Scarcity, Opportunity Cost and the PPC
The basic economic problem is one rooted in both the natural world and in human greed. We live in a world of limited resources, but we seem to have unlimited wants. This results in scarcity, which gives rise to the very field of Economics, which deals with how to allocate scarce resources between the competing wants and needs of society.
This lesson will introduce these basic economic concepts, along with the first (and perhaps the most useful) graph an Economics student will learn, the Production Possibilities Curve.
Want to learn more about economics, or just be ready for an upcoming quiz, test or end of year exam? Jason Welker is available for tutoring, IB internal assessment and extended essay support, and other services to support economics students and teachers. Learn more here! econclassroom.com/?page_id=5870
Пікірлер: 120
i learned more in 14 min than i did a 2hr lecture, thank you for this helpful video!
@cablesatinstallers2697
3 жыл бұрын
me too
@kapitan19969838
3 жыл бұрын
But is it useful?
Thanks, this video worth to watch due to scarcity of time
@filipgodsu2410
4 жыл бұрын
I WAS SURE SOMEONE WOULD MAKE THAT JOKE :D
Awesome lesson! Such clarity and an excellent teaching method. thank you for simplifying!!!
Thank you for explaining this in 14 minutes you just saved me a month of studying not that im complaining about studying
Hey, Jason. I'm in my first year of economics and finding it hard to keep up. Thanks so much for giving up your time to help people like me, I really appreciate it.
I am very delight to learn quickly from your respected lectures, Thank you very much.
I learned more than I was expecting, really pleased with the definitions ; they are helpful.
Just started my economics 101 class for personal knowledge. People don't realize that economics affects every aspect of our lives.
Great lecture! very informative and inspiring,thanks.
Thanks so much for this video. I've learned so much in this small amount of time than I have in 2 weeks 👏🏾👏🏾👏🏾
Hey Jason , thanks so much for your lecture, you are really good at bringing your message across, i really enjoy your teachings, keep it up!
I have exam after 2 hours and I hope everything will be ok ! Btw, Thanks ! I didnt want to read a chapter about scarcity; so, I just watched this video and I found it very helpful .
This helped me so much before my exams
for years I have struggled to understand the concept of scarcity, choice and opportunity cost with reference to the PPF but to no avail. thanks to your site, I now understand it clearly and would love to have a lot of videos from you.
@JasonWelker
7 жыл бұрын
Thanks Obed! If you subscribe you can take my whole course in order from the playlists! kzread.info
@obedofori460
7 жыл бұрын
I enjoy your videos honestly
@obedofori460
7 жыл бұрын
get me the guidelines subscribe please
@JasonWelker
7 жыл бұрын
Just click the on my name and then click the "subscribe" button! If you then follow the link to "playlists" from my channel page you can see all my units of study with videos organized in the order they should be watched.
Well explained. I do the same example in my economics class
So easy to understand! Thank you! I wish my textbooks were this easy to understand.
You are my savior man. Saved me so much time on my exonomics homework! Thanks :)
such a helpful video! Great lesson! 👍👍
Amazing lecture! Thank you very much.
Thank you. So clear!
Thank you very much. you bring this over very clear.
Thank you so much. You explained this really well
Imagine being in school for a year, Imagine studying something for 2 weeks but ended up knowing more in 14 minutes.. School is such a waste of time!
thank you so much for this explanation, it was the best so far from all that I hv been watching from others trying to explain
This video really helped! Thank you so much!
This is best channel ever.Can't stoping myself learning:
Your videos are going to help me pass my economics class!!
2019 ...thanks for the best explanation
Hey Jason , It was really worth watching . Well explained . Thank you very much :)
Excellent presentations particularly for students.
Great video! Helped me a lot.
this is the best explanation i have ever heard, amazing work done.......very useful. Thank you very much for uploading.......
Awesome lecture!
Thanks, I learned a lot! Your explanation is very clear 😊
Your video just made it look so easy to me. Thank you so much.
thanks Jason i really enjoyed this video and i understand now the ppc.please do more videos on other topics
thanks so much, really helped!
thanks! you helped me understand way better than my professor did!
Thank you so much I learned a lot.....
Economics made simple, thank you much
What Matters Is The Use Plans for Reserves & Ineffienciencies That Contribute To Scarcity Issues
Best video, more informative and clearly explained .
Thanks king of the economics
Thank You Master! It was great!
Very nice example!
Thank You !
Thank you!
amazing way to explain, Thanks :)
Thanks a lot for making it so easy to understand for a medical student without any knowledge about economics.....Wish you could have done all my medicine subjects as easy as this one.....
Worth watching it!!
thank you very much i have a awful teacher and im so confused but your vid helped me alot.
Thank you. Really helpful :)
very helpful. Thank you.
Many thx for those great videos, would you please share the application you used for drawing and sharing those notes
Thank you.
Thanks!
Awesome lecture
Thank you 😊
you are great sir
Thank you :)
Great video, thanks a million
Informative thank you so much
excellent video
Thank u so much
Thank you so much it really helped a lott😀😀
OMG Thank you!
economic problem: unlimited wants, limited resources
How do you know what to put on the x axis and what to put on the y-axis?
I love the K-I-S-S teaching method. Thank you very much! As for the 13 thunbs down ... I don't understand them at all.
@conservativecatholic9030
6 жыл бұрын
Michael sometimes the truth hurts. A lot of people would like to live in a world without the implications of what is explained here. Thus the now 36 thumbs down. (I agree, they are stupid)
@yuhyeet231
4 жыл бұрын
Conservative Catholic so in your head an imaginary group of people who decide to... disregard basic economics entirely have now also decided to... go around youtube disliking videos about basic economics?
Excellent teaching.But how does a person use this O.C.in production or business.You are a great teacher.
Can someone please explain food vs fuel issue and how the concept of opportunity cost might be used to explain the trade-offs as they effect government, farmers and consumers. (Related to food vs fuel)
Please Mr Jason, could you explain explicit cost, implicit cost, economic profit, accounting profit, and normal profit? 🙏🙏🙏😍😍🌿🙏🏻🙏🏻🙏🏻🙏🏻🙏🏻 Thanks a lot for your epic and beneficial videos.🙏🙏🥰🥰
really good video
Helpful 👏👏
excellent vid
Very usefull.
Printing money reduces the value of money already in circulation. It has been tried in the US in the 70's and, to catastrophic effects in German in the 20's. In 1921, the Mark had a rate of 60-1 to the Dollar. A few years later, it was over 4 trillion marks to 1 dollar.
thanks
sick vid dude
Worth watching
thx
I am wondering, which software / online tool do you use in your demonstration?
best !
Came for economics homework, stayed for intro music.
whats the song called?
@dariatedling3126
8 жыл бұрын
+Setareh Pirmorad brad sucks - making me nervous
You're doing god's work.
@Ahmed_Smadi
8 ай бұрын
haram delete this comment
@Ahmed_Smadi
8 ай бұрын
bro i amtelling u so u dont enter hell pls bro delete the comment or edit it
was good but example of ppc should have been on economy
I'm here the Friday before I go back to school cramming for my AP econ summer homework. anyone else?
shiiiit dat music fire af
Wow
wat song is in the intro??
@dariatedling3126
8 жыл бұрын
+Astitwa Adhikari brad sucks - making me nervous
@astitwaadhikari3040
8 жыл бұрын
Thanks :)
For foreign studenten? ? You speak very much too fast.Easy go, my man as if you want to run away because someone wants to attack you! Slow down, my man.Please Slowly. Because you are such a great teacher!!
why isn't the production possibilities CURVE a curve??
Greetings, Mr. Crotty. Greetings, Classmates.
Then what You decide to do work or play ? I don't understand
@jjaybourne4734
5 жыл бұрын
Yahye Amaanat it’s not necessarily about what you decide to do. Rather it is about your options and the possibilities. It is a graphical representation of the consequences of your choice of how much to work and play - the opportunity costs of these decisions.
That why all now are in deep st. All wants infinity but not as an ought.
WHAT'S UP U S T !!!!!
Hola jijiji
pphs
Thanks!