Doesn't matter where you are, appreciate for ALL the work you have done, for everyone in the world. I hope you keep teaching online, wether or not you do so, I appreciate for all the work you have done, until this point.

for the first time in my life I understand the true meaning of opportunity cost, its been like a fabble all these yrs.God bless you I like your teaching

I find economics so so fascinating. It's so complex and intertwined with so many other disciplines, and people never understand when I try to tell them how incredible it is. They don't understand that it's not all numbers and graphs. It's about CHOICES and what motivates people to make them how they do. Oh it's so amazing, I can hardly contain my excitement... I want to do THIS with my life..

you have made my micro class so much easier and saved me on my test thank you so much for the video! you are a great teacher and make it so simple. life saver!

PHIL HOLDEN, is the best teacher ive ever and never hadd ! your AMAZING ! i was hating economics, but the minute i watch your videos, i fall back in loveeee !

It's really nice to see that someone really knows how to teach....bravo...keep the good work. Greetings from Serbia.

Because as you move from the production of wool to cheese, there will be a stage where the finite resources available are less suited to the production of cheese, and perhaps more suited to wool production- so using these resources for cheese would make a higher opportunity cost

Thank you for your help! I am a student at Ucla and we covered this topic in my World Politics course for our Global Trade chapter- I'm not an economics major, but your way of explaining clarified things very well :) Thanks again!

Can't believe I'm paying $4,200 per course and this guy explains way better than my uni teacher!

all this stuff you do helps so many people!!

@Tosnel Hi - thank you for your kind comments. I used to work in the UK. I was a stand-up comedian for a year, then got into teaching. I taught in a tiny language school in a mountain town in Arcadia, Greece for a year, fell in love with teaching and Greece, came back to the UK and taught History for three years in state schools in Dagenham and Morecambe. But Greece was in my blood by then, and kept calling me back, so I moved to Athens permanently in 1996.

Thank you veeeeeery much... I have a midterm tomorrow and you just saved my life!

seriously better to learn by these online videos than going to uni lectures!

ikr. its amazing and he explains it in its easiest form what so ever.

This video describes Opportunity Cost better than my text book! Thanks!

Thank you so much. I'm currently in an econ class for the first time and I really want to understand what I'm doing. I hope you post more of these videos for other concepts such as "The Short Run vs The Long Run" and "Market Types"

Thank you for your video!! It helped me understand more than what I have learned in the semester, so far!! -R

greatest ending to an economics video ever!

Hello, thanks for your comment. PPFs are not elastic or inelastic - that would be demand or supply curves - though even then elasticity is not actually about gradient. PPFs merely define what can be produced given exisiting resources and given levels of technology. Their changing gradient when concave relates to the changing opportunity cost as resources are redirected. Hope that helps, cheers Phil Holden

THIS MAN IS SO GOOD, INFACT I UNDERSTAND HIS PATTERN OF EXPLAINING HIS SUBJECT BETTER THAN MY LECTURE IN THE UNIVERSITY. YOU SHOULD PLS COME BACK TO THE UK. YOU ARE REALLY TALENTED IN TEACHING. YOU ARE REALLY MAKING A DIFFERENT IN OUR STUDIES. PLS KEEP IT UP, AND MORE OF YOUR LECTURE, AND LOOKING FORWARD FOR YOUR WORKSHOP INTHE UK. TOSNEL............

Thanks for your comment. If they use all resources to produce butter they are making no guns. If they then decide to produce 1 gun, some resources will have to be switched out of butter production to produce the gun. The butter that cannot be made because some resources are now making the gun is the opportunity cost of the FIRST gun. The second gun will not have the same opprtunity cost as the first...

i wish he would be my professor.....he got clarity in voice and a wit to convience his ideas

This video is very informative. I was able to gain understanding of opportunity cost and it's dynamic. This information will be helpful in completing my course material.

Thank you for this video! It helped me with my son's 4th grade homework! I sure don't remember learning this in 4th grade! AHHHH!!! Thank you, you saved the day!

This is extremely good session. Please keep spreading your teaching through youtube. This has lot of value. Thanks.

i was so confuse with this opportunity cost. now i am clear.. thank you

Thank you so much. Cramming in for my mock tomorrow!!

Very clear explanation within 5 mins. Thank you!!!

These videos are helping me pass my college economics course! Thank you so much!

This is an excellent video. It helped me out a lot with my homework Well done

thank you very much for this you explained it much better than my professor did!

humm now i think i am starting to like economics, u make this very interesting and make me want to learn more, thanks alot, ur very good.!

thank you i have a final on friday and watching this explained a lot

Thanks! I will have the economics exam tomorrow, it's helpful to me

you gave me a better understanding of opportunity cost. Thanks,appriciate it.

Thank you for making this video. It helped me through some very tough Economics homework. I'm definitely subscribing to this channel.

thumbs up you rock man ~ my lecturer recommended us to watch you teachings is was wonderful ~

I could only lean on one example of OC but now I see that it also applies to production and manufacturing lines. It's like I had been living in a flat earth before this video.

crystal clear. Thank you so much for this!

Dude, you're saving my life here! Thanks!

when production of cheese increases the opportunity costs of wool increases on the upper part of the x - axis and not as shown on the demo video

Omg this was so helpful! I didn't get it the whole lesson we did on it and when he mentioned it after! Thank you somuch!!

Productivity is a result of Efficiency, and not energy efficiency like some are talking right now, but COMPLETE Efficiency...if you don't know the Baselines of your business how can you improve it?... if your Equipment isn't kept and operated properly how can you depend on it?...if your organization has no effective worker’s communication & training how can you get people to do the right things?...get it? Process, Equipment, Personnel, the core elements... get the Industrial Efficiency Triangle.

4th grade??? My daughter Emily, 8 years old, is fourth grade. They definitely don't study economics yet! What school does your son go to? The J.M.Keynes Prep school for infant prodigies? Glad it helped. Next year, when he does triple-axis dynamic efficiency path-modelling in three stakeholder employment contract negotiations, ask him to call me so he can explain it to me! Thanks for watching.

Thank you for all the great videos it helped me a lot. Thumbs up :)

This is soooo easy! Great Videos

Thank you so much! This was incredibly helpful.

very good.....thank you Mr.Phil

opportunity cost- is the cost of the next best alternative to be foregone. Ive got perfect Business notes for IGCSE. Ive got a B in GCSE and an A in A levels.

man ur too good...thx indeed...saved a lot of time

Million thanks from India

Exam tomorrow! thankyou, these really help!

okay that's helpful. i needed to understand this for a college course

nice one mate, very well put, cheers

thank you sir for your help, i've been trying to clear my 1st yr. micro eco and 2nd yr. macro eco since 2008. but lets hope, your tutorial will help me to clear this time ;)

Thank you very much for posting this,really helpful

Excellent. This really helped.

my students enjoyed-many thanks

thank you very much. it was really helpful

Excellent examples.

Great explanation. Thank you!

Concise and clear

hey blurock, it may be simple but you'd be surprised at how many businesses particularly small businesses that have never heard of opportunity cost let alone attempt to make a singular choice on 2 or more competing opportunities.

why is it that the internet explains things soo much better that my teachers?

Thanks for the efforts and the video :)

luv u man ... u made my concept clear :D

this was extremely helpful thank you

great stuff...brilliant...:)

cheers sir really helped for my final i guess the opportunity cost of me watching tv all day instead of studying is my grades haha oh well

Very helpful. Thanks!

Very good!

Very helpful!

yesss your videos are very helpful!

One error you made At 4:11 to 4:13 you said we have to give up a HUGE amount of wool. It is supposed to be the length on top not on the bottom. Nevertheless that was a good refresh of mind for me as I am an Economics student. Thumbs UP!

thank a lot, after this i eventually understand that!!

VERY INTERESTING

he draws lines very well

Excellent teaching, clearly explained. One question: How is Opportunity cost measured when more than two variables are in contention? take your example for the country food production- a government is unlikely to devote it's resources solely to the production of wool and cheese. I'm not being pedantic btw, I know in that context it was just an example :), just using it as an example again now to assist my question.

person opens door at the very last second of the video: "ok"

awesome video and i have an assessment about that,,, can you give me some examples please.. thank you

what about the subjective theory of value; does a government, a firm, or any other group of individuals make a decision in the same way as a single individual. how do we add up individual opportunity costs?

Hey pergolas123 Thanks for pointing out my mistake! It is from the 999th unit to the 100th unit of cheese you have to give a large amount of wool. It got me all confused back then. So can I say that the opportunity cost of producing 999 units of cheese from 0 WOULD BE the large length on top? Sorry pajholden =)

i thought thinking in the margin is when you decide to work wih a convenation of both but i guess it makes sence.

thanks good job

I have a question On a concave PPF, does the opportunity cost ALWAYS increase as the output of the good/service on the 'y' axis increases?

At the end the real teacher walked in and he was like aw shit better run cut the camera.

Great video, but one question. Why is the line sometimes curved and not always straight? What causes this? Is there a way to evaluate the dimension of this curve? It seems that one must know how much this curve is... curved, to make a good decision with opportunity cost.

Thank you , it's useful

Very good, but you didn't explain the reason why more wool must be forgone as more cheese is produced.

Thanks for video~!

Can it be any other curve? What about if we include wool, cheese, cake, meats? . PS-thanks for the video

Hahaha 'okay' at the end

Cheers! Thank you.

Why does the opporunity cost curve make a concave, but the indifference curve makes a convex? It seems like almost the same to me.

echt genial erklärt:-D

THANKS!

really helpful!

thank you!

There's a definite lack of blue jean jackets in this video.

are there any serious theories as to why (or when at times) people dont pick the best opportunity cost? [admittedly not everyone makes the best choices when faced with them]