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

  • @emwookiee
    @emwookiee10 жыл бұрын

    i learned more in 14 min than i did a 2hr lecture, thank you for this helpful video!

  • @cablesatinstallers2697

    @cablesatinstallers2697

    3 жыл бұрын

    me too

  • @kapitan19969838

    @kapitan19969838

    3 жыл бұрын

    But is it useful?

  • @omidriahi5519
    @omidriahi551910 жыл бұрын

    Thanks, this video worth to watch due to scarcity of time

  • @filipgodsu2410

    @filipgodsu2410

    4 жыл бұрын

    I WAS SURE SOMEONE WOULD MAKE THAT JOKE :D

  • @romanedward6706
    @romanedward67062 жыл бұрын

    Awesome lesson! Such clarity and an excellent teaching method. thank you for simplifying!!!

  • @adrienne9375
    @adrienne93753 жыл бұрын

    Thank you for explaining this in 14 minutes you just saved me a month of studying not that im complaining about studying

  • @user-df5ii7hp3b
    @user-df5ii7hp3b7 жыл бұрын

    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.

  • @tahmasuz
    @tahmasuz8 жыл бұрын

    I am very delight to learn quickly from your respected lectures, Thank you very much.

  • @tebbamohammed2794
    @tebbamohammed27946 жыл бұрын

    I learned more than I was expecting, really pleased with the definitions ; they are helpful.

  • @TheOchrome
    @TheOchrome2 жыл бұрын

    Just started my economics 101 class for personal knowledge. People don't realize that economics affects every aspect of our lives.

  • @chuimedia
    @chuimedia9 жыл бұрын

    Great lecture! very informative and inspiring,thanks.

  • @twailaguerrier2091
    @twailaguerrier20915 жыл бұрын

    Thanks so much for this video. I've learned so much in this small amount of time than I have in 2 weeks 👏🏾👏🏾👏🏾

  • @blancheharris4635
    @blancheharris463510 жыл бұрын

    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!

  • @MrALPHAkz
    @MrALPHAkz11 жыл бұрын

    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 .

  • @miamobayed4641
    @miamobayed46416 ай бұрын

    This helped me so much before my exams

  • @obedofori460
    @obedofori4607 жыл бұрын

    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

    @JasonWelker

    7 жыл бұрын

    Thanks Obed! If you subscribe you can take my whole course in order from the playlists! kzread.info

  • @obedofori460

    @obedofori460

    7 жыл бұрын

    I enjoy your videos honestly

  • @obedofori460

    @obedofori460

    7 жыл бұрын

    get me the guidelines subscribe please

  • @JasonWelker

    @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.

  • @morrismarshall1575
    @morrismarshall15756 ай бұрын

    Well explained. I do the same example in my economics class

  • @axeljayv
    @axeljayv6 жыл бұрын

    So easy to understand! Thank you! I wish my textbooks were this easy to understand.

  • @koduckey
    @koduckey11 жыл бұрын

    You are my savior man. Saved me so much time on my exonomics homework! Thanks :)

  • @areebajamal224
    @areebajamal2248 жыл бұрын

    such a helpful video! Great lesson! 👍👍

  • @fairozhasan6450
    @fairozhasan64509 жыл бұрын

    Amazing lecture! Thank you very much.

  • @juliecramer7768
    @juliecramer77687 жыл бұрын

    Thank you. So clear!

  • @TheAbdigaffar
    @TheAbdigaffar10 жыл бұрын

    Thank you very much. you bring this over very clear.

  • @sarahsmith9934
    @sarahsmith99346 жыл бұрын

    Thank you so much. You explained this really well

  • @KingvGio
    @KingvGio2 жыл бұрын

    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!

  • @Zero_Transmission
    @Zero_Transmission4 жыл бұрын

    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

  • @deekshamurali3278
    @deekshamurali327810 жыл бұрын

    This video really helped! Thank you so much!

  • @adutanyang1614
    @adutanyang16143 жыл бұрын

    This is best channel ever.Can't stoping myself learning:

  • @thepirateblaze1988
    @thepirateblaze19883 жыл бұрын

    Your videos are going to help me pass my economics class!!

  • @niicholalanga680
    @niicholalanga6805 жыл бұрын

    2019 ...thanks for the best explanation

  • @vinaykamble8588
    @vinaykamble85886 жыл бұрын

    Hey Jason , It was really worth watching . Well explained . Thank you very much :)

  • @sanjivbanymandhub9453
    @sanjivbanymandhub945310 жыл бұрын

    Excellent presentations particularly for students.

  • @alekey2021
    @alekey20217 жыл бұрын

    Great video! Helped me a lot.

  • @pratibhasinghal
    @pratibhasinghal11 жыл бұрын

    this is the best explanation i have ever heard, amazing work done.......very useful. Thank you very much for uploading.......

  • @AmbipomLover
    @AmbipomLover9 жыл бұрын

    Awesome lecture!

  • @janenoveras6780
    @janenoveras67804 жыл бұрын

    Thanks, I learned a lot! Your explanation is very clear 😊

  • @ashseebarat5635
    @ashseebarat56353 жыл бұрын

    Your video just made it look so easy to me. Thank you so much.

  • @siveyawa5442
    @siveyawa544210 жыл бұрын

    thanks Jason i really enjoyed this video and i understand now the ppc.please do more videos on other topics

  • @setarehpirmorad4464
    @setarehpirmorad446410 жыл бұрын

    thanks so much, really helped!

  • @startonid
    @startonid10 жыл бұрын

    thanks! you helped me understand way better than my professor did!

  • @ElishaTFlomo-ue7ny
    @ElishaTFlomo-ue7ny2 жыл бұрын

    Thank you so much I learned a lot.....

  • @datbig1821
    @datbig18215 жыл бұрын

    Economics made simple, thank you much

  • @kentheengineer592
    @kentheengineer592 Жыл бұрын

    What Matters Is The Use Plans for Reserves & Ineffienciencies That Contribute To Scarcity Issues

  • @suzanralineba3762
    @suzanralineba37623 жыл бұрын

    Best video, more informative and clearly explained .

  • @cburakyilmaz4383
    @cburakyilmaz43832 жыл бұрын

    Thanks king of the economics

  • @miyalatef2113
    @miyalatef21139 жыл бұрын

    Thank You Master! It was great!

  • @hauteswan2541
    @hauteswan25416 жыл бұрын

    Very nice example!

  • @Msoochan013
    @Msoochan0139 жыл бұрын

    Thank You !

  • @emilysiu9465
    @emilysiu946510 жыл бұрын

    Thank you!

  • @Gagan1166
    @Gagan11669 жыл бұрын

    amazing way to explain, Thanks :)

  • @preethajoshua3891
    @preethajoshua38919 жыл бұрын

    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.....

  • @fizzakhan2939
    @fizzakhan29393 жыл бұрын

    Worth watching it!!

  • @SuperChristy79
    @SuperChristy7911 жыл бұрын

    thank you very much i have a awful teacher and im so confused but your vid helped me alot.

  • @Honasss
    @Honasss11 жыл бұрын

    Thank you. Really helpful :)

  • @Sheilabcal
    @Sheilabcal11 жыл бұрын

    very helpful. Thank you.

  • @jenniferliu9771
    @jenniferliu9771 Жыл бұрын

    Many thx for those great videos, would you please share the application you used for drawing and sharing those notes

  • @IkonWood
    @IkonWood3 жыл бұрын

    Thank you.

  • @wakafl0ckaFrank
    @wakafl0ckaFrank9 жыл бұрын

    Thanks!

  • @kotekmoyang12345
    @kotekmoyang123459 жыл бұрын

    Awesome lecture

  • @k-mo3420
    @k-mo34203 жыл бұрын

    Thank you 😊

  • @NasirKhan-gq4np
    @NasirKhan-gq4np6 жыл бұрын

    you are great sir

  • @marinerahiman2713
    @marinerahiman27139 жыл бұрын

    Thank you :)

  • @thickness791
    @thickness79110 жыл бұрын

    Great video, thanks a million

  • @1shi07
    @1shi074 жыл бұрын

    Informative thank you so much

  • @jeronimoescobardeltoro9705
    @jeronimoescobardeltoro97052 жыл бұрын

    excellent video

  • @NabihaAimi
    @NabihaAimi10 жыл бұрын

    Thank u so much

  • @surapanenigeetha9098
    @surapanenigeetha90984 жыл бұрын

    Thank you so much it really helped a lott😀😀

  • @nancysilveriomelendez7731
    @nancysilveriomelendez77313 жыл бұрын

    OMG Thank you!

  • @dariatedling3126
    @dariatedling31268 жыл бұрын

    economic problem: unlimited wants, limited resources

  • @DianaMoneke
    @DianaMoneke Жыл бұрын

    How do you know what to put on the x axis and what to put on the y-axis?

  • @ddigwell
    @ddigwell8 жыл бұрын

    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

    @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

    @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?

  • @Childrensmathes
    @Childrensmathes4 жыл бұрын

    Excellent teaching.But how does a person use this O.C.in production or business.You are a great teacher.

  • @areebajamal224
    @areebajamal2248 жыл бұрын

    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)

  • @tahaezz2127
    @tahaezz21272 жыл бұрын

    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.🙏🙏🥰🥰

  • @sonnydavola7650
    @sonnydavola765011 жыл бұрын

    really good video

  • @ruthkatatumba1812
    @ruthkatatumba18122 жыл бұрын

    Helpful 👏👏

  • @andrewzdiva12
    @andrewzdiva128 жыл бұрын

    excellent vid

  • @John_Y08
    @John_Y084 жыл бұрын

    Very usefull.

  • @busdontrunhere
    @busdontrunhere11 жыл бұрын

    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.

  • @jakeskinner6204
    @jakeskinner62049 жыл бұрын

    thanks

  • @Tommys_Threads
    @Tommys_Threads10 жыл бұрын

    sick vid dude

  • @ChsonlineOrgUkinternetschool
    @ChsonlineOrgUkinternetschool5 жыл бұрын

    Worth watching

  • @MrAegggg
    @MrAegggg8 жыл бұрын

    thx

  • @mohamedelfarra4510
    @mohamedelfarra45104 жыл бұрын

    I am wondering, which software / online tool do you use in your demonstration?

  • @TheMosaddek
    @TheMosaddek3 жыл бұрын

    best !

  • @unink5014
    @unink50144 жыл бұрын

    Came for economics homework, stayed for intro music.

  • @setarehpirmorad4464
    @setarehpirmorad446410 жыл бұрын

    whats the song called?

  • @dariatedling3126

    @dariatedling3126

    8 жыл бұрын

    +Setareh Pirmorad brad sucks - making me nervous

  • @gondolaskskskks570
    @gondolaskskskks5703 жыл бұрын

    You're doing god's work.

  • @Ahmed_Smadi

    @Ahmed_Smadi

    8 ай бұрын

    haram delete this comment

  • @Ahmed_Smadi

    @Ahmed_Smadi

    8 ай бұрын

    bro i amtelling u so u dont enter hell pls bro delete the comment or edit it

  • @raghav2221
    @raghav222112 жыл бұрын

    was good but example of ppc should have been on economy

  • @hdpickles
    @hdpickles7 жыл бұрын

    I'm here the Friday before I go back to school cramming for my AP econ summer homework. anyone else?

  • @alexandergroot608
    @alexandergroot6086 жыл бұрын

    shiiiit dat music fire af

  • @mbekembe9472
    @mbekembe94725 жыл бұрын

    Wow

  • @astitwaadhikari3040
    @astitwaadhikari304010 жыл бұрын

    wat song is in the intro??

  • @dariatedling3126

    @dariatedling3126

    8 жыл бұрын

    +Astitwa Adhikari brad sucks - making me nervous

  • @astitwaadhikari3040

    @astitwaadhikari3040

    8 жыл бұрын

    Thanks :)

  • @johannesiwanstruyk3259
    @johannesiwanstruyk32592 жыл бұрын

    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!!

  • @hiyashah2335
    @hiyashah23354 жыл бұрын

    why isn't the production possibilities CURVE a curve??

  • @tannerd5344
    @tannerd53445 жыл бұрын

    Greetings, Mr. Crotty. Greetings, Classmates.

  • @yahyeamaanat7448
    @yahyeamaanat74485 жыл бұрын

    Then what You decide to do work or play ? I don't understand

  • @jjaybourne4734

    @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.

  • @mer3abec
    @mer3abec11 жыл бұрын

    That why all now are in deep st. All wants infinity but not as an ought.

  • @acexrock
    @acexrock4 жыл бұрын

    WHAT'S UP U S T !!!!!

  • @horacioelconserjeopina3956
    @horacioelconserjeopina39564 жыл бұрын

    Hola jijiji

  • @tylia6166
    @tylia616611 ай бұрын

    pphs

  • @soulbird4389
    @soulbird43895 жыл бұрын

    Thanks!

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