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How to calculate opportunity costs
 
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This video goes over the process of calculating opportunity costs. Generally, opportunity costs involve tradeoffs associated with economic choices. Specifically the opportunity cost is the value of the best available alternative (that you have given up). This video goes over my personal method to make sure the opportunity costs are calculated correctly. More information about this is available at: http://www.freeeconhelp.com/2011/09/calculating-marginal-and-total.html
Views: 472908 Free Econ Help
Production Possibilities Curve- Econ 1.1
 
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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. If you need more help, check out the Ultimate Review Packet http://www.acdcecon.com/#!review-packet/czji
Views: 1041532 Jacob Clifford
Opportunity cost and comparative advantage using an output table | AP Macroeconomics | Khan Academy
 
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In this video we use the PPCs for two different countries that each produce two goods in order to create an output table based on the data in the graph. We then use the output table to determine the opportunity costs of producing each good. Finally, we determine which country as comparative advantage in each good. View more lessons or practice this subject at http://www.khanacademy.org/economics-finance-domain/ap-macroeconomics/basic-economics-concepts-macro/scarcity-and-growth/v/opportunity-cost-and-comparative-advantage-macroeconomics-khan-academy?utm_source=youtube&utm_medium=desc&utm_campaign=apmacroeconomics AP Macroeconomics on Khan Academy: Welcome to Economics! In this lesson we'll define Economic and introduce some of the fundamental tools and perspectives economists use to understand the world around us! Khan Academy is a nonprofit organization with the mission of providing a free, world-class education for anyone, anywhere. We offer quizzes, questions, instructional videos, and articles on a range of academic subjects, including math, biology, chemistry, physics, history, economics, finance, grammar, preschool learning, and more. We provide teachers with tools and data so they can help their students develop the skills, habits, and mindsets for success in school and beyond. Khan Academy has been translated into dozens of languages, and 15 million people around the globe learn on Khan Academy every month. As a 501(c)(3) nonprofit organization, we would love your help! Donate or volunteer today! Donate here: https://www.khanacademy.org/donate?utm_source=youtube&utm_medium=desc Volunteer here: https://www.khanacademy.org/contribute?utm_source=youtube&utm_medium=desc
Views: 28866 Khan Academy
Production Possibilities Curve and Opportunity Cost
 
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Recorded on January 18, 2010 using a Flip Video camcorder.
Views: 196444 MrFendrych
Opportunity Cost
 
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Opportunity cost (and marginal cost) based on the PPF More free lessons at: http://www.khanacademy.org/video?v=pkEiHZAtoro
Views: 801642 Khan Academy
How to calculate opportunity cost
 
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Calculate opportunity cost
Views: 111702 Marko Markolovic
The Law of Increasing Opportunity Cost and the PPC Model
 
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In a previous lesson we introduced the basic economic concepts of scarcity, opportunity cost, and the production possibilities curve (PPC). In that lesson, we examined the tradeoffs an individual faces in the use of her time between "work" and "play". We showed that the opportunity cost of one hour of work is always the one hour of play that the individual could have enjoyed instead. The constant opportunitiy cost between work and play is illustrated in the PPC model as a straight line production possibilities curve. In this lesson, we will expand our understanding of the PPC and opportunity costs by examining the tradeoff a nation faces between the production of two goods using its scarce resources. Cars and pizzas require very different resources to produce, and therefore, as the production of one good increases, the opportunity cost of its production in terms of the other good increases. The result is a PPC that is bowed outwards from the origin. When choosing between the production of two goods, the more similar the resources needed to produce each good, the straighter the PPC will be. The less similar the resources needed to produce each good, the further the PPC will be bowed out from the origin. Want to learn more about economics, or just be ready for an upcoming quiz, test or end of year exam? Jason Welker is available for tutoring, IB internal assessment and extended essay support, and other services to support economics students and teachers. Learn more here! http://econclassroom.com/?page_id=5870
Views: 104456 Jason Welker
Opportunity Cost in a Production Possibility Frontier
 
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This video uses a Production Possibility Frontier Diagram (PPF) to explain the concept of Opportunity Cost
Views: 15173 Steve Lobsey
Production possibility curve: Scarcity, inefficiency, choice and opportunity cost
 
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Scarcity is illustrated by point F which lies outside the production possibility curve. We would like to produce more food and guns but it is not possible given our existing resources and efficiencies. Inefficiency is indicated by point G and implies that not all the resources are being used fully. It is possible to have more of both goods by being on the production possibility curve at e.g., point d. Choice is illustrated by the choice we need to make between available combinations along the production possibility curve. For instance we need to choose whether we are going to produce combination c or combination e. Opportunity cost is illustrated by the negative slope of the curve which indicates that more of one good can only be obtained by sacrificing the other good. In terms of this production possibility curve, the opportunity cost of increasing the production of guns by 3 million we need to sacrifice 300 tons of food. One of the questions we study in economics, is how this choice is made by society.
Views: 17031 lostmy1
Opportunity costs and comparative advantage
 
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Opportunity costs and comparative advantage
Views: 81466 HorowitzEconomics
Chapter 13  1-5 exercises. The Costs of Production. Gregory Mankiw. Principles of Economics.
 
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YOU BELEIVE IN THIS PROJECT! Donate it and you'll support us. https://diegocruz18.wixsite.com/onlineco/donation Chapter 13. The Costs of Production. Gregory Mankiw. Principles of Economics. 1-5 exercises. 7th edition 1. This chapter discusses many types of costs: opportunity cost, total cost, fixed cost, variable cost, average total cost, and marginal cost. Fill in the type of costthat best completes each sentence: a. What you give up for taking some action is called the ______. b. _____ is falling when marginal cost is below it and rising when marginal cost is above it. c. A cost that does not depend on the quantity produced is a(n) ______. d. In the ice-cream industry in the short run, ______ includes the cost of cream and sugar but not the cost of the factory e. Profits equal total revenue minus ______. f. The cost of producing an extra unit of output is the ______. 2. Your aunt is thinking about opening a hardware store. She estimates that it would cost $500,000 per year to rent the location and buy the stock. In addition, she would have to quit her $50,000 per year job as an accountant. A. Define opportunity cost. b. What is your aunt’s opportunity cost of running a hardware store for a year? If your aunt thinks she can sell $510,000 worth of merchandise in a year, should she open the store? Explain.. 3. A commercial fisherman notices the followingrelationship between hours spent fishing and the quantity of fish caught: a. What is the marginal product of each hour spent fishing? b. Use these data to graph the fisherman’s production function. Explain its shape c. The fisherman has a fixed cost of $10 (his pole). The opportunity cost of his time is $5 per hour. Graph the fisherman’s total-cost curve. Explain its shape. 4. Nimbus, Inc., makes brooms and then sells them door to-door. Here is the relationship between the number of workers and Nimbus’s output in a given day: a. Fill in the column of marginal products. What pattern do you see? How might you explain it? b. A worker costs $100 a day, and the firm has fixed costs of $200. Use this information to fill in the Column for total cost. c. Fill in the column for average total cost. (Recall that ATC=TC/Q.) What pattern do you see? d. Now fill in the column for marginal cost. (Recall that MC=ΔTC/ΔQ.) What pattern do you see? e. Compare the column for marginal product and the column for marginal cost. Explain the relationship. f. Compare the column for average total cost and the column for marginal cost. Explain the relationship. 5. You are the chief financial officer for a firm that sells digital music players. Your firm has the following average-total-cost schedule: A. Your current level of production is 600 devices, all of which have been sold. Someone calls, desperate to buy one of your music players. The caller offers you $550 for it. Should you accept the offer? Why or why not?.
Views: 6882 Economics Course
How specialization and trade helps both countries (get outside their PPF)
 
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This video goes over a typical gains from trade scenario where two countries are producing on their PPF, and then specialize and trade. The movie shows how by specializing and trading more of both goods can be produced in an economy. It is a very beautiful phenomenah because it is possible for everyone to consume more of everything without working harder or adding new inputs to the process. It sets the stage for modern jobs and the barter system. It is one of the reasons people go to College or University to learn to specialize! More information is available at http://www.freeeconhelp.com/2011/09/if-two-countries-specialize-how-many.html
Views: 44633 Free Econ Help
Producer surplus | Consumer and producer surplus | Microeconomics | Khan Academy
 
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Looking at the supply curve as an opportunity cost curve. Understanding the producer surplus as the area between the supply curve and the market price Watch the next lesson: https://www.khanacademy.org/economics-finance-domain/microeconomics/consumer-producer-surplus/deadweight-loss-tutorial/v/rent-control-dead-weight-cost?utm_source=YT&utm_medium=Desc&utm_campaign=microeconomics Missed the previous lesson? https://www.khanacademy.org/economics-finance-domain/microeconomics/consumer-producer-surplus/consumer-producer-surplus-tut/v/total-consumer-surplus-as-area?utm_source=YT&utm_medium=Desc&utm_campaign=microeconomics Microeconomics on Khan Academy: Topics covered in a traditional college level introductory microeconomics course About Khan Academy: Khan Academy offers practice exercises, instructional videos, and a personalized learning dashboard that empower learners to study at their own pace in and outside of the classroom. We tackle math, science, computer programming, history, art history, economics, and more. Our math missions guide learners from kindergarten to calculus using state-of-the-art, adaptive technology that identifies strengths and learning gaps. We've also partnered with institutions like NASA, The Museum of Modern Art, The California Academy of Sciences, and MIT to offer specialized content. For free. For everyone. Forever. #YouCanLearnAnything Subscribe to Khan Academy's Microeconomics channel: https://www.youtube.com/channel/UC_6zQ54DjQJdLodwsxAsdZg Subscribe to Khan Academy: https://www.youtube.com/subscription_center?add_user=khanacademy
Views: 328417 Khan Academy
Costs of Production- Microeconomics 3.3 (Part 1)
 
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In this video I explain the costs of production including fixed costs, variable costs, total cost, and marginal cost. Make sure that you know how to calculate the per unit costs: AVC, AFC, and ATC. Let me know what you think and please subscribe. Get the Ultimate Review Packet http://www.acdcecon.com/#!review-packet/czji Next video-drawing the cost curves https://www.youtube.com/watch?v=qYKJdooEnwU Watch Episodes of Econmovies- https://www.youtube.com/playlist?list=PL1oDmcs0xTD9Aig5cP8_R1gzq-mQHgcAH More videos about the costs of production- https://www.youtube.com/playlist?list=PLE70CA726102FB294
Views: 897809 Jacob Clifford
Micro Economics - Opportunity Cost Between Producing Two Goods - Question 9
 
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Follow the link below for the question in this video: http://www.csun.edu/bus302/Lab/SampleExams/microsample1.htm Follow me on Twitter and LinkedIn: https://twitter.com/devonpscoombs https://www.linkedin.com/in/devoncoombs Tutor of the video: Julius Loredo https://www.linkedin.com/in/julius-loredo-45b637b6 Like Our Facebook Page: https://www.facebook.com/businesscoretutoring Please subscribe to my channel :)
7 Tips to Start Small Scale Manufacturing | Business Ideas for Product Makers
 
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If you’re interested in how to take advantage of small scale manufacturing with your business making stuff, hope you find these tips and ideas useful! Topics and timestamps below Thanks Inventables for making this video possible. Check out the X-Carve: https://goo.gl/dBvSAL How to Sell Handmade Products video: https://www.youtube.com/watch?v=NHGXNY7TWKg Fusion 360 CAM for CNC Beginners video: https://www.youtube.com/watch?v=iqnvzxuXFTQ Patreon & Aftershow https://www.patreon.com/evanandkatelyn Merch https://shopevanandkatelyn.com/ Instagram http://instagram.com/evanandkatelyn @evanandkatelyn Twitch live streams https://www.twitch.tv/evanandkatelyn TOPICS AND TIMESTAMPS ■ 1:01 New Startup Opportunities Talking about the new middle ground path between big businesses and small business that allows you to scale up your manufacturing with less risk ■ 2:16 How We Started Our own story, what products we first tried, how we started building our robot army ■ 3:29 Small Scale Manufacturing How small scale manufacturing is getting more accessible and better ■ 5:32 Example Walk Through Walk through the steps of one of our products that we designed with small scale manufacturing in mind ■ 6:58 Product Design Tips and ideas to keep in mind when designing products so that they can be made via micro-manufacturing ■ 10:07 Competitive Advantage Tips for your small business products to stand out against big business products ■ 11:04 Outsourcing Tips for when you’ve outgrown your home shop and you need to scale bigger TOOLS / MATERIALS (affiliate) ■ X-Carve: https://goo.gl/dBvSAL ■ Carvey https://goo.gl/Vh5mSt ■ 3d Printer (Taz6) https://goo.gl/oPZBwm ■ Lulzbot Mini https://goo.gl/kWgZRN ■ Peopoly Moai https://goo.gl/kKuTqz FILMING GEAR (affiliate) ■ Fujifilm X-T10 http://amzn.to/2pblgac (main camera) ■ 35mm F 1.4 lens http://amzn.to/2whwP0N (makes things look fancy) ■ Sony Cybershot DSC-RX100 V http://amzn.to/2DJTHJF (slow-mo camera) ■ Main tripod http://amzn.to/2whGqED ■ Pan head for tripod http://amzn.to/2fhX3wh ■ Lighting kit http://amzn.to/2vs5sDB ■ Wireless lav mics http://amzn.to/2BCqtKQ STAY UP TO DATE ■ Instagram http://instagram.com/evanandkatelyn @evanandkatelyn ■ Twitter https://twitter.com/EvanAndKatelyn ■ Pinterest https://www.pinterest.com/evanandkatelyn/ ■ Blog http://evanandkatelyn.com ■ Etsy http://etsy.com/shop/evanandkatelyn MUSIC FN by David Cutter Music 3 Times by David Cutter Music Sunshine Rag licensed via Audioblocks Hot Coffee licensed via Audioblocks Dancing Bears Circus TV Theme licensed via Audioblocks JDI Friday Night licensed via Audioblocks Relas a While licensed via Audioblocks THANK YOU TO OUR TOP PATREON SUPPORTERS!! ■ Katelyn’s Mom ■ Brandon’s Bees https://goo.gl/XP93pp ■ Bruce A. Ulrich https://goo.gl/wqixxp ■ Kit Low ■ Infinite Craftsman https://goo.gl/hsj5S6 ■ Zach and Jazz https://goo.gl/bmqvxi ■ Corey Ward ■ Figments Made https://goo.gl/CbBRX1 ■ Vincent Ferrari https://goo.gl/myFzcE ■ Scooter’s Workbench https://goo.gl/sP7b9W ■ Corso Systems ■ Brett Hollifield ■ Matt Knopp ■ George Partin ■ Level52 Studios https://goo.gl/dmdrSq ■ David Ingram ■ Brooke Boen ■ Matt Baker ■ Jason Kaczmarsky ■ Cameron Dorsey ■ David Granz ■ Elliot Iddon ■ Maxine Denis ■ Francisco Peebles ■ OmSweetOhm https://goo.gl/5Ue3ka ■ Southern Style DIY https://goo.gl/r5PL2c ■ James Allen ■ Kyle C ■ Legacy Creations https://goo.gl/LZVeMV ■ Joe Verstegen https://goo.gl/nyix5C
Views: 254666 EvanAndKatelyn
(1/3) The Production Possibilities Frontier – Economic Lowdown, Ep. 8
 
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This segment uses the fictional economy of Econ Isle to discuss how limited resources result in a scarcity problem for the economy. Econ Isle’s production possibilities are graphed to show its frontier, and then used to discuss the opportunity costs of its production and consumption decisions. Instructors, learn more at https://www.stlouisfed.org/education/economic-lowdown-video-series/episode-8-production-possibilities-frontier/scarcity-opportunity-cost
The Slope of the Production Possibilities Frontier
 
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This video shows how to calculate the slope of a Production Possibilities Frontier and discusses the intuitive meaning behind the slope of the PPF. For more information and a complete listing of videos and online articles by topic or textbook chapter, see http://www.economistsdoitwithmodels.com/economics-classroom/ For t-shirts and other EDIWM items, see http://www.economistsdoitwithmodels.com/merch/ By Jodi Beggs - Economists Do It With Models http://www.economistsdoitwithmodels.com Facebook: http://www.facebook.com/economistsdoitwithmodels Twitter: http://www.twitter.com/jodiecongirl Tumblr: http://economistsdoitwithmodels.tumblr.com
Views: 78085 jodiecongirl
Marginal Cost and Average Total Cost- Micro 3.4
 
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In this video I explain why MC decreases and then increases and why the MC hits ATC at the minimum point of the ATC curve. Very exciting stuff! Thanks for watching. Please subscribe.
Views: 613373 Jacob Clifford
Comparative advantage specialization and gains from trade | Microeconomics | Khan Academy
 
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How two parties can get better outcomes by specializing in their comparative advantage and trading Watch the next lesson: https://www.khanacademy.org/economics-finance-domain/microeconomics/choices-opp-cost-tutorial/gains-from-trade-tutorial/v/comparative-advantage-and-absolute-advantage?utm_source=YT&utm_medium=Desc&utm_campaign=microeconomics Missed the previous lesson? https://www.khanacademy.org/economics-finance-domain/microeconomics/choices-opp-cost-tutorial/production-possibilities/v/economic-growth-through-investment?utm_source=YT&utm_medium=Desc&utm_campaign=microeconomics Microeconomics on Khan Academy: Topics covered in a traditional college level introductory microeconomics course About Khan Academy: Khan Academy offers practice exercises, instructional videos, and a personalized learning dashboard that empower learners to study at their own pace in and outside of the classroom. We tackle math, science, computer programming, history, art history, economics, and more. Our math missions guide learners from kindergarten to calculus using state-of-the-art, adaptive technology that identifies strengths and learning gaps. We've also partnered with institutions like NASA, The Museum of Modern Art, The California Academy of Sciences, and MIT to offer specialized content. For free. For everyone. Forever. #YouCanLearnAnything Subscribe to Khan Academy's Microeconomics channel: https://www.youtube.com/channel/UC_6zQ54DjQJdLodwsxAsdZg Subscribe to Khan Academy: https://www.youtube.com/subscription_center?add_user=khanacademy
Views: 598380 Khan Academy
Marginal and Total Opportunity Cost from PPF
 
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How to calculate the marginal and total opportunity cost using data from a PPF
Views: 31306 hallmanteach
Revenue, Profits, and Price: Crash Course Economics #24
 
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How do companies make money? What are profits? Revenues? How are prices set? This week, Jacob and Adriene are talking business. Whether you're selling cars, pizza, or glow sticks, this video has pretty much all the information you need to run a business. Well, not really, but there's a lot of good stuff in here. *** Crash Course is on Patreon! You can support us directly by signing up at http://www.patreon.com/crashcourse Thanks to the following Patrons for their generous monthly contributions that help keep Crash Course free for everyone forever: Mark, Eric Kitchen, Jessica Wode, Jeffrey Thompson, Steve Marshall, Moritz Schmidt, Robert Kunz, Tim Curwick, Jason A Saslow, SR Foxley, Elliot Beter, Jacob Ash, Christian, Jan Schmid, Jirat, Christy Huddleston, Daniel Baulig, Chris Peters, Anna-Ester Volozh, Ian Dundore, Caleb Weeks -- Want to find Crash Course elsewhere on the internet? Facebook - http://www.facebook.com/YouTubeCrashCourse Twitter - http://www.twitter.com/TheCrashCourse Tumblr - http://thecrashcourse.tumblr.com Support Crash Course on Patreon: http://patreon.com/crashcourse CC Kids: http://www.youtube.com/crashcoursekids
Views: 417423 CrashCourse
What is production possibility curve? (in Hindi)
 
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In economics, a production--possibility frontier (PPF), sometimes called a production--possibility curve, production-possibility boundary or product transformation curve, is a graph that shows the various combinations of amounts that two commodities could produce using the same fixed total amount of each of the factors of production. Graphically bounding the production set for fixed input quantities, the PPF curve shows the maximum possible production level of one commodity for any given production level of the other, given the existing state of technology. By doing so, it defines productive efficiency in the context of that production set: a point on the frontier indicates efficient use of the available inputs, while a point beneath the curve indicates inefficiency. A period of time is specified as well as the production technologies and amounts of inputs available. The commodities compared can either be goods or services. PPFs are normally drawn as bulging upwards ("convex") from the origin but can also be represented as bulging downward or linear (straight), depending on a number of factors. A PPF can be used to illustrate a number of economic concepts, such as scarcity of resources (i.e., the fundamental economic problem all societies face), opportunity cost (or marginal rate of transformation), productive efficiency, allocative efficiency, and economies of scale. In addition, an outward shift of the PPF results from growth of the availability of inputs such as physical capital or labour, or technological progress in our knowledge of how to transform inputs into outputs. Such a shift allows economic growth of an economy already operating at its full productivity (on the PPF), which means that more of both outputs can be produced during the specified period of time without sacrificing the output of either good. Conversely, the PPF will shift inward if the labor force shrinks, the supply of raw materials is depleted, or a natural disaster decreases the stock of physical capital. However, most economic contractions reflect not that less can be produced, but that the economy has started operating below the frontier—typically both labor and physical capital are underemployed. The combination represented by the point on the PPF where an economy operates shows the priorities or choices of the economy, such as the choice of producing more capital goods and fewer consumer goods or vice versa.
Views: 27149 100Centum
(Production Possibility Frontier/Curve, PPF, PPC) Why can't things be free?
 
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Why is the Production Possibility Curve (PPC) or Production Possibility Frontier (PPF) concave? What does increasing opportunity costs mean? When we increase production, why does it seem that we have to sacrifice more and more resources? What are the limitations to this economic model? In addition, how does this PPC model illustrates the concept of opportunity cost? In what way does it show that resources are limited? Where are the points that show under-utilization of resources, full utilization of resources? Where is productive efficiency achieved? Can there be more than 1 productively efficient point? What is the difference between productive efficiency and allocative efficiency? Assumptions to this model: We assume that there are only two types of goods produced in this economy. We also assume that technology does not change. This economic model is no doubt an oversimplification of how the real world works. So what are the implications?
Views: 88327 Economics Mafia
Economics chapter 1 part 3 (Opportunity cost,PPC,Economic Goods,And Free goods)
 
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#ECONOMICS #BAITUSSALAM #PPC #OPERTUNITYCOST This video is part of Baitussalam Educational Foundation's O-Level Economics video series, produced by our volunteers. The video follows the CIE O Level curriculum guided by the following books: • IGCSE and O Level Economics by Susan Grant • Economics: A complete course for IGCSE and O level by Dan Moynihan & Brian Titley This Video includes: 00:00:17 Opportunity Cost 00:02:48 Explained Example 00:03:24 Economic Goods 00:04:08 Free Goods 00:04:50 Production Possibilities Curve 00:06:07 Video from ACDCLeadership (https://www.youtube.com/user/ACDCLeadership) 00:10:55 Activity 00:11:40 Video from ACDCLeadership (https://www.youtube.com/user/ACDCLeadership) 00:15:10 Credits www.bef.baitusslam.org www.facebook.com/BaitussalamEducationalFoundation [email protected] Ground Floor 26-C, Sunset commercial street number 2, Khayaban-e-Jami, Phase 4 Defense Karachi Pakistan +92342 3382283
Microeconomics Practice Problem - The Production Possibilities Frontier and Trade
 
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This video covers a practice problem on opportunity cost, the production possibilities frontier, and the potential gains from trade. The problem is taken from Principles of Economics, 6th Edition, by N. Gregory Mankiw, and is Ch. 3 problem #4. See the "Practice Problems" playlist for an archive of daily practice problems. For more information and a complete listing of videos and online articles by topic or textbook chapter, see http://www.economistsdoitwithmodels.com/economics-classroom/ For t-shirts and other EDIWM items, see http://www.economistsdoitwithmodels.com/merch/ By Jodi Beggs - Economists Do It With Models http://www.economistsdoitwithmodels.com Facebook: http://www.facebook.com/economistsdoitwithmodels Twitter: http://www.twitter.com/jodiecongirl Tumblr: http://economistsdoitwithmodels.tumblr.com
Views: 11412 jodiecongirl
Marginal Opportunity Cost - Geometrically Explained (in Hindi)
 
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Marginal opportunity cost is actually a hybrid concept, involving both the classic opportunity cost and marginal cost ideas. Therefore, it makes sense to understand these basics first, before attempting to grasp their combined form. Marginal opportunity cost is actually a hybrid concept, involving both the classic opportunity cost and marginal cost ideas. Therefore, it makes sense to understand these basics first, before attempting to grasp their combined form. Marginal opportunity cost is a expression used to describe the fusion of two economic terms: opportunity cost and marginal cost. Opportunity cost refers to a system of measuring the cost of something in consideration of what must be given up in order to achieve it. Marginal cost is the additional cost associated with the decision to produce extra units of a product. As such, marginal opportunity cost is the measurement of the opportunity cost for the production of extra units of goods. The rate at which one good must be sacrificed in order to produce a single extra unit (or marginal unit) of another good, assuming that both goods require the same scarce inputs. The marginal rate of transformation is tied to the production possibilities frontier (PPF), which displays the output potential for two goods using the same resources. To produce more of one good means producing less of the other because the resources are efficiently allocated. The marginal rate of transformation is the absolute value of the slope of the production possibilities frontier. For each point on the frontier (which is displayed as a curved line), there is a different marginal rate of substitution, based on the economics of producing each product individually.
Views: 3350 100Centum
What is TRADE-OFF? What does TRADE-OFF mean? TRADE-OFF meaning, definition & explanation
 
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✪✪✪✪✪ WORK FROM HOME! Looking for WORKERS for simple Internet data entry JOBS. $15-20 per hour. SIGN UP here - http://jobs.theaudiopedia.com ✪✪✪✪✪ ✪✪✪✪✪ The Audiopedia Android application, INSTALL NOW - https://play.google.com/store/apps/details?id=com.wTheAudiopedia_8069473 ✪✪✪✪✪ What is TRADE-OFF? What does TRADE-OFF mean? TRADE-OFF meaning - TRADE-OFF definition - TRADE-OFF explanation. Source: Wikipedia.org article, adapted under https://creativecommons.org/licenses/by-sa/3.0/ license. A trade-off (or tradeoff) is a situation that involves losing one quality or aspect of something in return for gaining another quality or aspect. More colloquially, if one thing increases, some other thing must decrease. Tradeoffs can occur for many reasons, including simple physics (into a given amount of space, you can fit many small objects or fewer large objects). The idea of a tradeoff often implies a decision to be made with full comprehension of both the upside and downside of a particular choice, such as when a person decides whether to invest in stocks (more risky but with a greater potential return) versus bonds (generally safer, but lower potential returns). The term is also used widely in an evolutionary context, in which case natural selection and sexual selection act as the ultimate "decision-makers". In biology, the concepts of tradeoffs and constraints are often closely related. In economics, a trade-off is commonly expressed in terms of the opportunity cost of one potential choice, which is the loss of the best available alternative. The concept of a trade-off is often used to describe situations in everyday life. The old saying "do not put all of your eggs into one basket" implies a trade-off with respect to spreading risk, as when one buys a mutual fund composed of many stocks rather than only one or a few stocks that may have a higher expected value of return. Similarly, trash cans can be small or large. A large trash can does not need to be put out for pickup so often, but it may become so heavy when full that one risks injury when trying to move it. In cold climates, mittens serve well to keep the hands warm, but they do not allow the hands to function as well as do gloves. In a like fashion, warm coats are often bulky and hence difficult to store or even to hang up. When copying music from compact disks to a computer, lossy compression formats, such as MP3, are used routinely to save harddisk space, but information is thrown away to the detriment of sound quality. Lossless compression schemes, such as FLAC or ALAC save less space but do not affect the sound quality. Large cars can carry many people, but they also tend to be heavy (and often not very aerodynamic) and hence have relatively poor fuel economy. In the Olympics, the best sprinters are not the same individuals as the best marathoners, a trade-off based on various morphological, physiological (e.g., variation in muscle fiber type), and possibly motivational factors. In economics a trade-off is expressed in terms of the opportunity cost of a particular choice, which is the loss of the most preferred alternative given up. A tradeoff, then, involves a sacrifice that must be made to obtain a certain product, service or experience, rather than others that could be made or obtained using the same required resources. For example, for a person going to a basketball game, their opportunity cost is the loss of the alternative of watching a particular television program at home. Many factors affect the tradeoff environment within a particular country, including availability of raw materials, a skilled labor force, machinery for producing a product, technology and capital, market rate to produce that product on reasonable time scale, and so forth.
Views: 12730 The Audiopedia
Product cost vs period cost
 
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What is a product cost versus a period cost? Let’s discuss the accounting concepts product cost and period cost with some easy to understand examples. Product costs include all the costs that are involved in acquiring or making product. Product costs are viewed as "attaching" to units of product as the goods are purchased or manufactured. Period costs are expensed on the income statement in the period in which they are incurred. Period costs are not a necessary part of the manufacturing process. As a result, period costs cannot be assigned to the products or to the cost of inventory. Philip de Vroe (The Finance Storyteller) aims to make strategy, finance and leadership enjoyable and easier to understand. Learn the business and #accounting vocabulary to join the conversation with your CEO at your company. Understand how financial statements work in order to make better stock market investing decisions. Philip delivers #financetraining in various formats: YouTube videos, classroom sessions, webinars, and business simulations. Connect with me through Linked In!
Opportunity Cost
 
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Production possibilities curve and increasing opportunity cost
 
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If you take a closer look at the opportunity cost of producing laptops, which is represented in the table below, what you will notice is that the opportunity cost increases as more laptops are produced. The opportunity cost of increasing the production of laptops from 0 to 1 000 is 2 000 mobile phones, whereas increasing the production of laptops from 3 000 to 4 000 is 8 000 mobile phones. As increasingly more resources are allocated away from the production of mobile phones to the production of laptops, moving from point C to point B, fewer suitable resources are allocated to the production of laptops. Hence the opportunity cost of producing laptops rises - 8 000 mobile phones must be sacrificed to increase the production of laptops from 3 000 to 4 000.
Views: 8 econom
Productivity and Growth: Crash Course Economics #6
 
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Why are some countries rich? Why are some countries poor? In the end it comes down to Productivity. This week on Crash Course Econ, Adriene and Jacob investigate just why some economies are more productive than others, and what happens when an economy is mor productive. We'll look at how things like per capita GDP translate to the lifestyle of normal people. And, there's a mystery. Crash Course is on Patreon! You can support us directly by signing up at http://www.patreon.com/crashcourse Thanks to the following Patrons for their generous monthly contributions that help keep Crash Course free for everyone forever: Mark, Jan Schmid, Simun Niclasen, Robert Kunz, Daniel Baulig, Jason A Saslow, Eric Kitchen, Christian, Beatrice Jin, Anna-Ester Volozh, Eric Knight, Elliot Beter, Jeffrey Thompson, Ian Dundore, Stephen Lawless, Today I Found Out, James Craver, Jessica Wode, Sandra Aft, Jacob Ash, SR Foxley, Christy Huddleston, Steve Marshall, Chris Peters Want to find Crash Course elsewhere on the internet? Facebook - http://www.facebook.com/YouTubeCrashCourse Twitter - http://www.twitter.com/TheCrashCourse Tumblr - http://thecrashcourse.tumblr.com Support Crash Course on Patreon: http://patreon.com/crashcourse CC Kids: http://www.youtube.com/crashcoursekids
Views: 877354 CrashCourse
Topic 5 -- Production Possibilities Curves
 
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Welcome to Advanced Placement Macroeconomics with Mr. Willis! This is the fifth video of our "Intro to Macro" video lecture series, which is part of your summer assignment. Watch the video and take notes on it. We'll discuss the subject matter and practice the principles associated with it during the first week of the course. This video lecture discusses the visual interpretation of the opportunity costs of production: the production possibilities curve. We learn how to graph production possibilities and analyze the slopes and shape of the PPC and what that tells us about the type of opportunity costs that an economy is facing when producing two goods. Then, we practice calculating opportunity costs using a production possibilities curve graph, and we look at what certain points on a PPC tell us about a nation's current or future production. Lastly, we discuss the fundamental changes that can change a nation's capacity to produce and therefore shift a nation's production possibilities curve. It is the perfect way to begin to understand production possibilities curves!
Production Possibility Curve/Frontier
 
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What is a Production Possibility curve? A production possibility curve, or production possibility frontier, is a graph which shows how much of two products, or groups of products, can be produced with a given set of resources. It also shows the opportunity cost of producing more of one at the expense of the other. This kind of graph can be used to show the trade off between producing two specific products, like chocolate bars and televisions, or two particular infrastructure projects, like road and rail. But it can also show the production output of an entire economy and the trade off between producing capital goods and consumer goods. In this example the production possibility curve shows the potential output of all goods in an economy.
Views: 557 THINKeconomics
How to draw a PPF or PPC
 
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In this movie we go over how to draw a PPF (production possibilities frontier) given information on various points from a table. The trick here is to take all of the information from the table and plot it value for value on the graph. This will give you a PPF also sometimes called a PPC (production possibilities curve) that shows all different possible combinations of goods/services that are possible with the given inputs. More information is available at: http://www.freeeconhelp.com/2011/06/how-to-draw-ppf-production-possibility.html where more information including a description and images are kept.
Views: 84134 Free Econ Help
Consumer and Capital Goods in Production Possibility Frontier
 
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This video looks at the effect of an economy's decisions regarding the production of consumer and capital goods on future economic growth, using a production possibility frontier (PPF).
Views: 16204 Steve Lobsey
Amazing COCONUT Processing in Factory ★ Coconut Oil, Milk & Water ★ Awesome Food Processing Machines
 
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0:00 Coconut processing factory, water and oil; 9:11 Chocolate processing factory, chocolate art; More amazing videos: Amazing CRAB PROCESSING Factory https://goo.gl/9MXMEv Amazing COCONUT PROCESSING Machines https://goo.gl/8Z8XQH Amazing STREET FOOD Processing https://goo.gl/dGJMxQ World's FASTEST Everything Compilation https://goo.gl/XBqDiY Amazing FOOD PROCESSING Machines https://goo.gl/p2shHo Amazing Food Processing Machines COCONUT & CHOCOLATE Factory ★ Fast Workers Food Machine Inventions 2017. Amazing Food Cutting and Processing Machines. Fast Workers Cutting MEAT & CRAB Fastest Skills Video 2017, new compilation. Amazing Food Cutting & Processing Machines, Fast Workers Meat Cutting Satisfying Video Food Machine new inventions. Amazing Food Cutting & Processing Machines, Oddly Satisfying PIZZA Video New Meat Cutting Machines, best compilation. Amazing Food Cutting & Processing Machines, Awesome People Fast Workers New Invention Food Machines. Food processing is the transformation of raw ingredients, by physical or chemical means into food, or of food into other forms. Food processing combines raw food ingredients to produce marketable food products that can be easily prepared and served by the consumer. Food processing typically involves activities such as mincing and macerating, liquefaction, emulsification, and cooking (such as boiling, broiling, frying, or grilling); pickling, pasteurization, and many other kinds of preservation; and canning or other packaging. (Primary-processing such as dicing or slicing, freezing or drying when leading to secondary products are also included.) A machine is a tool containing one or more parts that uses energy to perform an intended action. Machines are usually powered by chemical, thermal, or electrical means, and are often motorized. Historically, a power tool also required moving parts to classify as a machine. However, the advent of electronics has led to the development of power tools without moving parts that are considered machines. Fast workers compilation 2017 god level really fast.Enjoy some of the fastest workers in the world ever. Master class from the professionals. Cutting and cutting with incredible speed and dexterity, while not adding the meat of their own fingers. These people are level 80, Wizards and professionals with a capital letter.
Views: 9204639 Amazing Zone
Production Possibilities Curve as a model of a country's economy | AP Macroeconomics | Khan Academy
 
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In this video Sal explains how the production possibilities curve model can be used to illustrate changes in a country's actual and potential level of output. Concepts covered include efficiency, inefficiency, economic growth and contraction and recession. View more lessons or practice this subject at http://www.khanacademy.org/economics-finance-domain/ap-macroeconomics/basic-economics-concepts-macro/production-possibilities-curve-scarcity-choice-and-opportunity-cost-macro/v/production-possibilities-curve?utm_source=youtube&utm_medium=desc&utm_campaign=apmacroeconomics AP Macroeconomics on Khan Academy: Welcome to Economics! In this lesson we'll define Economic and introduce some of the fundamental tools and perspectives economists use to understand the world around us! Khan Academy is a nonprofit organization with the mission of providing a free, world-class education for anyone, anywhere. We offer quizzes, questions, instructional videos, and articles on a range of academic subjects, including math, biology, chemistry, physics, history, economics, finance, grammar, preschool learning, and more. We provide teachers with tools and data so they can help their students develop the skills, habits, and mindsets for success in school and beyond. Khan Academy has been translated into dozens of languages, and 15 million people around the globe learn on Khan Academy every month. As a 501(c)(3) nonprofit organization, we would love your help! Donate or volunteer today! Donate here: https://www.khanacademy.org/donate?utm_source=youtube&utm_medium=desc Volunteer here: https://www.khanacademy.org/contribute?utm_source=youtube&utm_medium=desc
Views: 15654 Khan Academy
Shifting the Production Possibilities Curve (PPC)- Econ 1.2
 
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In this video I explain how the production possibilities curve shifts when there is a change in resources or a change in technology. Understanding the general concept will help you understand the idea of economic growth, but keep in mind that a real economy is not this simple or predictable. The PPC just introduces these ideas, the details come later. Get the Ultimate Review Packet http://www.acdcecon.com/#!review-packet/czji Click here to watch Econmovies Episode 3: Monster Inc. https://www.youtube.com/watch?v=tW4G5IPpzFY Click here to watch the a video about trade and comparative advantage https://www.youtube.com/watch?v=ol4NexZ0iII
Views: 463463 Jacob Clifford
Comparative Advantage -  Explained with an example
 
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To determine who has a comparative advantage you need to calculate the opportunity cost of producing each product. This will answer the questions is who should produce what. Alas, this will determine who has a comparative advantage in a simple two economy model. In theory trade between states is similar to trade between countries with less politics involved. In this example we look at the production and trade of purple garlic, a Northern variety, compared with white garlic, a Southern variety. We look at two farmers Mark and George and determine who has the comparative advantage in each product.
Views: 170 Econ Lessons
Marginal cost and average total cost | Microeconomics | Khan Academy
 
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Looking at marginal and average total cost in the context of a juice business Watch the next lesson: https://www.khanacademy.org/economics-finance-domain/microeconomics/firm-economic-profit/average-costs-margin-rev/v/marginal-revenue-and-marginal-cost?utm_source=YT&utm_medium=Desc&utm_campaign=microeconomics Missed the previous lesson? https://www.khanacademy.org/economics-finance-domain/microeconomics/firm-economic-profit/economic-profit-tutorial/v/depreciation-and-opportunity-cost-of-capital?utm_source=YT&utm_medium=Desc&utm_campaign=microeconomics Microeconomics on Khan Academy: Topics covered in a traditional college level introductory microeconomics course About Khan Academy: Khan Academy offers practice exercises, instructional videos, and a personalized learning dashboard that empower learners to study at their own pace in and outside of the classroom. We tackle math, science, computer programming, history, art history, economics, and more. Our math missions guide learners from kindergarten to calculus using state-of-the-art, adaptive technology that identifies strengths and learning gaps. We've also partnered with institutions like NASA, The Museum of Modern Art, The California Academy of Sciences, and MIT to offer specialized content. For free. For everyone. Forever. #YouCanLearnAnything Subscribe to Khan Academy's Microeconomics channel: https://www.youtube.com/channel/UC_6zQ54DjQJdLodwsxAsdZg Subscribe to Khan Academy: https://www.youtube.com/subscription_center?add_user=khanacademy
Views: 480030 Khan Academy
Unit 1, Question 5- Law of Increasing Opportunity Cost
 
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Mr. Clifford's app is now available at the App Store and Google play. His mobile app is perfect for students in AP microeconomics or college introductory micro courses. It is designed to help you ace the exam, final, or AP test. The app includes over 60 new economics videos that are not available on YouTube. These videos explain complex concepts in a student-friendly, easy to understand manor that will help you retain the information. Join the hundreds of thousands of students that have used Mr. Clifford's videos and resources to ace your microeconomics course.
Views: 23777 Jacob Clifford
Visualizing average costs and marginal costs as slope | Microeconomics | Khan Academy
 
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Graphing variable cost, fixed cost and total cost Watch the next lesson: https://www.khanacademy.org/economics-finance-domain/microeconomics/firm-economic-profit/labor-marginal-product-rev/v/a-firm-s-marginal-product-revenue-curve?utm_source=YT&utm_medium=Desc&utm_campaign=microeconomics Missed the previous lesson? https://www.khanacademy.org/economics-finance-domain/microeconomics/firm-economic-profit/average-costs-tutorial/v/fixed-variable-and-marginal-cost?utm_source=YT&utm_medium=Desc&utm_campaign=microeconomics Microeconomics on Khan Academy: Topics covered in a traditional college level introductory microeconomics course About Khan Academy: Khan Academy offers practice exercises, instructional videos, and a personalized learning dashboard that empower learners to study at their own pace in and outside of the classroom. We tackle math, science, computer programming, history, art history, economics, and more. Our math missions guide learners from kindergarten to calculus using state-of-the-art, adaptive technology that identifies strengths and learning gaps. We've also partnered with institutions like NASA, The Museum of Modern Art, The California Academy of Sciences, and MIT to offer specialized content. For free. For everyone. Forever. #YouCanLearnAnything Subscribe to Khan Academy's Microeconomics channel: https://www.youtube.com/channel/UC_6zQ54DjQJdLodwsxAsdZg Subscribe to Khan Academy: https://www.youtube.com/subscription_center?add_user=khanacademy
Views: 138548 Khan Academy
Topic 1.4 - Production Possibilities
 
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Welcome to You Will Love Economics! This video lecture analyzes production possibilities and how scarcity forces economies to make decisions on how to allocate their scarce resources. Together, we will practice calculating the opportunity cost of production, and then investigate how countries weigh costs and benefits when allocating resources to meet the needs of their people. It is the perfect way to build your understanding of the opportunity costs of producing goods and services! Enjoy!
Episode 23: Cost Curves
 
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What do cost curves look like? Before we can discuss maximizing profits, it's necessary to understand costs. "Episode 23: Cost Curves" by Dr. Mary J. McGlasson is licensed under a Creative Commons Attribution-NonCommercial-NoDerivs 3.0 Unported License.
Views: 160343 mjmfoodie
Specialization and Trade: Crash Course Economics #2
 
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In which Adriene Hill and Jacob Clifford teach you about specialization and trade, and how countries decide whether they're going to make stuff or trade for stuff. You'll learn about things like comparative advantage, the production possibilities frontier and how to make pizza! Crash Course is now on Patreon! You can support us directly by signing up at http://www.patreon.com/crashcourse Thanks to the following Patrons for their generous monthly contributions that help keep Crash Course free for everyone forever: Mark Brouwer, Jan Schmid, Anna-Ester Volozh, Robert Kunz, Jason A Saslow, Christian Ludvigsen, Chris Peters, Brad Wardell, Beatrice Jin, Roger C. Rocha, Eric Knight, Jessica Simmons, Jeffrey Thompson, Elliot Beter, Today I Found Out, James Craver, Ian Dundore, Jessica Wode, SR Foxley, Sandra Aft, Jacob Ash, Steve Marshall TO: Sarah M. FROM: Anthony M. "Making our own history awesome! Happy 3 year Anniversary!" TO: Everyone FROM: Someone "The earth is but one country, and mankind its citizens." Thank you so much to all of our awesome supporters for their contributions to help make Crash Course possible and freely available for everyone forever: Nathanial R. Castronovo, Eefje Savelkoul, Nupur Maheshwari, Jacob J., Dominik Steenken, Shai Belfer, Stefan Bjerring Henriksen James Kribs, Hugo Jobly, Tim Eramo Want to find Crash Course elsewhere on the internet? Facebook - http://www.facebook.com/YouTubeCrashCourse Twitter - http://www.twitter.com/TheCrashCourse Tumblr - http://thecrashcourse.tumblr.com Support Crash Course on Patreon: http://patreon.com/crashcourse CC Kids: http://www.youtube.com/crashcoursekids
Views: 1526052 CrashCourse
Production Possibilities- EconMovies #3: Monsters Inc
 
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EconMovies explain economic concepts through movies. In this episode, I use Disney/Pixar's Monsters Inc. to introduce the production possibilities curve. Good luck studying economics. Snow cone?!
Views: 299761 Jacob Clifford
What Is A Production Possibility Frontier?
 
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A production possibility frontier (ppf) graphs the combinations for of weapons and food can be illustrated by using a or called curve (ppc)Production investopediaproduction possibilities (video) social choices (article what is curve? Definition meaning definition 'production frontier' economic times. Any two categories of different learn more about production possibility frontier in the boundless open textbook. Production possibility frontier (ppf) investopedia. Shows the trade off in production between investments and consumption goods. Production possibility frontier (ppf) investopediaproduction production possibilities (video) the and social choices (article what is curve? Definition meaning definition of 'production frontier' economic times. Meaning ppf graph (production possibilities frontier) youtube. Production possibility curve (explained with diagram)production possibilities definition & examples video production curvesproduction frontier. For example, when producing on the ppf curve, increasing output of goods will production possibilities frontier (ppf), also known as possibility indicates maximum combinations two or services an frontier, is a graph that shows number possible units company 18the curve represents graphically alternative open to economy. Youtubeeconomics help. The productive resources of the community can 13 jun 2012 production possibility frontier (ppf) represents quantity output that be obtained for a certain inputs using given in this lesson, we will learn about possibilities curve. Production possibility frontiers economics online. We'll explore key terms and look at a graph showing how the production possibility curve of figure 1. Production possibilities curve econ 1. What is the production possibilities frontier (ppf)? Definition what curve? . The production possibility frontier (ppf) is a curve depicting all maximum output possibilities for two goods, given set of inputs consisting resources and or (ppc) graphical representation possible combinations goods that can be shows the services an economy achieve when this revision video year 1 microeconomics students covering many aspects 29a frontier, ppf, defines society produce available definition alternative amounts graph which indicates various commodities are fixed opportunity cost illustrated by using frontiers (ppfs) provide simple, yet powerful tool to illustrate effects making show difference choices faces.
Views: 66 Robert Robert