My Notes/Review(might help you, might not, will help me tho) (: 1:13, Us cannot du both due to SCARCITY 2:10 Absolute Vs Comparative Advantage (one group does one better, so they do that & vice versa) Absolute: One group can produce more than another group Comparative: One group can produce a good cheaper than the other group 4:10 Cost of one object per other object, divide both (produces) by the first one - _# = _# To get Opportunity Cost, one must find the Comparative Advantage 3:58 Which has lower opportunity cost? 7:00 So Korea has lower opportunity cost... 7:40 Dun, Dun
Thank you, you've been very helpful to me and my brain. My teacher doesnt explain these in simple form but very hard but thank you for making me understand these. By the way i have a test in 2 more days
If you compare the distance between the intercepts on each access, it is clear that the distance is greater on the Apples axis than the Smart phone axis. This is also a tip-off that the US should produce apples.!
For absolute adv a country should be able to produce more than another by using same amount of resources....or we can say it has absolute adv if it is using more resources and producing more goods....plz help!! thank you!
there is no absolute advantage and not only by someone's definitions. why do not they start from necessary and sufficient? still can not operate by those two. what do you mean? to multiply or to devide? What do they do with the Easter eggs? they smash them into pieces. this is annihilation. Any other options? Why? you see : sabe costumbres de costumbres cabesa es cabesa manos son manos que tiene para felicitar nos?
Your definition of absolute advantage is wrong. Absolute advantage is the ability of a country, individual, company or region to produce a good or service at a lower cost per unit than the cost at which any other entity produces that same good or service.
Two ways of saying the same thing... If a country can produce more of a good with a fixed amount of resources than another country, then the per unit cost will be lower.
Shahid Iqra if you read your definition of absolute advantage and his, they are the same, just yours has a few more words. But both sentences have the same meaning, which is “produce more of the same product/service/goods at a lower cost than other countries.”
It's 3:31 AM, I just downed 3 cups of coffee and my mind is going a million miles a minute but this video really helped me out
I spent 2 days trying to figure this out. You helped me understand it in less than 1/2 hour!
Cannot get a better explanation than this! Great Job!!
Good job, man. This is the best vid. I've seen on this topic on youtube.
Finally got an amazing economics teacher 👨🏫
My Notes/Review(might help you, might not, will help me tho) (:
1:13, Us cannot du both due to SCARCITY
2:10 Absolute Vs Comparative Advantage (one group does one better, so they do that & vice versa)
Absolute: One group can produce more than another group
Comparative: One group can produce a good cheaper than the other group
4:10 Cost of one object per other object, divide both (produces) by the first one - _# = _#
To get Opportunity Cost, one must find the Comparative Advantage
3:58 Which has lower opportunity cost?
7:00 So Korea has lower opportunity cost...
7:40 Dun, Dun
That's Good Man !! Keep it up
Excellent video; what a great teacher!
Well organized, well explained helpful video for economists! thank you so much sir
It is a really helpful video, I understood everything you said. Thanks Mr. Welker.
Just Replace my Econ teacher already............Great work
Thank you, you've been very helpful to me and my brain. My teacher doesnt explain these in simple form but very hard but thank you for making me understand these. By the way i have a test in 2 more days
Thank you so much for this video. Explained it perfectly
I was confused at first thinking that Apples are Iphones hahaha.A great video,very informative.Thanks a lot
thank you, your video really help in understanding the concept
Thank you! You showed me a faster method of calculating opportunity cost!
Super helpful video!! Thank you for the explanations and video. So much help!
Really well explained. Thank you
super helpful! thank you so much. you saved me so much time
Thank you for making it easy to understand !
Thank you Jason, all your lectures are so well explained and simplified. They are really helpful. Love you man.
best lesson ever
Thanks so much, makes so much sense
Thank you! This was super helpful
Really helpful for a mind breaking concept
Thank you sir....for this video....that was very helpful 👍👍
If you compare the distance between the intercepts on each access, it is clear that the distance is greater on the Apples axis than the Smart phone axis. This is also a tip-off that the US should produce apples.!
thank u sir .....Give me an example in which oneperson have absolute advantege in doing something but other have comparative advantege?
May I ask how do you determine which good to put on the x and y axis if the question requires us to draw our own diagrams? Thank you!
I would like to share this with my class. Do I have your approval?
you are a miracle worker!
Really helpful....thank you
very very helpful thank you!!!
Very well explained guru ji
Love you man really help me out god
For absolute adv a country should be able to produce more than another by using same amount of resources....or we can say it has absolute adv if it is using more resources and producing more goods....plz help!! thank you!
No, if a country requires more resources to produce more of a good, then it does not necessarily have any advantage in that good's production.
great video
Well spoken thank you for this video
Thanks a lot!
thanks man for this
whats the name of the intro song? :)
for any1 interesdted is called making me nervous by BradSucks
makasih bro
Terus bro
thanks..
but Apples ARE smartphones...
yeah... confusing
They are fruits apples
love u man
😊
Competitive advantage
there is no absolute advantage and not only by someone's definitions. why do not they start from necessary and sufficient? still can not operate by those two. what do you mean? to multiply or to devide? What do they do with the Easter eggs? they smash them into pieces. this is annihilation. Any other options? Why? you see : sabe costumbres de costumbres cabesa es cabesa manos son manos que tiene para felicitar nos?
Your definition of absolute advantage is wrong. Absolute advantage is the ability of a country, individual, company or region to produce a good or service at a lower cost per unit than the cost at which any other entity produces that same good or service.
Two ways of saying the same thing... If a country can produce more of a good with a fixed amount of resources than another country, then the per unit cost will be lower.
Affirmative, however, people might confuse that with absolute advantage.
Except comparative advantage is defined as the ability to produce a good at a lower opportunity cost than another country...
No it's not the definition of absolute advantage it's definition of comparative advantage
Shahid Iqra if you read your definition of absolute advantage and his, they are the same, just yours has a few more words. But both sentences have the same meaning, which is “produce more of the same product/service/goods at a lower cost than other countries.”
thx i dont pay attention is class
scam video
thank you for this video 🤙