A tutorial on how import prices increases consumer surplus and decreases producer surplus, the impact of tariffs and the deadweight loss to society. Like us on: / partymorestudyless
Пікірлер: 260
@nographite11 жыл бұрын
You've literally covered an entire weeks worth of class in 6 minutes. Thanks a lot this was an excellent video!
@rsadsultanov30713 жыл бұрын
Same here
@clicknetusa2 жыл бұрын
Thank God. I don't have weeks to spend learning.
@economicsfun11 жыл бұрын
Dennis, I use a variety of different software including photoshop, illustrator, HTML5, Final Cut, GarageBand and a few other products. Each video takes me a long time to create. My rule of thumb is each minute of video takes about 12 hours to create, so a 7 minute video takes me about 84 hours of development time.
@troooooper1004 жыл бұрын
i asked a question please let me know..
@vimbaingarawa82053 жыл бұрын
FIRST TIME I UNDERSTAND THIS WHOLE CONCEPT, IM BLOWN AWAY SO READY FOR MY EXAM TOMORROW
@lavanyabaunthiyal92562 жыл бұрын
I’m here 11 years later.... it’s still gold ! Thanks man
@pauljackson24099 жыл бұрын
Excellent video. The concept was very clearly explained.
@economicsfun9 жыл бұрын
Paul Jackson Great to hear. Hopefully you will get a chance to like and share the videos. This will help others find the videos. Good luck in your studies too.
@Matt-tf3bs9 жыл бұрын
This is an incredible video!! So well put together! I'm studying for the CFA exam, this video was a big help.
@economicsfun9 жыл бұрын
Matt Huck Great to hear that the videos are helping you. Hopefully you will like, share, subscribe. It will help others find the videos. Good luck on your CFA exam too.
@andr3wloo11 жыл бұрын
I appreciate the video. I'm taking my undergrad and my foreign teacher decided to mumble and jumble everything around, making a complicated subject even more complicating. You, on the other hand, simplified that like no other. Thanks!
@cmccune3338 жыл бұрын
Studying for an econ final right now and your video really helped out! Thank you very much!
@mingdaninja12 жыл бұрын
I spent almost a hour trying to find the answer! this video helped me so much!! thanks alot!!!
@brandonp27564 жыл бұрын
Thank you. You explained better in five minutes what my master's program professor has struggled to make clear to me in two hours.
@user-cu5cp5mx7r7 ай бұрын
This was the best educational youtube vid I have ever watched. Love the website name, how appropriate.
@samzion7713 жыл бұрын
You have done what my teacher wasn't able to do for a long long time, thank you for help me understand it
@carly16289 жыл бұрын
Learnt more from this video than my Eco lectures. Thank you!
@kirangupta82336 жыл бұрын
This is what I find out after watching so many video on this topic... And I can say this with no doubt that this is the best video to understand the concept..hardwork should must appreciated.. 👏😊 Thankyou so much sir🙏
@kelsiervoncarstein13246 жыл бұрын
Thank you so much, I have an economics exam today and you just helped me be able to understand how to calculate consumer and producer surplus very clearly, thanks
@economicsfun11 жыл бұрын
Happy to hear that my vids are helping you with your homework. Good luck in your classes too.
@hey.roshni6 ай бұрын
thank you this 13 years video is the best video on this topic
@pearlmancapital12 жыл бұрын
Fantastic job. I'm studying for the CFA, and spent 30 minutes trying to figure out how they got consumer/producer surplus.
@elizabethorum68808 жыл бұрын
Really well explained, so much better than how my lecturers do it. Thank you!
@sarahanne91289 жыл бұрын
Excellent video. I am studying international trade for my MBA and this video was super helpful in understanding how to complete calculations. THANK YOU!
@glitched27974 жыл бұрын
You have no idea how much I needed this exact video 😭 thank you sir
@economicsfun12 жыл бұрын
Thanks for the positive feedback and good luck on your CFA!
@bnn9322able11 жыл бұрын
sir this video is just amazing for me. i don´t understand any thing what the teacher said in my economics lecture, but as of now, you-are-my-saver ! thanks alot
@Maigrim11 жыл бұрын
WOW! This was so much easier to understand than than when I read it in the textbook. Thanks for the accessible and logical explanation!
@dipalipawar55187 жыл бұрын
I don't think anyone can explain better than this. You give me the way to enjoy my study. Thank you very much. :-)
@lil_kim7 жыл бұрын
YOU HAVE SAVED ME FROM TODAY'S MIDTERM. HOW DID YOU MAKE IT SO EASY TO UNDERSTAND? SUBSCRIBING
@shubhramishradevotionalmit43564 жыл бұрын
Amazingly explained I wish this person was my teacher
@garretthinshaw15895 жыл бұрын
best econ video i’ve ever seen, no cap
@abcdef-eb5ev5 жыл бұрын
Garrett Hinshaw true. Lmao “no cap”
@economicsfun11 жыл бұрын
I have always thought that economics lend itself to animations. Great to hear the videos are helping you.
@economicsfun12 жыл бұрын
Thanks for the feedback, much appreciated. Good luck in your classes too.
@rosycheeksable13 жыл бұрын
so surprised, I'm studying this problem, and it's really helpful, after watching, I feel nothing complicated with tax anymore. thank a lot! :)
@utubesanjay11 жыл бұрын
Very crisp and easy to understand. Thanks a ton.
@simonneguilherme49982 жыл бұрын
great video! Thanks a lot! I am a teacher and see many students complaining that they learned better from the video than from their classroom teachers. Even though I believe that it could be true in many cases I want to play devil´s advocate and present the other side´s view.. sometimes, in class students are distracted, engaged in conversations, or did not do the prep work or class exercises that would help them understand the material but expect the teacher to perform miracles!!! I have shown videos in class that viewers loved and mentioned they learned a lot from it, but in class, students would not take full advantage of them. So, this is a very well done video and can help a lot of people to learn what sometimes was not possible in class not necessarily because of the teacher...
@jnybeth8 жыл бұрын
omG, THANK YOU!! You explain this so much better than my book! /It actually makes sense to me!
@user-qt9gc6jl9d6 жыл бұрын
which books you study form it
@ameeralbulushi21992 жыл бұрын
This was really useful for my economic exam. Thanks!
@matteenshabon76625 жыл бұрын
thank you for the help, I have a test tomorrow and I feel much better.
@subhammisra2233 жыл бұрын
excellent video sir.. love from India
@HuyNguyen-jf5jz8 жыл бұрын
Remeber : Import price is world price
@sarweshraj54704 жыл бұрын
Import price is the price of imported commodity in its parent nation or the price at which he is interestred to sell thier goods to the importing nation (i.e, offer price)
@zaidahmad8611 жыл бұрын
sir this graph gave me great help while preparing a assigement on protection of australian car industry-subsidy or tariff.
@Arban197 жыл бұрын
Sir saved me from an arrear 🙏🏾🙏🏾🙏🏾 Respect and love from India 🇮🇳 ❤️
@user-ze3pl8ig2b8 жыл бұрын
great work! better than what most of the high school teachers would taught.
@economicsfun11 жыл бұрын
Thanks again for your feedback, it is very much appreciated.
@xavianus12 жыл бұрын
Great explanation! Finally understood the tariffs and supply/demand on international trade. Thanks for sharing!
@InstTaxSolutionsLLC10 жыл бұрын
This is a helpful tutorial on how to track the effect of tariffs on consumer and producer surplus.
@economicsfun12 жыл бұрын
@XgannaX It really relates back to consumer surplus and producer surplus. After restrictions "surplus" is less. Another way is to think about it is benefit. Less people benefits with trade restrictions. The deadweight loss is loss in consumer and producer surplus (less people benefit).
@bruce98028 жыл бұрын
superb explanation. I wish this guy was my professor
@economicsfun11 жыл бұрын
Good question. The reason is not all of supply at that point are imports. There is some domestic supply too and there is no tariff collected on it. Starting around 2:26 of the video you will see that Qs is domestic supply and Qd minus Qs is imports. The tariff is only collected on imports. This is why the brown box is the amount of revenue collected from tariffs.
@meesterfin-econ722811 жыл бұрын
Amazing. This video > Price theory class
@frederikjuhldag13269 жыл бұрын
Thank you for refreshing my macro! Great video, however I wish that the length of the graphs axes reflected the values you put on them.
@economicsfun9 жыл бұрын
Frederik Juhl Dagø Thanks for your comment. I am not certain I understand your comment, could you expand on it for me. Thanks
@HuyNguyen-jf5jz8 жыл бұрын
Can't use any word to express my gratefulness to you :D
@msbunny03011 жыл бұрын
Great that you explain so much within few mins. Btw,would you talk abt import quota ?? It's rather difficult than tariff is.
@jaykerzb37716 ай бұрын
Bro explained this so simply. Why can't my Econ professors be like this 😂
@economicsfun12 жыл бұрын
You are right in regards to short run economic models, microeconomics and especially policy makers. There is not enough thinking by political leaders and policy makers. They don't ask enough and then what happens, and then, and then, what happens. Economics is a good tool tho to look back and see the impact of political realities, wars and social programs.
@BetterBboyBody11 жыл бұрын
Yeah they help a lot. My international trade class is three hours long, sadly, I tend to miss a few things in class.
@eaguisanda10 жыл бұрын
i really like how you explain... no matter how complicated the topic, i can easily understand it... thanks... do you have video related to general equilibrium impact to small and big nation? thanks again
@economicsfun11 жыл бұрын
That pretty much sums it up. I would add Republicans and most politicians and not just limit it to Democrats. I am not sure if politicians are "ignorant." Instead they are willing to sacrifice political expediency for long term economic growth. They cater to special interest groups, labor unions and corporations instead of doing what is right.
@economicsfun11 жыл бұрын
That is great to hear and thank you for the compliment. Make sure you like MyBookSucks on Facebook (see video description for link). This will help other students find the educational videos.
@MegaAstrodude13 жыл бұрын
@economicsfun, " I am sure if you would have been alive in 1911 you would of wanted to hold onto all those agricultural jobs as well." Good point, but there are key differences. Jobs related to agriculture didn't disappear as a sector, they just changed from subsistence farming to Caterpillar factories and those jobs became much higher paying than subsistence farming. Software jobs aren't filling the void left by manufacturing's departure. Also, the US became the world's breadbasket after 1911.
@economicsfun11 жыл бұрын
You are very welcome!
@economicsfun11 жыл бұрын
I am not certain that I understand your question. Can you tell me the time stamp in the video that you are asking about?
@wannabe77112 жыл бұрын
You make it so understandable. Thank you and great job!!!!
@VodAlbion4 жыл бұрын
Thank you, from Brazil.
@phillipmacintosh409410 жыл бұрын
Good study and I like your responses very well thought out.
@denniswatson616111 жыл бұрын
Excellent! Clear, concise, and methodical. Would you mind sharing what ap or software you are using?
@majlam30492 жыл бұрын
Helped me get a super good grade.. i love youuuu
@economicsfun12 жыл бұрын
@MrGodelFan How is the deadweight loss a reinvestment and by who? It is a loss to consumer because they had to pay a higher price because of the tariff.
@ulugbekkodirov17884 жыл бұрын
Hi Sir, I just watched your explanation of import tariffs and I really liked it. Could you please explain export quotas as well ? And another question is what kind of application did you use to explain this graph?
@an-zg5xd2 жыл бұрын
Thank you for the excellent video! I have a question tho, if tariff imposed is 25% , should the way tariff be calculated be : 25% * initial world price OR 25% * new world price?
@economicsfun13 жыл бұрын
@MegaAstrodude All righty then.... industry or the market place knows best. Governments and bureaucrats set the tariffs and quota's. Since you write so much about manufacturing soon I will post a video asking the question... which has more economic value. The iPhone or what is on it. Is it best to manufacture the iPhone or develop the software, the music, the videos, that go on the iPhone? Stay tuned.
@Will1SAG12 жыл бұрын
@economicsfun haha yes you are right I'm English. Sorry I didn't mean to sound rude about the accent. But great videos! Keep them going! I used this the night before an eco test in college on international trade barriers and i got a 6 out of 7! So thanks a lot!
@economicsfun11 жыл бұрын
You are very welcome. Make sure you like MyBookSucks on Facebook (see link in video description). This will help others find the videos too.
@abrilburgoyne487311 жыл бұрын
Excellent article! Easy to understand. Thank You
@kseniian96422 жыл бұрын
Thank you so much for the video! It helped me a lot!
@MegaAstrodude13 жыл бұрын
@economicsfun, It's Adam Smith's theory and he said it should never be applied to international trade with radically different internal systems. Smith writes: By preferring the support of domestic to that of foreign industry, he intends only his own security; and by directing that industry in such a manner as its produce may be of the greatest value, he intends only his own gain, and he is in this, as in many other cases, led by an invisible hand to promote an end...
@SalaarRabbani20017 жыл бұрын
Thanks so much my man! Definitely earned a loyal subscriber :)
@roqaiyahatem99697 жыл бұрын
Thank you for the explanation, it's helped me a lot
@RajnishKumar-bl8hy11 жыл бұрын
Excellent Lecture Sir. Thanks a ton!
@economicsfun13 жыл бұрын
@MegaAstrodude“The US became Worlds Breadbasket.” really? The value of crop and animal production in EU is about the same as US.
@mauiemendoza18118 жыл бұрын
Thank You! You're such a good teacher. :)
@wade59415 жыл бұрын
Great video. Still do not understand a few things. Where does the revenue generated by the tariff come from? Who is actually generating the increased revenue? Is it the person buying the imported product at the cost of the product plus the tariff? Or, does the exporter pay the tariff for the benefit of exporting the product to the US.
@krishg2016 жыл бұрын
Brilliantly explained.
@MegaAstrodude13 жыл бұрын
@economicsfun, Quotas are bad, but tariffs are very different from quotas. And industry frequently has called for a tariff especially as an alternative to an income tax.
@amari97739 жыл бұрын
Such a great video. Thank you.
@economicsfun9 жыл бұрын
Julio Hernandez You are welcome. Hopefully you will like, share, subscribe, If you get a chance could you please like our FB page. www.FaceBook.Com/PartyMoreStudyLess It will help others find the videos.
@economicsfun13 жыл бұрын
@booja101 thanks for your feedback. Much appreciated.
@johndisco528011 жыл бұрын
thanks! it straightforward and it helps a lot with my hw!
@rewilsjk10 жыл бұрын
Fantastic Video! 10/10 would recommend
@economicsfun12 жыл бұрын
I am not sure you can just conclude the an increase of wages faster than prices is good for economic growth. We need to understand why firms outsource in the first place. It is much more than just cheap labor. We need to understand what type of jobs we want and add the most wealth to an economy. Btw, which has more economic value an iPhone or what goes on the iPhone?
@fakecrime11 жыл бұрын
This has helped me a lot! Thank you so much!!
@Therealma8 жыл бұрын
Really great explained, which software are you using to create the images? I really would like to translate the information and explanation to Dutch. Because to my believes if you can teach it to others you really understand the matter.
@AbdulrahmanMuhammed2 жыл бұрын
Thank you so much! This helped me a lot
@economicsfun11 жыл бұрын
You are very welcome. Make sure you like MyBookSucks on FaceBook (see link in video description). This will help others find the educational videos.
@sabasaad28085 жыл бұрын
Thank u sir respect from pakistan
@DinaraRaRa5 жыл бұрын
Thank you! Amazing explanation!
@laftyValorant7 жыл бұрын
wow this is actually amazing
@Surie65 жыл бұрын
Lovely ... Liked your explanations... ,❤
@Ojokernegro11 жыл бұрын
At 2:57 one can observe that at $20 Qs is 100 and Qd is 850, when the tariff is imposed this amount changes from Qs1=300 and Qd1=650, but how do you calculate the change from 100 to 300 and from 850 to 650. Do you get what I mean?
@mariajauslin11076 жыл бұрын
why sometimes the deadweight loss is as in your video bellow the demand and supply, but sometimes on the left side?
@sarweshraj54704 жыл бұрын
Import price is the price of imported commodity in its parent nation or the price at which he is interestred to sell thier goods to the importing nation (i.e, offer price)
@melcah8012 жыл бұрын
Thank you for the great explanation!
@longwhitecloudfilms9 жыл бұрын
so much gratitude to you holy shit. never grasped until now.
@economicsfun9 жыл бұрын
Will Thimbleby Will thanks for that! If you get a chance like MyBookSucks FB page. It will help students Party More and Study Less www.FaceBook.Com/PartyMoreStudyLess
@economicsfun9 жыл бұрын
Will Thimbleby In your case, I guess I should have said, "Skateboard More Study Less!"