better.
got it thank you!
i think this is the best defination of opportunity cost
very good
great video
Super explanation
Superb
Anne is a goated fisher
NICE VIDEO LOL
What is monetary cost?
Wow
No way ann catching 30 fish 😅
It's like driving out of your way to buy cheaper gas.
My dad.
Ann looks kinda scary ...or is it just me...
Bob and Anna are very scary
Ann is creepy, so is Bob!
I have banana 🍌 which is peeled what's my opportunity cost ?
I hate economics so much
I learn here more than in university
hahah yes sure
Yeah
Are you kidding me, I am being forced to learn this in Grade 9!
Lol yeah😂 tomorrow i had a economics exam and i learn from here not lectures🥴
Aayush Pandey I am forced to learn this in 5th grade
Ann with her “fishy fish” and Bob with his “banana”. Mkay
LoL
Damn 💀
My book made this concept so much more complicated. Thank you for making it easier to understand.
I want to hug the person/people who made this video
The banana - fish example is more about comparative advantage vs absolute advantage.
What kind of example would you have given instead?
Ann kinda looks scary but i get it
My university used this resource to teach me economics.... this is free. The opportunity cost of me going to university is me traveling the world debt free and living in a tiny house.
Welcome to another episode of I learnt more from this than from my Uni 🤣
In our dystopia, society DECIDES what the cost is secretly instead of it being organically decided based on supply and demands.
Am I the only one who is doing this because a girl (brother zoned me) has asked me to write a long ass essay on opportunity cost, and I have no idea what it is.
Next best alternative 🙋🏻♂️
My first time commenting on Lecture video on UA-cam :p THANK YOU !
I've been stressing over this. IDK why professors like to make things look complicated even tough they're super easy?
i just searched how to write "opportunity" in right way
Thank you!! I am currently in high school taking up basic economics for extra credit 💖
Do people walk around with concepts of comparative value like that?
Can you not use the minecraft theme song to bring back memories that make me cry thank you
I dint hear Minecraft music
@Neb DUDE I RECOGNIZED THAT AND I WAS LIKE WHY DOES THIS SOUND SO FAMILIAR AND THEN IT HIT ME AND THE NOSTALGIA
@@BrianRamirezIAteASock Big sad
if a devoted dad have a choice of going to work or visit her child's performance in school, the opportunity cost of choosing the second option would be the money he could earn at work (if only paid for working hours), less travel, stress.
Bob still working and refusing to retire, costs the jobs of 10 young people.
generally, whatever is sacrificed in lieu of another action
(i.e. work instead of study)
FML
University shrunk down into a 3 minute video.
Awesoooooommmmememmememmemeememme
Suiiiiiiiiiiiiiiiiiiii
This is why I end up doing nothing. Because I have too many ideas & options.
Is the opportunity cost the highest valued option forgone?
I learned this way better then how my Econ professor explained it…
Thank you for explaining it
Bon and Ann are freaking scary!
LOL
Sunday 5th May 2024. 15.12pm. Thank you. 👍
Opportunity cost and PPC are same?
Why are women always loss? 3 fish? Because she's a woman?
This is why you rarely see Raigeki in Yugioh
Nice animation great explanation. Thank you. I like that Ann is a Fisher woman and Bob is the farmer.
Glad I found this video of yours
Anne is good at fishing
Am I the only one that picked up that intro is the same as the OG Minecraft trailer soundtrack?
this video has the same music as the Minecraft trailer
Ayahn and Bahb, ayand then we haeyave
great explanation
Ann scared the shit outta me
Thanks, I have a test 😭😭😭
yo there intro is the same as the original minecraft trailer
I red but i couldn't understand and i had to go over and over until decided to watch your videos that made it easier with just a single watch. Thank you so much. Keep up with the good work.
Bob needs to men up
Can someone give me a summary of what happened in the video?
big up this vid posted on my bday
Why couldn’t she just still trade with her self
Let Bob Cook
LOL
banana fish
The frame rate of your video is killing me
Making notes from this video is easy
Silly men eat purple donkeys tomorrow
Oi... K hrethiamlo nasa ltk😑
keipekkk...XD
Don’t get it.
🤪
Very easy to understand.
Well you tried to merge two concepts of micro economics and trade section. Opportunity cost from micro economics and absolute advantage from trade section.
THANK YOUUUUUUUUUUUI
Thank you Hashinshin
In this example we can't determine if Ann is slower at retrieving bananas, or faster at retrieving fish than Bob. There's no time variable. All we know is it's more efficient to have Ann utilize her time to fish.
Thanks .,
Nice! Professor Lin HERE I COME
it was good
Like it
👍
Best
I always struggle to understand the practical, real world application of just collecting the fish and bananas
Well explained!
FOR THE ALGORYTHM
Wow its amazing
the intro song is minecraft trailer song
Because our time is valuable, any decision we make has a cost.
Very explicit video. Thank you!
excellent animation, simple, fun and helps make the point)
thank you a lot, it is easy to understand, brilliant.
man this was the video, this was the one.
ma'am could you also do one on short run and long run cost curves?
What happened to the two professors?