I just created a youtube account to tell you how helpful all your videos are....and i just want to say i got an A in my january economics after you basically taught me the entire course. You are a saint!
absolutely brilliant. i spent lot of tym in understanding absolute, comparative and TOT via my textbook but it ws nt clear. but aftr watching ur videos, i am able to understand these topics crystal clear.Thanks from India :)
you are a phenomenal instructor. you are so specific and vivid when you explain economic theory. i love it. thank you for this. it was very helpful. Freshman Economic Major at the University of Illinois Urbana-Champaign.
Thanks once again Phil A great explanation as it fills the gaps in my International Economics text. It is covered, but not as well as you have explained it. This will help studies for my exam next Friday Phil Now back to my text...... Cheers, Chris Sydney, Australia
@heckler73 I think you put it very succinctly. Of course there are so many assumptions like perfect mobility of labour between the industries, equal quality of goods, constant marginal costs, zero transport costs for example.
@ashwinmahtani ToT seems to be an extension of Comp. Adv. So for Uganda (in the example), by trading 6 cocoas for every car imported, they have a surplus of 2 cocoas, which they can use for trading elsewhere. At the same time, by getting 6 cocoas for every car, the UK nets a profit on every car traded. In both cases it allows for (very simplistic) GDP expansion (that's how I see it, I could be wrong though).
You rock!!! Can you do a video on the gains of trade. What are the benefits and losses caused from International trade? How is think linked to the lastest recession?
@pajholden That is one thing in studying economics that has bothered me (i.e. all the assumptions). At what level does one start to analyze those details more carefully? In intermediate Micro/Macro or econometrics? For example, I debated my prof on the Theory of the Firm (which Steve Keen proved false), and he wasn't even aware of the problems with it. So that has me somewhat concerned about the higher levels of economics (i.e. the assumptions are never addressed).
This has been really helpful just to clear up a few confusions, my teacher used a different graph to explain it but seeing it in a different light has really helped thank you! I might just pass tomorrow xD well... we'll see haha
hello Mr.Phil, please i want to ask you about the lemons you said that lemon prices decreased could it be that the price of trucks increased which forced farmers to sell more lemons to get enough money to buy the trucks?
When you say Uganda has comparative advantage over uk for for both cars and cocoa, is that right for cars? As Uganda is giving up 8 units of cocoa over 4 units of cocoa for uk? Or have I just got confused
Why can't teachers explain things this simple? haha I learnt more about the TOT in 13 minutes than I did in a full 1hr 30min class. I swear youtube can just home school me, I'll get my final year of school done in half a year.
I'm a bit confused when you said that "we need the earning from the export to pay for imports." But the proceeds from selling exports aren't always used to purchase imported goods are they?
From the income of other sources? Say, from my monthly wage, or the proceeds from selling my car? Why does imports has to be financed from the proceeds from selling export?
why didn't you do things on social housing!!!?!!?! :'( hahaha, AS retake...whyyy are you so bloody hard??? (the multichoice in particular) but thank you sir for what you have done for me...we came so far... :D
thank you. you are the only person who has ever made sense to me on TOT. and I love your accent, so win-win.
I just created a youtube account to tell you how helpful all your videos are....and i just want to say i got an A in my january economics after you basically taught me the entire course. You are a saint!
9 years of your TH-cam account creation ;)
whenever you say hello all i can think of is that you sound just like James May.
loving the videos they have been a great help
Thank you! Im currently studying economics unit 4 on my own (No tutor or school) and your videos help me out ALOT... thanks
absolutely brilliant. i spent lot of tym in understanding absolute, comparative and TOT via my textbook but it ws nt clear. but aftr watching ur videos, i am able to understand these topics crystal clear.Thanks from India :)
you are a phenomenal instructor. you are so specific and vivid when you explain economic theory. i love it. thank you for this. it was very helpful. Freshman Economic Major at the University of Illinois Urbana-Champaign.
he is a great teacher.
absolutely and comparatively speaking.
Thank you very much! Just what the doctor called for, i have my Economics IB in just over a week! :)
this video helped me to understand better the basics of terms of trade! thank you very much
Thumbs up IB 2013! This man has saved us.
excellent explanation about the ricardian model along with the terms of trade.
thank you!
well done paj great videos as well may Allah reward you
you're so amazing, I'm really grateful to you for bestowing these video's upon us.I'm a huge fan already.
Thanks once again Phil
A great explanation as it fills the gaps in my International Economics text.
It is covered, but not as well as you have explained it.
This will help studies for my exam next Friday Phil
Now back to my text......
Cheers,
Chris
Sydney, Australia
@heckler73 I think you put it very succinctly. Of course there are so many assumptions like perfect mobility of labour between the industries, equal quality of goods, constant marginal costs, zero transport costs for example.
This is brillant.. Thanks from london
Great video, made perfect sense!
Good explaination👍🏻👍🏻
Clear, Concise & Coherent!
@ashwinmahtani
ToT seems to be an extension of Comp. Adv.
So for Uganda (in the example), by trading 6 cocoas for every car imported, they have a surplus of 2 cocoas, which they can use for trading elsewhere.
At the same time, by getting 6 cocoas for every car, the UK nets a profit on every car traded. In both cases it allows for (very simplistic) GDP expansion (that's how I see it, I could be wrong though).
One of the topics I never really understood (along with market failure & Balance of payments)...just in time for IB economics exams next week :)
You rock!!! Can you do a video on the gains of trade. What are the benefits and losses caused from International trade? How is think linked to the lastest recession?
You explain things infinitely better than my teacher.
God damn you are a hero and just saved me for my exam of tomorrow!
Thanks very much for the video, very informative.
sir please come back on ur channel we need ur knowledge
So how does the terms of trade increase or decrease in an economy? Apart from of course actual growth or a recession ?
@pajholden That is one thing in studying economics that has bothered me (i.e. all the assumptions). At what level does one start to analyze those details more carefully? In intermediate Micro/Macro or econometrics? For example, I debated my prof on the Theory of the Firm (which Steve Keen proved false), and he wasn't even aware of the problems with it. So that has me somewhat concerned about the higher levels of economics (i.e. the assumptions are never addressed).
Nice explanation!
This has been really helpful just to clear up a few confusions, my teacher used a different graph to explain it but seeing it in a different light has really helped thank you! I might just pass tomorrow xD well... we'll see haha
thank you for this, you're very articulate and clear!
Ahh... That makes so much more sense. Thank you.
That was amazing thank you!! I finally understand TOT!
Thanks, very good explaining.
i read you're bio and i think you could totally advise the greek government on how to get out of the sovereign debt crisis!
hello Mr.Phil, please i want to ask you about the lemons you said that lemon prices decreased could it be that the price of trucks increased which forced farmers to sell more lemons to get enough money to buy the trucks?
aye
Yes
thanks
When you say Uganda has comparative advantage over uk for for both cars and cocoa, is that right for cars? As Uganda is giving up 8 units of cocoa over 4 units of cocoa for uk? Or have I just got confused
HSC economic tommmorrow thanks really helped :)
Amazing. Very helpful. Thanks a lot!
That was really quite clear to me, thank you :D
You are great man. I got it now
Thanks
Thanks from India!
Really help me a lot thx brother
Why can't teachers explain things this simple? haha I learnt more about the TOT in 13 minutes than I did in a full 1hr 30min class. I swear youtube can just home school me, I'll get my final year of school done in half a year.
You should apply for a job in Harvard! Havent seen an awesome teacher like you.
yep got 7 in economics :P its all about cramming as much information in just before exams, especially for subjects like history..
Very nice explanation! Thank you! :D
Awesome dude!
You sir are awesome! Great teacher. Do you do any online tuition? :P
Thanks! It's easy to understand.
could you please make a video of gains from trade , i really dont understand
Thank you from Germany :)
this man saves lives
GOD BLESS YOU SIR!
explain clearly, thanks~
trust me brother, im using it an hour before my exam
I'm a bit confused when you said that "we need the earning from the export to pay for imports." But the proceeds from selling exports aren't always used to purchase imported goods are they?
Well how else are you supposed to finance your imports?
From the income of other sources? Say, from my monthly wage, or the proceeds from selling my car? Why does imports has to be financed from the proceeds from selling export?
Very helpful!
why didn't you do things on social housing!!!?!!?! :'( hahaha, AS retake...whyyy are you so bloody hard??? (the multichoice in particular) but thank you sir for what you have done for me...we came so far... :D
ME TOO ! I have my exam in 30 minutes.. GOOD LUCK !
I love you man.
this helped alot thank you!
my ib HL trials tmrw for econ
Thank you very much!
make video on j-curve
TX from.Bangladesh
Fantastic THX!
Wish you were my teacher...
"Britain would say "HELL NO YOU CAN'T!!!"
Thanks last IB exam today.
is anyone else just studying from videos on youtube, rather than actual notes taken in class? :P really want to know
legend
Thankk you!!! :)
Thanxx
IB economics tomorrow :O
Is a car a commodity?
+William Collier No
Why?
a commodity is a raw product like coffee or copper whereas a car is a manufactured good
@lukedevlin Its tomorrow now!! so effing worried!!!
@Chrismkeough Australia cooooooooool
Until 1:36 I thought his left arm was just an empty sleeve
nice example on greece :D
they were very nice lemons
IB economics today :O
IB exam next week :O
i dnt understand explain to me plz
IB on thursday!!!
FAILING IB ECONS :'(
If you were a teacher at my school then your salary would be tenfold the previous Economic teacher's =D
@fionaNESS tbh... most economics students would proba do a better job at running the Greek economy at this time haha
hello fellow IB students :D
IB Economics anyone else?
IB exams coming up.. NOOOOOO
Elliot Scaife.
haha, now it's the IB exams coming up next week
btw it's T.o.T because it makes you cry T.T
see what i did there?... hueh
yeah it was lame
Tomorrow o.O
6:05 lmao
Guessing most views this week are from IB students haha
Uganda be kidding me
IB ECON HL..... ahhhhh F***.........