Thx, a lot. You are clearly underrated but you provide more indebt information than others I've watched. Your concepts are more current and you don't leave out anything. You also provided free practice content unlike others. Keep up the good work, and i will also continue my studies!
You're one of the reasons I got a surprisingly high grade for macroeconomics last semester. I now have microeconomics and I'll definitely watch your vids for this topic too :D
Thank you so much for your videos! I love the free games too. I had to miss out on a whole semester of college due to having a baby so I'm hoping to pass the CLEP exam to get the missing credits quick. My exam is in two days and I gave myself a little over a week to study. Your videos help a lot, love your calm demeanor.
First, I would like to thank you for your efforts and the free and absolutely useful content you provide us. Secondly, I wanted to ask if you can help me with this question, it is an official question from AP classroom: A production possibilities curve can shift inward if there is (A) an increase in productivity (B) an increase in unemployment (C) an increase in the price of raw materials (D) a misallocation of resources (E) a natural disaster Arent B , D, E , all correct answer choices!? I memorized the mnemonic "DUN" to memorize that. I am confused how E is the correct answer
I don't know the DUN mnemonic, but unemployment won't shift the curve inwards because the PPC is the maximum possible production with all resources being used. Unemployment means the point of production moves inwards (actual production decreases but possible production doesn't change). But the curve doesn't shift because the unemployed workers COULD produce. They just aren't producing because. Misallocation also doesn't change possible production just actual production. The curved moves from changes in the quality or quantity of resources. I cover the PPC more completely here: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-GHirhn_P2vg.htmlsi=iF4sBIjhXnu7_Tes
It can be tricky. My advice is to focus on the choice. Opportunity costs are the explicit and implicit costs of a choice added together. Good luck with your studies!
Its been two weeks in my class and i got a 5/7 on my first quiz and still have a hard time. I don’t wanna say its my teacher fault but at the same time he doesn’t go into detail with the unit , so thank u for this!!!
Actual legend, thank you! I'm currently preparing for the AP Micro exam on Friday this week and you are sure to be a big help. I'm going to watch every video in this playlist
I would suggest you do some practice MC and see if you can identify where you are struggling. Prioritize those topics. Also make sure you practice drawing all the graphs. See reviewecon.com for lots of practice games including graph drawing practice drills. Good luck!
Hello, i might be mistaken but i recently finished unit 1. I stuided it through khan academy and this video condridicts what i learned about fidning opportunity cost. arent the values supposed to be the opposite? for example: 1 Break job from amy is 6 not 1/6. according to what i learned.
You have the fraction flipped because this is an input question. Hours of labor are an input. Remember it takes Amy 1 hour to do a break job and 6 hours to paint a car. Since it takes her six times as long to paint a car then do a brake job she cannot be losing 6 Painted cars every time she does a brake job. The math here is the it over formula for inputs. The opportunity cost of brake jobs is the number we have for brake jobs divided by the number we have for a painted car, which is 1/6. If this was an output question then it would be 6. I hope that helps! Good luck with your studies!
Oh thank you so so much for replying. This clears everything for me, i guess i didnt understand inputs and outputs before. Thank you again !!@@ReviewEcon
While I understand your point, I have to disagree. Even if there are enough resources to satisfy everyone's needs of food, clothing, and shelter. Scarcity means they're aren't enough resources to satisfy everyone's wants, and considering how much so many humans want, it's clear to me scarcity is inescapable.
Those tests are so lame and all that nonsense as welI. I know people not graduating H.S and do better financially than those who graduated from college having major in economics. LMAO. No wonder people don’t know what to do with money these days, hahaha.
