Production Possibilities Curve- Macro Topic 1.2 (Micro Topic 1.3)
ฝัง
- เผยแพร่เมื่อ 30 ก.ค. 2019
- If you need more help, check out the Ultimate Review Packet for FREE
www.acdcecon.com/review-packet
In this video I explain how the production possibilities curve (PPC) shows scarcity, trade-offs, opportunity cost, and efficiency. This is the first graph you are going to learn in your economics class. Thanks for watching. Please subscribe.
Thanks for watching. The answer key is below. Just click on "Read more." Please let me know how you did. Your rock!
Answers
1. A
2. D
3. C
4. E
I like these tests. I have 1 wrong and this is good that I know. From these tests I can accurately measure where I need to study more.
I need to study more on the Production Possibilities Curve and opportunity cost . I am not an Economics student because economics is more of an accounting job in my country. I do however, really like the videos and content you produce and will continue to learn.
I need to understand why 40 belts aren't produced and 15.
1) A
2) C
3) C
4) E
Ok I rewatched this . I understand . At max productivity , producing 2 coats would equate to 85 belts. The cost of making the third coat is 15 belts at that point because it drops to 70 for the total possible produced belts.
The cost of producing another coat after that would be an additional 30 belts.
@@SourceCodeDeleted
> The cost of producing another coat after that would be an additional 30 belts.
yep, that's correct
4th answer has to be option D
@@sajidkhan639 re-read the question; it is asking which is true EXCEPT
I was surprised by #3. Couldn't the combination be outside the PPC if there is a new technology introduced?
I'm a freshman at UT Austin and I have my Micro final in 3 days. Your videos have helped me pass the past midterms so thank you!!!!!
UPDATE: I PASSED THE EXAM AND THE CLASS! It was a struggle bus but your videos truly helped me so much. I can never thank you enough!
#HookEm!
Wonderful job!!
I'm applying to UT Austin, but I don't know if I'd get in...
It's just a bit competitive...
But it's a lot more manageable and attainable for me, I believe. I have the resume... It's just... I need to finish the application and everything...
@@noorykorky5056did you get in? I want to go to ut austin
Well I thought I was done with you after high school but it seems like I’m retaking both Econs in college so here we go again!
Your AP credit didnt transfer over?
@@bromine4570 I needed a 4 on both ap tests to get credit and got a 3 on both lol. Good news is I passed both macro and micro over these past two semesters in college!
@@salilbhatnagar congrats!
@@salilbhatnagar Any tips for the ap macro test? I take it in 2 days
Bearded Oranges well I would say study the key terms and concepts. I remember last year on macro so many questions had to do with interest rate(I believe) and I was totally unprepared for that lol.
Great video! Even as a 5th year bachelor student of economics I find the aproach new and catchy to remmeber the basics. Greetings from Bolivia!
This is fantastic and amazing Jacob for my students who are newbies to Eco [Australia!!] ...thank you so much and keep them coming! :)
I love all the creativity you show in your videos. You're not only knowledgeable but also funny, which keeps your audience engaged. Great work!
Sure I agree
This explanation is golden!
Thank you so much Mr Clifford
WOOOOOOW, THE SQUARE EXAMPLE WAS GENIUS!!!!!! Was mind blowing, maybe the best explanation i ever heard. I was just listening to your videos, i think they were older, while eating and couldnt get a thing but this i could get perfectly.
This is really great , i myself am a teacher been starting your videos it gives me an edge thankyou for doing such great work
Really good video! Thank you! Got all the answers right. You explained the concept exceptionally well.
I did two good and two bad, now I watched the video again and find out why. Thank you this is a good practice tool
I have AL final exams day after tmrw ur videos are helping me alot ... 🤗thank you so much 💪✊u r the best 🥳❤️
Thank u sir first time I'm doing economics and I really enjoy it
you sir have saved my economics quiz grade
Brilliant, helping me with MBA 👍
The best explanation ever!!!!
Your vedios are awesome...love from India 😊
Thank you very much for the videos has made me to understand the ppc
You deserve more than like.
THANK YOU SO MUCH !!!
Awesome and educational
I got it now......I can easily teach my students this concept to my students and be sure they got it. Thanks
Teacher learning too great ❤🎉
i screamed when I saw james' comic.
Lovely explanation
whos here in august 2020 for their online macro class
oh wow
lidio lidiooooooo LOL
wow
well damn-
godspeed comrade
Kinda wish this is how my teacher taught me when I was still in highschool
That was very good.
Awesome video 👍👍👍👍👍
fun lesson. thank you
My economics teacher sucks, so thanks for making these vids!
amazing vid
Loved it
Awesome 👌 👏
THANK YOU
AP econ in Highschool and I think I'll be using these videos a lot thanks!
Ey!! I also have AP econ!! 😁😁
I’m confused on review question number one I don’t see the answer I thought it was as one of the options... is there any way you can explain it to me?
OK, you’re selling study guides. That’s great!
AAAHH THANK YOU
Jacob what do you think of yesterday democratic debate in term of economic? Can you explain to us in a video?
thanks!
How do you calculate the ratios of x and y ex i drew 12 squares and 9 triangles
If i produce 9 triangles would i loose 3 squares ( by subtracting) or 1 1/3 by dividing) ? Any tips or help
Hi Mr.Clifford. Could you please explain why Q1 is A? In the example that you gave us for cherries and video games, the opportunity cost decreased as the y axis increased. Why is it different in this scenario?
Opportunity cost increases as more goods are produced because there in order to produce video games you are recollecting fewer cherries and the increment on "non collected " cherries is an increase in the opportunity cost. Option B states that the increase in production DECREASES opportunity cost, and that is INCORRECT.
according to the law of increasing opportunity cost, when the production of 1 good increases, the opp cost of the other good increases as well
I need information about 2*2*2 model of general equilibrium and who propounded
Can someone explain to me why #4 is E?
Eh,the guy has made me love this
Q4: Why does producing at point X result in greater economic growth than producing at point W ?
Mr Clifford I don't seem to be finding your review packets, can you send me a video of how to access them, I urgently need to go through them. I'll really appreciate it if you get back to me as soon as you see this. Thank you
1:18 Somehow i had the exact same score :)
I need help with two sector and three sector models and how exogenous changes affect price and wage in the traded and non traded sectors!!! please
I don't know how to download the worksheet. Could you please advise.
hello mr clifford i do not understand how you got number .... could you explain?
If you are asking no. 2 question, if he had produced 2coats he's producing 85 belts right? and then if he produces one more extra coat, he produces 70 belt on the other hand so he loses (85-70) 15 belts that he "could have" Produced so the "could have" Produced resource is called the opportunity cost so it's D 😅
"Because of Scarcity"
* NEOWWWWWN BOOOM
replace the music during countdown with polish dancing cow song and you have the perfect lesson of my dreams
snash bors
Hello, Mr. Clifford. Could you explain why D is true in #4? I agree that A-C and E are true, but D still confuses me. Are they at the same distance from the 0,0? I can't tell.
Same question here for Mr. Clifford! I also agree A-C were true + thought E was true (because of the "combination" keyword; w/ Point W being on the X-axis, it's only producing 1 good so I thought Point X would be the most efficient... is this the correct logic?) also thought D was false
@@allieism From my understanding, I think that as long as the point lies on the curve then the resources are fully utilized, thus the goods are produced EFFICIENTLY by this economy. When considering a COMBINATION of the two goods then you could pick any point that lies on the curve, except when the point lies on either the x-axis or the y-axis. You can place another point on the curve and call it J and it will also be AS EFFICIENT AS point X. So there is no point on the curve that can be considered the MOST effecient combination of goods.
@@juwaynilucman2257 ah, that makes sense, thank you so much for taking the time to explain!
2 coats = 85 belts.
3 coats = 70 belts.
If you are going to invest more resources to produce from 2 to 3 coats,
then it means you are given up the production of belts from 85 to 70.
Therefore 85 - 70 = 15. So the correct answer is D.
Why did you use right and left hand for squares and triangle? Could not get it. Why not both figures with right hand? I feel it's a change in technology. Please elaborate. Why here we have constant opportunity cost?in fact we have a constant opportunity cost when resources are equally efficient in production of all goods.
Reply soon
You’re God
Can you explain the first question, please?
I got 5 squares and 15 triangles!
i didn't get the answer of q1, how opton A is correct
Srishti Dua don’t forget, the graph for Q1 is for INCREASING opportunity cost, so that means that if Good B is produced more than the opportunity cost increases for Good A. Get it??
How is the ultimate review packet free if it costs #13.99?
It's been like 5 years since CACTI
I have been trying to acces the practice activity and i can't acces it.....Please assist me
The unlimiate summary of video is that resources are limited and opportunities is mater what you grab so it's both think deceive your production possibility curve
You know, I did not waste pencil and paper, just imagined in my head.
I have a question, um, why is question 4 E?
It is E because the middle of the ppc would be the most efficient combination of all goods. X is only efficient for the production of capital goods.
@@karthikmanishankar5361 but why does X lead to a greater economic growth than W ?
“Cacti!”
can someone explain #2 of the review questions
got it !!!!!
6:03
D cliffland should specialize in producing good
It’s A
What if one drew a big square and draw lines inside it to get more square.
that sounds like some new technology lol
(new tech allows you to bypass scarcity and reach outside of the curve)
note: the curve would actually get shifted if new technology comes out
Can't believe this is the only comment who suggest this. I just assumed it was a trick question and this was the answer. But I guess that is more thinking like a mathematician rather than an economist.
There was a short note written at the bottom which clearly said you cannot draw a grid.
is it possible to have an explanation to the answers please?
11 squares; 8 triangles... not bad.
😅😅🤯🤯
1a, 2d, 3c, 4d?
Thanks for leaving your answers, so I'm more sure that the answer I chose is right (all same as you)
@syzygy He gives the answers in his first comment at the top. I thought 4. was D too. I don't think the video explains why D is true, but I get why X is not the most efficient because every point on the curve is most efficient.
i need to learn ppc curves
PRAXIS II for Social Studies for Secondary Education requires economics 😭
B
I got 10 squares and 17 triangles
Who else is using this in 2022 to study for spring 2022 college macroeconomics final?
I got 10 squares and 10 triangles
3:22
15 squares
14 triangles
anyone here from wb tx
If you use a robot, you could make a thousand of each!!☝
Two people pressed the dislike button by accident.
I'm not the only one here in 2023 right?👀
its 2023.
Actually it’s 2024
Communism!!
Ok im sure you're great, but im being forced to watch this for my economics class right now and i despise everything
Sorry. Good luck though :)
Please can you make a video on how to solve opportunity cost Please @JacobAClifford
6:50