I'm an IGCSE student studying Economics recently and willing to take Economics as a major subject too. Thank you so much for uploading those kinds of videos. I did struggle to understand what opportunity cost supposed to mean but yours was a big assist to me. Have a nice day!
THANK you for that last example: the guy obtaining the well-being of NOT worrying about a greedy law-breaking bank stealing & keeping his money!! I believe THAT was your MOST IMPORTANT of these examples!
Cool video. I think it leans heavy into conforming. Personal happiness, fulfillment,etc aren't involved in economics. Is there a more "holistic" version of economics?
The video is very well explained, the examples (especially the firework one) are very helpful! One question I have is that: Do we always have to give up a "second-best alternative"? Furthermore, a suggestion is that, not all bakers are given the opportunity to have USD 3600 salary, so the baker might have just increased his business through improving his own skills. A very well-made video, truly helpful, thank you!
5% interest in a savings account? Not exactly. The average savings account has a 0.06% interest rate. Inflation is nearly 3% each year. Your money loses its value in a savings account to inflation every year. Even the rare accounts that promise 1-2% APY (Annual Percentage Yield), that interest only accrues for the first $5,000 or so. How would banks make money on compound interest of 5%? That is HIGHLY unrealistic and misleading information. Your point of opportunity cost was well contructed and the video content quality was great. Just don't want people to realisticly expect an unrealistic APY.
If i have option A to invest 1000$ in fish firm and inreturn i will get 10%. And option B to invest in agriculture firm and in return i will get 5% .. I have chosen option A . My question is Is there any opportunity cost exist? If yes thn how much? Is there always an opportunity cost? Plz let me know .. . I have search though all over Google .. and i find out there is always an opportunity cost ..i did not understand the detail
Really helpful but I have a query? Muchuu works for a loadsheding firm and gets remunerated a monthly wage of K500.00. He always spends all the K500.00 on buying 5kg of Mealie Meal only which he buys at K100/kg. One day, amidst of Covid 19 pandemic, the price of Mealie Meal increased to K120/kg. Due to the snap change in the price, Muchuu's Supervisor approached him and gave him two (2) options to choose from; i. Reduce Muchuu's wage to K400.00 and supplying him with 5kg of Mealie Meal at K80/kg monthly. ii.Increase his wage to K600.00. As a smart student of Principles of Economics and within a page, kindly advise Muchuu to make a justified rational choice.
Option ii. will look better at Muchuu's curriculum vitae, so when you're next looking for a job you (Muchuu ) can say at your last job you were earning K600 and you're now looking for a job that pays more...no matter how much crap you can buy for it (esspecially if both options equal the same amount of the fictional Mealie Meal). K600 is a better starting position for negotiating the price of your future work - that's my humble opinion. I'm guessing you're a kid so I am not going into more complex extrapolations.
Very well explained.But did not tell how he uses this. O.C in business.Or how a business concern behave in fixing a price for his product.P Siva Rao,India.
None of these examples pay tax. For example Freelance guys 3k is subject to tax, firework guy didnt pay tax on the profit but would have on a savings deposit.
I think the baker can grow his business by spending his skills on his own company and can hire people to help him grow his business.. Not all bakers are given the opportunity to have USD 3600 salary.
The specific examples you've listed here are absolutely piss-poor, but the underlying lesson is very important for people to know. This video was very close to being a classic, but it's still a 7.6/10 (even with the lack of hard-hitting example scenarios and boring monotone narration) and I'll be checking back on this channel in the future.
Makes a refreshing change then from listening to whining ‘woke’ arseholes finding offence in everything even when free and you might have actually learned something.
@@dickiller2199 i am a professional qualified accounts technician turned entrepreneur ...i know very well whats opportunity cost...its nothing more than an excuse to make entrepreneur feel good and above.
![BLACK BAG - Official Trailer [HD] - Only in Theaters March 14](http://i.ytimg.com/vi/Du0Xp8WX_7I/mqdefault.jpg)
Thank you for this video. So relevant for me in this point in my life.
I'm an IGCSE student studying Economics recently and willing to take Economics as a major subject too. Thank you so much for uploading those kinds of videos. I did struggle to understand what opportunity cost supposed to mean but yours was a big assist to me. Have a nice day!
Thank you :)
I needed this for all those burning questions in my mind
This is the best explaination of opportunity cost Ive ever seen.
Thank you!
Great video for teaching purposes
THANK you for that last example: the guy obtaining the well-being of NOT worrying about a greedy law-breaking bank stealing & keeping his money!! I believe THAT was your MOST IMPORTANT of these examples!
Business students who came here for there online class👇
BSBA GM III students of SSC isang hi naman jan😂😂
Mind opening. .....well spoken
Thank you ❤ 😊, Regards South Africa
Video is really good. RUclips's algorithm shouldn't punish videos for having fewer comments.
Dziękuję!
I came here since our economics teacher told us to watch this
Great video btw
same reason
Great video. Thank you!
Every decision you make has an opportunity cost depending on what you value
Your videos are underrated I feel. But this channel is up for something good given the quality of the content and balance of animation.
this video teach me happiness. thank you
This is the most wholesome comment on an economics video. You give me hope.
Since one compares one one did against all possible hypotheticals, the opportunity cost could be ANYTHING. Even a gain.
What bank does the fireworks guy go to where they give you 5% a year? I need to find that bank ASAP.
I guess he could reach that with illiquid assets like CDs or bonds, but definitely not with a regular account, yeah...
Bank? Trivago
.
it's a bank in the past (before they started with QE)
Very inspirational and great animation! Well done!
Brother please give some list of book to understand economy , demand and supply and all in a philosophical angle...
got an new subscriber man
I had some courses with professor Machaj at the university of Wrocław. He’s awesome.
excellent 👌
pov: ur here from the business class lmao
Hala bader
@@kenan4823 haha hala
economics for me
Exactly
Quantum mechanics & the many-worlds-hypothesis: I ain't gonna incur ANY loss! I'm gonna take ALL ROADS SIMULTANEOUSLY!
Nondeterministic Turing machine be like : meh I can handle that
great examples
Best explication in here
Cool video.
I think it leans heavy into conforming.
Personal happiness, fulfillment,etc aren't involved in economics.
Is there a more "holistic" version of economics?
would love to use willam A, Mc Eachern as a refrence where could i find it.
thank you for the help :)
Really good!
The video is very well explained, the examples (especially the firework one) are very helpful! One question I have is that: Do we always have to give up a "second-best alternative"? Furthermore, a suggestion is that, not all bakers are given the opportunity to have USD 3600 salary, so the baker might have just increased his business through improving his own skills. A very well-made video, truly helpful, thank you!
Love the content of your video, would greatly appreciate diversity in your examples. All of them were men.
What Program do you Use to make Your Animations?
5% interest in a savings account? Not exactly. The average savings account has a 0.06% interest rate. Inflation is nearly 3% each year. Your money loses its value in a savings account to inflation every year. Even the rare accounts that promise 1-2% APY (Annual Percentage Yield), that interest only accrues for the first $5,000 or so. How would banks make money on compound interest of 5%? That is HIGHLY unrealistic and misleading information. Your point of opportunity cost was well contructed and the video content quality was great. Just don't want people to realisticly expect an unrealistic APY.
It was just an example to show an opportunity cost scenario. It wasn't meant to reflect real numbers. It was meant to explain an idea.
Bank? Trivago
Love the vidoes
I expect watching this video to be worth more than the opportunity cost.
Thanks
If i have option A to invest 1000$ in fish firm and inreturn i will get 10%. And option B to invest in agriculture firm and in return i will get 5% ..
I have chosen option A .
My question is
Is there any opportunity cost exist? If yes thn how much?
Is there always an opportunity cost?
Plz let me know .. . I have search though all over Google .. and i find out there is always an opportunity cost ..i did not understand the detail
Really helpful but I have a query?
Muchuu works for a loadsheding firm and gets remunerated a monthly wage of K500.00. He always spends all the K500.00 on buying 5kg of Mealie Meal only which he buys at K100/kg. One day, amidst of Covid 19 pandemic, the price of Mealie Meal increased to K120/kg. Due to the snap change in the price, Muchuu's Supervisor approached him and gave him two (2) options to choose from;
i. Reduce Muchuu's wage to K400.00 and supplying him with 5kg of Mealie Meal at K80/kg monthly.
ii.Increase his wage to K600.00.
As a smart student of Principles of Economics and within a page, kindly advise Muchuu to make a justified rational choice.
Option ii. will look better at Muchuu's curriculum vitae, so when you're next looking for a job you (Muchuu ) can say at your last job you were earning K600 and you're now looking for a job that pays more...no matter how much crap you can buy for it (esspecially if both options equal the same amount of the fictional Mealie Meal). K600 is a better starting position for negotiating the price of your future work - that's my humble opinion.
I'm guessing you're a kid so I am not going into more complex extrapolations.
George George yeah you guessed it lol
Thanks for everything
Very well explained.But did not tell how he uses this. O.C in business.Or how a business concern behave in fixing a price for his product.P Siva Rao,India.
please do stock market videos
Economics?
i like the video
thank you
None of these examples pay tax. For example Freelance guys 3k is subject to tax, firework guy didnt pay tax on the profit but would have on a savings deposit.
2:07 Good: your point is never start a business. That's what I've said since birth.
I think the baker can grow his business by spending his skills on his own company and can hire people to help him grow his business.. Not all bakers are given the opportunity to have USD 3600 salary.
POV: you’re here from Miss Sonia’s class
I am very succeful shouttiti outi to bader and miss mcmac
Is there always an opportunity cost ??
Yes - every choice has a cost and benefit analysis to it
No, there’s bartering if you have anything
👍
The title reminds me of a English chapter 😭😪
o wow thats depressing totally relived scenario 1 as a college student with a useless degree :*****0
I have the first comment!!!!!!!!!!!!!! I love your channel!!!!!
Bruh we don’t care
❤
A
Only perception matters!
the background music is highly annoying,else the video is very helpful
okay, so the opportunity cost is the opportunity forgone
👇like se sei della 3LG
The specific examples you've listed here are absolutely piss-poor, but the underlying lesson is very important for people to know. This video was very close to being a classic, but it's still a 7.6/10 (even with the lack of hard-hitting example scenarios and boring monotone narration) and I'll be checking back on this channel in the future.
Actually moustache tho
Shut up smart a##
Damn for God sake this is a free video ...
bald people are wise
whatch flaminco
Meanwhile in a parallel universe
all the characters are white men...
Makes a refreshing change then from listening to whining ‘woke’ arseholes finding offence in everything even when free and you might have actually learned something.
Who came here from MSKÜ university 😂😂
Opportunity cost:
An excuse for overpriced product.
Opportunity cost - when 99,99999% of people struggle with that concept
@@dickiller2199 i am a professional qualified accounts technician turned entrepreneur ...i know very well whats opportunity cost...its nothing more than an excuse to make entrepreneur feel good and above.
👍
👍