Its amazing that in this day and age I can just push a couple of buttons and listen to a lecture by a professor at an ivy league school. This is totally underrated
@cwong12298 ай бұрын
I know!! Back in the years 2006 to 2010 - the time I went to college, this was never something I could think of!! • Back in 2006 to 2010, KZfaq already existed. (since 2005) However, when KZfaq first came out, it was mostly for entertainment purposes such as prank or rant videos. • I can never imagine a series of lecture videos from a professor can be found on KZfaq!!
@hrhtreeoflife48156 ай бұрын
Q Advantage KZfaq => Ivy League education For free! No tuition! Same lecture. Minus the "degree" Minus forever debt otherwise known as Student Loans! 2024 Q ❤
@maxwellntambo39093 күн бұрын
You deserve the Dr. title Sir, what an amazing teacher you are. God bless you
@sowhatbtsaremyidols Жыл бұрын
You’re an amazing teacher! I am from Kazakhstan currently studying economics and revising materials !! You’re helping not only US students you should know that ❤😊
@DrAzevedoEcon Жыл бұрын
Thanks for the note! I'm very happy the videos are helping students everywhere!
@AdilAkylov22 Жыл бұрын
Где вы учитесь? Мне он очень помог, я с Казгюу, Астана
@maithole91467 ай бұрын
@@DrAzevedoEcon thank you so much for you videos. You are the best principles of Economics lecturer
@mahadiullah8783 жыл бұрын
Amazing! the best economic lesson in KZfaq
@Hoangys3 жыл бұрын
on*
@cescruz16412 жыл бұрын
@@Hoangys en
@cescruz16412 жыл бұрын
@@Hoangys pp
@AdilAkylov22 Жыл бұрын
Dr Azevedo! I just want to say that if u were my teacher I would be a second Ludwig Erhard! Thank you very much for your videos! From Kazahstan with Respect and Love!
@DrAzevedoEcon Жыл бұрын
Haha! Very happy to help!
@balnure87305 ай бұрын
So do I. Thank you sir😊😊😊
@shreoshitarapdar57752 жыл бұрын
I didn’t study economics in my high school . But in my graduation , I have opted Economics as my Generic Elective . Thank you so much sir , you have made Economics so easy to understand :D
@DrAzevedoEcon2 жыл бұрын
I'm glad to have helped!
@divyanshiverma91722 жыл бұрын
Hey! Same here. Which college are you from?
@shreoshitarapdar57752 жыл бұрын
@@divyanshiverma9172 I am from Miranda House . R u also from MH ?
@divyanshiverma91722 жыл бұрын
@@shreoshitarapdar5775 LSR :)
@shreoshitarapdar57752 жыл бұрын
@@divyanshiverma9172 Great ! Divided by campus united by DU 😂🙌🏻
@bakhtawarjehangirhaleem7873 Жыл бұрын
You are one of the most underrated youtube economics teacher on the Internet!!!!
@DrAzevedoEcon Жыл бұрын
Thanks! Glad to help!
@fl45810 ай бұрын
You don’t know how much you’re helping me. God bless you
@antnfs2 жыл бұрын
I’m so glad I found this channel, some really valuable tools, I’m going to chew through these lessons :) Thanks Prof
@daisy8696 Жыл бұрын
thank you for helping me survive in micro class, professor
@DrAzevedoEcon Жыл бұрын
You are very welcome! Glad you survived! :)
@harshrajput56742 жыл бұрын
best teacher on youtube, sir your lessons are amazing.
@firaolshimelis30102 жыл бұрын
you are the best teacher i have ever seen thank you your vidios healped me alot.
@antnfs2 жыл бұрын
This changed my outlook completely thank you. One of those key moments where an entirely fresh and entirely counter-intuitive concept solidifies itself in your worldview.
@Mansi_Saluja9 ай бұрын
Concepts are crystal clear..✨👍🏻💕 thankyou sir🤍
@DrAzevedoEcon9 ай бұрын
You're welcome!
@thoaid.51649 ай бұрын
You are a god
@DrAzevedoEcon9 ай бұрын
Haha! Thanks!
@anjalivue8154 Жыл бұрын
Wow, exllecent at teaching! I can finally understand Microeconomics. Crashing my course with confidence, Prof! Thank you so much!!!
@kimhayeon398 Жыл бұрын
Thank you so much for this lecture. As another comment mentioned, it is an honor to listen to your lecture 😊
@DrAzevedoEcon Жыл бұрын
It's an honor to have to watch the video! Glad to help!
@flaviot522610 ай бұрын
Thank you ; brilliant
@lowercaseletters_ Жыл бұрын
These videos are very helpful and I enjoy listening to them. They’re a lot better than reading a textbook. Thank you! Btw, can you please make a playlist with all of the chapters in a chronological order?
@ubongetim51028 ай бұрын
You're right. They're quite easier than reading a textbook.
@sonusaluja73369 ай бұрын
Amazing!! ❤🥲✨✨
@DrAzevedoEcon9 ай бұрын
Glad to help!
@mixkds66353 ай бұрын
I'm obsessed with economics now😮 you're great
@shreyadang1142 жыл бұрын
Thank you It was a very helpful lecturer and i really hope you continue to make such lectures again thanks a lot sir
@sairaali64243 жыл бұрын
Sirrrr you're a legend!!!! 💛😭
@Arthur-cc122411 ай бұрын
I like it
@bekasbekas7642 ай бұрын
excellent lecture. Thanks for sharing.
@DrAzevedoEconАй бұрын
You're welcome!
@RohitSaini-zd1kc3 жыл бұрын
Very well explained
@wilsonisaac38062 жыл бұрын
You are really helping me. Thanks
@thenovice721 Жыл бұрын
WONDERFUL SIR
@DrAzevedoEcon Жыл бұрын
Thank you!
@robertobomfin3787 Жыл бұрын
This is mind blowing. Thanks for sharing.
@jameswu97152 жыл бұрын
Great explanation
@ulvumustafayev1823 Жыл бұрын
Thanks for this impaccable explanation. Could you please explain on what makes bowed PPF different from linear PPF? It would be awesome with examples
@DrAzevedoEcon Жыл бұрын
The PPF will be linear when the goods on each axis are produced using the same inputs and technology. An example would be red shirts and blue shirts. The PPF will be bowed out when the inputs and technology that are used to produce the two goods are different....an example would be sandwiches and tires.
@ulvumustafayev1823 Жыл бұрын
@@DrAzevedoEcon It is totally clear now. Thanks a lot
@nrminhmdova724111 ай бұрын
Why do we get 5 oz meat and give 15 potatoes? Are these numbers standard or do they have a special explanation for being chosen
@chisolamukimba8413 ай бұрын
BEST LECTURE EVER😍👌
@DrAzevedoEcon3 ай бұрын
Thanks for watching!
@petrandreev24182 ай бұрын
Poker is not a zero-sum game because there is a rake. However, if we ignore the rake: If one player starts with $150 and another with $100: a) In a single hand, one player can only win up to $100 from the other. b) Over multiple hands, either player could potentially win all the money from the other. I didn't get where $50 comes into play
@annmary6974Ай бұрын
I guess what a zero sum game basically means is that for one to make money , the other one has to lose money !
@fardeenahmed56492 ай бұрын
I will start my Econ Undergrad next month. So i thought how about get some prelimenary ideas about the fundamentals. And id be damned, i came across your channel🎉🤲😭🙏
@sonusaluja73369 ай бұрын
❤❤❤
@DrAzevedoEcon9 ай бұрын
👍
@kylejulius95962 жыл бұрын
Brilliant
@angelicabergman87013 ай бұрын
Thanks!
@DrAzevedoEcon3 ай бұрын
Thank you! Thanks for watching!
@lautarocasetta46284 жыл бұрын
Great explanation, thanks!
@Wearenick Жыл бұрын
Well done.
@DrAzevedoEcon Жыл бұрын
Thanks!
@Colimotl1 Жыл бұрын
thanks a lot for this,
@DrAzevedoEcon Жыл бұрын
You're welcome!!
@laurendahl9122 Жыл бұрын
For the possible range of prices, will both parties benefit if the price is exactly on the extreme? Like in the farmer/rancher problem, how the possible price range is between 2-4 oz of potatoes for 1 oz of meat. What if the price was exactly 2 oz of potatoes for 1 oz of meat, not somewhere in the middle? Would one party have a loss?
@DrAzevedoEcon Жыл бұрын
Good question. If the price was at one endpoint or the other, then one person would not benefit from trade. For example, if the proposed trade was 1 ounce of meat for 2 ounces of potatoes, then the Rancher would not benefit from trade. It would cost the Rancher 2 ounces of potatoes to produce each ounce of meat and the Farmer is paying exactly that....the Rancher is not better off by trading.
@laurendahl9122 Жыл бұрын
@@DrAzevedoEcon Ah, that makes sense. Thank you!! Love your videos :)
@DrAzevedoEcon Жыл бұрын
Thanks!
@ubongetim51028 ай бұрын
@@DrAzevedoEconI must confess, I don't seem to get the question and your explanation here. Thank you Dr.
@DrAzevedoEcon8 ай бұрын
@@ubongetim5102 The range of prices that would result in gains from trade is one ounce of meat for anything between 2 and 4 ounces of potatoes. This is why the trade I use in the example (1 ounce of meat for 3 ounces of potatoes) works. The farmer is happy with the trade because the opportunity cost of producing an ounce of meat for the farmer is 4 ounces of potatoes. The trade allows the farmer to get it for only 3 ounces of potatoes. They can buy meat for less than it would cost them to make it themselves. The rancher is also happy with the trade because each ounce of meat costs the rancher 2 ounces of potatoes to produce. The rancher can sell each ounce of meat for 3 ounces of potatoes. They can sell meat for more than it costs them to produce it. So both the farmer and rancher are made better off by the trade of 1 ounce of meat for 3 ounces of potatoes. The question asks about what would happen if the trade was at either extreme (1 ounce of meat for 2 ounces of potatoes or 1 ounce of meat for 4 ounces of potatoes). In this case, only one person would gain from the trade. The other person would not be hurt, but they would be indifferent between trading and not trading. I hope that helps.
@Shalommmm3 ай бұрын
Thank you so much for this. I have a question, How did we come about the Rancher producing 18 ounce of Meat and 12 ounce of potatoes. Was that an assumption ? Also the trade off where Farmer gains 5 ounce of meat and gives the rancher 15 ounce of potatoes. i got lost in these parts.
@DrAzevedoEcon3 ай бұрын
The choice of having the Rancher produce 18 ounces of meat and 12 ounces of potatoes is somewhat arbitrary. Actually, the gains from trade would be even bigger in this problem if the Rancher specialized completely in meat. In the problems that I give my students on this model, I tell them to have each person specialize completely in the good for which they have the comparative advantage. The choice of the trade is similar. The trade in this problem is just one of an infinite number of trades that would make both people better off. This trade (5 ounces of meat for 15 ounces of potatoes) implies a price of 5/15 (or 1/3), which falls between the two opportunity costs. Any trade that implies a price between the two opportunity costs would create gains.
@Shalommmm3 ай бұрын
@@DrAzevedoEcon Thank you so much ☺
@farzanamim18293 жыл бұрын
Thank you...
@amateurmusic. Жыл бұрын
thanks a lot sir.
@DrAzevedoEcon Жыл бұрын
You're welcome!
@saacidomar87523 жыл бұрын
Is which course this chapter "Gains of Trade" belongs to Microeconomics or Macroeconomics ????? Hope you will answer mee soon dear sir
@DrAzevedoEcon3 жыл бұрын
This chapter is often included in both microeconomics and macroeconomics. The chapter looks at the benefits that people (and countries) can get from voluntary trade. That is of interest whether we are talking about micro (people interacting with other people, firms, etc.) or whether we are talking about macro (how economies function, interaction between countries, etc.).
@saacidomar87523 жыл бұрын
@@DrAzevedoEcon Got it Thank You So Much Sir
@ubongetim51028 ай бұрын
@@DrAzevedoEconcurrently I'm doing a course on International Trade. It's a separate course on it own. From Nigeria
@DrAzevedoEcon8 ай бұрын
@@ubongetim5102 Which textbook are you using for your International Trade class?
@ethinesvedi72463 ай бұрын
🤯 🤯 🤯 25:00
@mysaraahmed342910 ай бұрын
Please translate that to Arabic because i can't understand English language
@nk3566 Жыл бұрын
hi can ask about the name of book , i want to know if it is like the content of my book
@DrAzevedoEcon Жыл бұрын
I use the book Principles of Economics by Mankiw.
@petrandreev24182 ай бұрын
I become hungry for meat and potatos 🤣
@devilgamerrrrrrrr Жыл бұрын
Waah buddhe bhaisahab. Eee jo 1 ghante ka bhideo bana diye ho, humra net khatam hogyi hai. Keshe parhu ab. Tum thoda poisa do
@devilgamerrrrrrrr Жыл бұрын
Nahi hoga tumhare paas poisa. Humra Morzi hom nahi porhega
@gasimmarhoum2 жыл бұрын
👍👍
@ahadamin73612 жыл бұрын
28:31
@coreyjones827313 күн бұрын
The last time I checked capitalism is NOT a barter system.
@DrAzevedoEcon12 күн бұрын
You're correct, but you've missed the point. The point of this particular video is to discuss and illustrate the sources of the gains from trade. If you want to see a more thorough discussion of the model that includes prices, take a look at the videos on the Ricardian Model in my playlist for International Economics. kzfaq.info/sun/PLTjEimbqDkpBxcrJl6t8c_87B8zYmr4Mh
@coreyjones827311 күн бұрын
@@DrAzevedoEcon Thanks for the reply. The point was that under capitalism the source of gains cannot come from trade like that of a barter economy. Within a barter system two different qualities (i.e. meat and potatoes) are exchanged directly, therefore making it possible for individuals to ‘gain’ through exchange. However, capitalism is defined as a system of production and exchange for profit. In other words, we now have a group of people who start with a given sum of money and end with a given sum of money. It’s no longer about trading different qualities but increasing the quantity of the same quality (money). And what would be the point of exchanging the same amount of money (i.e. $100 for $100)-who would gain from that trade? Therefore, the source of gains (profit) must be in the sphere of production not exchange. If you’re interested, both Piero Sraffa and Karl Marx have critiqued Ricardo on this issue.
@DrAzevedoEcon11 күн бұрын
@@coreyjones8273 Trade doesn't have to be goods for goods. If I take some money and exchange it for goods, that is also a trade. None of the conclusions that I come to are dependent on barter, and everything relates just fine to a capitalist system. I'm familiar with the criticisms....I don't find them persuasive.