How to calculate the impact of import and export tariffs.

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  • Опубликовано: 29 окт 2024

Комментарии • 263

  • @nographite
    @nographite 12 лет назад +71

    You've literally covered an entire weeks worth of class in 6 minutes. Thanks a lot this was an excellent video!

  • @economicsfun
    @economicsfun  11 лет назад +22

    Dennis, I use a variety of different software including photoshop, illustrator, HTML5, Final Cut, GarageBand and a few other products. Each video takes me a long time to create. My rule of thumb is each minute of video takes about 12 hours to create, so a 7 minute video takes me about 84 hours of development time.

    • @troooooper100
      @troooooper100 4 года назад

      i asked a question please let me know..

  • @lavanyabaunthiyal9256
    @lavanyabaunthiyal9256 2 года назад

    I’m here 11 years later.... it’s still gold ! Thanks man

  • @vimbaingarawa8205
    @vimbaingarawa8205 3 года назад +1

    FIRST TIME I UNDERSTAND THIS WHOLE CONCEPT, IM BLOWN AWAY SO READY FOR MY EXAM TOMORROW

  • @andr3wloo
    @andr3wloo 11 лет назад

    I appreciate the video. I'm taking my undergrad and my foreign teacher decided to mumble and jumble everything around, making a complicated subject even more complicating.
    You, on the other hand, simplified that like no other. Thanks!

  • @pauljackson2409
    @pauljackson2409 9 лет назад +50

    Excellent video. The concept was very clearly explained.

    • @economicsfun
      @economicsfun  9 лет назад +5

      Paul Jackson Great to hear. Hopefully you will get a chance to like and share the videos. This will help others find the videos. Good luck in your studies too.

  • @cmccune333
    @cmccune333 8 лет назад +5

    Studying for an econ final right now and your video really helped out! Thank you very much!

  • @Matt-tf3bs
    @Matt-tf3bs 9 лет назад +11

    This is an incredible video!! So well put together! I'm studying for the CFA exam, this video was a big help.

    • @economicsfun
      @economicsfun  9 лет назад

      Matt Huck Great to hear that the videos are helping you. Hopefully you will like, share, subscribe. It will help others find the videos. Good luck on your CFA exam too.

  • @brandonp2756
    @brandonp2756 4 года назад

    Thank you. You explained better in five minutes what my master's program professor has struggled to make clear to me in two hours.

  • @samzion77
    @samzion77 13 лет назад

    You have done what my teacher wasn't able to do for a long long time, thank you for help me understand it

  • @pearlmancapital
    @pearlmancapital 12 лет назад

    Fantastic job. I'm studying for the CFA, and spent 30 minutes trying to figure out how they got consumer/producer surplus.

  • @economicsfun
    @economicsfun  12 лет назад

    Thanks for the positive feedback and good luck on your CFA!

  • @economicsfun
    @economicsfun  11 лет назад

    Happy to hear that my vids are helping you with your homework. Good luck in your classes too.

  • @bnn9322able
    @bnn9322able 11 лет назад

    sir this video is just amazing for me. i don´t understand any thing what the teacher said in my economics lecture, but as of now, you-are-my-saver ! thanks alot

  • @kelsiervoncarstein1324
    @kelsiervoncarstein1324 7 лет назад

    Thank you so much, I have an economics exam today and you just helped me be able to understand how to calculate consumer and producer surplus very clearly, thanks

  • @hey.roshni
    @hey.roshni 8 месяцев назад

    thank you this 13 years video is the best video on this topic

  • @mingdaninja
    @mingdaninja 12 лет назад +1

    I spent almost a hour trying to find the answer! this video helped me so much!! thanks alot!!!

  • @sarahanne9128
    @sarahanne9128 9 лет назад +1

    Excellent video. I am studying international trade for my MBA and this video was super helpful in understanding how to complete calculations. THANK YOU!

  • @kirangupta8233
    @kirangupta8233 6 лет назад

    This is what I find out after watching so many video on this topic... And I can say this with no doubt that this is the best video to understand the concept..hardwork should must appreciated.. 👏😊
    Thankyou so much sir🙏

  • @KatieCraig-z4s
    @KatieCraig-z4s 9 месяцев назад

    This was the best educational youtube vid I have ever watched. Love the website name, how appropriate.

  • @economicsfun
    @economicsfun  12 лет назад +2

    Thanks for the feedback, much appreciated. Good luck in your classes too.

  • @lil_kim
    @lil_kim 8 лет назад

    YOU HAVE SAVED ME FROM TODAY'S MIDTERM. HOW DID YOU MAKE IT SO EASY TO UNDERSTAND?
    SUBSCRIBING

  • @economicsfun
    @economicsfun  12 лет назад

    I have always thought that economics lend itself to animations. Great to hear the videos are helping you.

  • @MaigorAI
    @MaigorAI 11 лет назад

    WOW! This was so much easier to understand than than when I read it in the textbook.
    Thanks for the accessible and logical explanation!

  • @glitched2797
    @glitched2797 4 года назад

    You have no idea how much I needed this exact video 😭 thank you sir

  • @rosycheeksable
    @rosycheeksable 13 лет назад

    so surprised, I'm studying this problem, and it's really helpful, after watching, I feel nothing complicated with tax anymore. thank a lot! :)

  • @carly1628
    @carly1628 9 лет назад +1

    Learnt more from this video than my Eco lectures. Thank you!

  • @elizabethorum6880
    @elizabethorum6880 8 лет назад +1

    Really well explained, so much better than how my lecturers do it. Thank you!

  • @matteenshabon7662
    @matteenshabon7662 6 лет назад

    thank you for the help, I have a test tomorrow and I feel much better.

  • @dipalipawar5518
    @dipalipawar5518 8 лет назад

    I don't think anyone can explain better than this. You give me the way to enjoy my study. Thank you very much. :-)

  • @simonneguilherme4998
    @simonneguilherme4998 2 года назад

    great video! Thanks a lot! I am a teacher and see many students complaining that they learned better from the video than from their classroom teachers. Even though I believe that it could be true in many cases I want to play devil´s advocate and present the other side´s view.. sometimes, in class students are distracted, engaged in conversations, or did not do the prep work or class exercises that would help them understand the material but expect the teacher to perform miracles!!! I have shown videos in class that viewers loved and mentioned they learned a lot from it, but in class, students would not take full advantage of them. So, this is a very well done video and can help a lot of people to learn what sometimes was not possible in class not necessarily because of the teacher...

  • @zaidahmad86
    @zaidahmad86 11 лет назад

    sir this graph gave me great help while preparing a assigement on protection of australian car industry-subsidy or tariff.

  • @shubhramishradevotionalmit4356
    @shubhramishradevotionalmit4356 5 лет назад +1

    Amazingly explained I wish this person was my teacher

  • @jnybeth
    @jnybeth 8 лет назад +10

    omG, THANK YOU!! You explain this so much better than my book! /It actually makes sense to me!

  • @subhammisra223
    @subhammisra223 3 года назад +1

    excellent video sir.. love from India

  • @economicsfun
    @economicsfun  12 лет назад

    @XgannaX It really relates back to consumer surplus and producer surplus. After restrictions "surplus" is less. Another way is to think about it is benefit. Less people benefits with trade restrictions. The deadweight loss is loss in consumer and producer surplus (less people benefit).

  • @utubesanjay
    @utubesanjay 11 лет назад

    Very crisp and easy to understand. Thanks a ton.

  • @ameeralbulushi2199
    @ameeralbulushi2199 2 года назад

    This was really useful for my economic exam. Thanks!

  • @InstTaxSolutionsLLC
    @InstTaxSolutionsLLC 10 лет назад

    This is a helpful tutorial on how to track the effect of tariffs on consumer and producer surplus.

  • @frederikjuhldag1326
    @frederikjuhldag1326 9 лет назад

    Thank you for refreshing my macro! Great video, however I wish that the length of the graphs axes reflected the values you put on them.

    • @economicsfun
      @economicsfun  9 лет назад

      Frederik Juhl Dagø Thanks for your comment. I am not certain I understand your comment, could you expand on it for me. Thanks

  • @Arban19
    @Arban19 8 лет назад

    Sir saved me from an arrear 🙏🏾🙏🏾🙏🏾
    Respect and love from India 🇮🇳 ❤️

  • @garretthinshaw1589
    @garretthinshaw1589 5 лет назад +1

    best econ video i’ve ever seen, no cap

    • @abcdef-eb5ev
      @abcdef-eb5ev 5 лет назад

      Garrett Hinshaw true. Lmao “no cap”

  • @economicsfun
    @economicsfun  12 лет назад

    Good question. The reason is not all of supply at that point are imports. There is some domestic supply too and there is no tariff collected on it.
    Starting around 2:26 of the video you will see that Qs is domestic supply and Qd minus Qs is imports. The tariff is only collected on imports. This is why the brown box is the amount of revenue collected from tariffs.

  • @economicsfun
    @economicsfun  12 лет назад

    You are right in regards to short run economic models, microeconomics and especially policy makers. There is not enough thinking by political leaders and policy makers. They don't ask enough and then what happens, and then, and then, what happens.
    Economics is a good tool tho to look back and see the impact of political realities, wars and social programs.

  • @HuyNguyen-jf5jz
    @HuyNguyen-jf5jz 8 лет назад +24

    Remeber : Import price is world price

    • @sarweshraj5470
      @sarweshraj5470 4 года назад

      Import price is the price of imported commodity in its parent nation or the price at which he is interestred to sell thier goods to the importing nation (i.e, offer price)

    • @truepatriot-y7u
      @truepatriot-y7u 5 дней назад

      No

  • @xavianus
    @xavianus 12 лет назад

    Great explanation! Finally understood the tariffs and supply/demand on international trade.
    Thanks for sharing!

  • @상남자-s6c
    @상남자-s6c 8 лет назад

    great work! better than what most of the high school teachers would taught.

  • @economicsfun
    @economicsfun  11 лет назад

    Thanks again for your feedback, it is very much appreciated.

  • @BetterBboyBody
    @BetterBboyBody 12 лет назад

    Yeah they help a lot. My international trade class is three hours long, sadly, I tend to miss a few things in class.

  • @an-zg5xd
    @an-zg5xd 3 года назад

    Thank you for the excellent video! I have a question tho, if tariff imposed is 25% , should the way tariff be calculated be :
    25% * initial world price
    OR
    25% * new world price?

  • @denniswatson6161
    @denniswatson6161 11 лет назад

    Excellent! Clear, concise, and methodical. Would you mind sharing what ap or software you are using?

  • @economicsfun
    @economicsfun  12 лет назад

    Thanks for the feedback! Make sure you check out MyBookSucks on FaceBook. We post funny/humorous college stuff (see link in the video).
    Make sure you subscribe too because I am always posting new materials.
    Good luck in your classes.

  • @msbunny030
    @msbunny030 12 лет назад

    Great that you explain so much within few mins. Btw,would you talk abt import quota ?? It's rather difficult than tariff is.

  • @eaguisanda
    @eaguisanda 11 лет назад

    i really like how you explain... no matter how complicated the topic, i can easily understand it... thanks... do you have video related to general equilibrium impact to small and big nation? thanks again

  • @meesterfin-econ7228
    @meesterfin-econ7228 12 лет назад

    Amazing. This video > Price theory class

  • @Therealma
    @Therealma 8 лет назад

    Really great explained, which software are you using to create the images? I really would like to translate the information and explanation to Dutch. Because to my believes if you can teach it to others you really understand the matter.

  • @economicsfun
    @economicsfun  11 лет назад +1

    That pretty much sums it up. I would add Republicans and most politicians and not just limit it to Democrats. I am not sure if politicians are "ignorant." Instead they are willing to sacrifice political expediency for long term economic growth. They cater to special interest groups, labor unions and corporations instead of doing what is right.

  • @HuyNguyen-jf5jz
    @HuyNguyen-jf5jz 8 лет назад

    Can't use any word to express my gratefulness to you :D

  • @phillipmacintosh4094
    @phillipmacintosh4094 10 лет назад

    Good study and I like your responses very well thought out.

  • @ulugbekkodirov1788
    @ulugbekkodirov1788 4 года назад

    Hi Sir, I just watched your explanation of import tariffs and I really liked it. Could you please explain export quotas as well ? And another question is what kind of application did you use to explain this graph?

  • @bruce9802
    @bruce9802 8 лет назад

    superb explanation. I wish this guy was my professor

  • @VodAlbion
    @VodAlbion 4 года назад

    Thank you, from Brazil.

  • @economicsfun
    @economicsfun  11 лет назад +1

    That is great to hear and thank you for the compliment. Make sure you like MyBookSucks on Facebook (see video description for link). This will help other students find the educational videos.

  • @wannabe771
    @wannabe771 13 лет назад

    You make it so understandable. Thank you and great job!!!!

  • @economicsfun
    @economicsfun  12 лет назад

    I am not certain that I understand your question. Can you tell me the time stamp in the video that you are asking about?

  • @wade5941
    @wade5941 6 лет назад

    Great video. Still do not understand a few things. Where does the revenue generated by the tariff come from? Who is actually generating the increased revenue? Is it the person buying the imported product at the cost of the product plus the tariff? Or, does the exporter pay the tariff for the benefit of exporting the product to the US.

  • @economicsfun
    @economicsfun  11 лет назад

    You are very welcome!

  • @abrilburgoyne4873
    @abrilburgoyne4873 11 лет назад

    Excellent article! Easy to understand. Thank You

  • @economicsfun
    @economicsfun  12 лет назад

    @MrGodelFan How is the deadweight loss a reinvestment and by who? It is a loss to consumer because they had to pay a higher price because of the tariff.

  • @RajnishKumar-bl8hy
    @RajnishKumar-bl8hy 11 лет назад

    Excellent Lecture Sir. Thanks a ton!

  • @krishg201
    @krishg201 6 лет назад

    Brilliantly explained.

  • @troooooper100
    @troooooper100 4 года назад

    @Economicsfun why do you assume imports will stop if domestic suppliers are able to supply?

  • @kseniian9642
    @kseniian9642 2 года назад

    Thank you so much for the video! It helped me a lot!

  • @majlam3049
    @majlam3049 2 года назад

    Helped me get a super good grade.. i love youuuu

  • @mariajauslin1107
    @mariajauslin1107 6 лет назад

    why sometimes the deadweight loss is as in your video bellow the demand and supply, but sometimes on the left side?

  • @Will1SAG
    @Will1SAG 13 лет назад

    @economicsfun haha yes you are right I'm English. Sorry I didn't mean to sound rude about the accent. But great videos! Keep them going! I used this the night before an eco test in college on international trade barriers and i got a 6 out of 7! So thanks a lot!

  • @anicletnoronha1582
    @anicletnoronha1582 8 лет назад

    what did you use to make that video... application wise

  • @danilobucker
    @danilobucker 11 лет назад

    Wonderful video lecture.

  • @jaykerzb3771
    @jaykerzb3771 8 месяцев назад

    Bro explained this so simply. Why can't my Econ professors be like this 😂

  • @MegaAstrodude
    @MegaAstrodude 13 лет назад

    @economicsfun,
    " I am sure if you would have been alive in 1911 you would of wanted to hold onto all those agricultural jobs as well."
    Good point, but there are key differences. Jobs related to agriculture didn't disappear as a sector, they just changed from subsistence farming to Caterpillar factories and those jobs became much higher paying than subsistence farming. Software jobs aren't filling the void left by manufacturing's departure. Also, the US became the world's breadbasket after 1911.

  • @economicsfun
    @economicsfun  13 лет назад

    @MegaAstrodude All righty then.... industry or the market place knows best. Governments and bureaucrats set the tariffs and quota's.
    Since you write so much about manufacturing soon I will post a video asking the question... which has more economic value. The iPhone or what is on it. Is it best to manufacture the iPhone or develop the software, the music, the videos, that go on the iPhone? Stay tuned.

  • @economicsfun
    @economicsfun  13 лет назад +1

    @MegaAstrodude“The US became Worlds Breadbasket.” really? The value of crop and animal production in EU is about the same as US.

  • @economicsfun
    @economicsfun  11 лет назад

    I don't have a video on that, but that would be an interesting topic to explore. Hopefully the big nation does not try to exploit or take advantage of the small nation (same analysis would be true of big corporation and small corporation).

  • @roqaiyahatem9969
    @roqaiyahatem9969 8 лет назад

    Thank you for the explanation, it's helped me a lot

  • @economicsfun
    @economicsfun  12 лет назад

    I am not sure you can just conclude the an increase of wages faster than prices is good for economic growth.
    We need to understand why firms outsource in the first place. It is much more than just cheap labor. We need to understand what type of jobs we want and add the most wealth to an economy.
    Btw, which has more economic value an iPhone or what goes on the iPhone?

  • @johndisco5280
    @johndisco5280 11 лет назад

    thanks! it straightforward and it helps a lot with my hw!

  • @emzzalam9445
    @emzzalam9445 7 лет назад

    I have i question. Is it possible to just subtract the value of consumer surplus after tariff from the value of consumer surplus before tariff to get the value of lost consumer surplus? When i try it, the results were different.

  • @economicsfun
    @economicsfun  13 лет назад

    @booja101 thanks for your feedback. Much appreciated.

  • @rewilsjk
    @rewilsjk 10 лет назад

    Fantastic Video! 10/10 would recommend

  • @SalaarRabbani2001
    @SalaarRabbani2001 7 лет назад

    Thanks so much my man! Definitely earned a loyal subscriber :)

  • @prosia960
    @prosia960 12 лет назад

    Hey economicsfun. Would there introduction of exports increase supply?? Because the introduction of imports increases the supply of goods in the market.

  • @Ojokernegro
    @Ojokernegro 12 лет назад

    This video is perfect, no joke...but how do you get the 300 and the 650, AKA s1 and D1, AKA M1, if you've only got s0 and D0 AKA M2

  • @melcah80
    @melcah80 12 лет назад

    Thank you for the great explanation!

  • @fakecrime
    @fakecrime 12 лет назад

    This has helped me a lot! Thank you so much!!

  • @AbdulrahmanMuhammed
    @AbdulrahmanMuhammed 2 года назад

    Thank you so much! This helped me a lot

  • @DinaraRaRa
    @DinaraRaRa 5 лет назад

    Thank you! Amazing explanation!

  • @harshilparikh
    @harshilparikh 11 лет назад

    very good explained....Thank you sir!!

  • @sidraashraf4731
    @sidraashraf4731 6 лет назад

    Great video keep doing that that type of wonderfull work

  • @sabasaad2808
    @sabasaad2808 5 лет назад

    Thank u sir respect from pakistan

  • @Surie6
    @Surie6 6 лет назад

    Lovely ...
    Liked your explanations... ,❤