Terms of Trade Practice- Comparative Advantage

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For many students, terms of trade is the hardest concept in Unit. I made this video to help you practice. Remember that countries only trade if they can get something at a lower opportunity cost than if they produce it themselves. *Note* Most Introductory College or AP courses won't dive this deep into this. I'm making this video for those of you that want to make sure you fully get it. Thanks for watching.
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Опубликовано:

5 окт 2024

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Комментарии : 17

@MoneyIVI Год назад

Hey jacob! I passed my microeconomics class last semester with your help just wanted to say thank you because I saw you uploaded! You’re awesome and Jesus loves you!

@JacobAClifford Год назад

I'm glad I was able to help. Jesus loves you too :)

@codyallgor4855 Год назад

I passed both Micro and Macro economics last year and your videos were really helpful, especially the live reviews. I appreciate you

@JoeyPope759 Год назад

Hey, I want to thank you so much for the videos you put out. Thanks to you, I was able to get a 5 on both econ exams and somehow a perfect score on macro. Keep doing what you're doing man👍

@Ethanjamesventer 10 месяцев назад

Your Micro and Macro course helped me a lot I got distinctions in both, can you do full on International economics? with all the different theories

@kevv.1912 11 месяцев назад

They're so fun and easy to do when you see this from business's perspective

@EsamiMbatha 6 месяцев назад

Thank you so much you have made things very easy for me

@kozmosnotgay Год назад

This is awesome, thanks! Is it worth it to practice input problems?

@JacobAClifford Год назад

For both input and output questions finding the terms of trade is the same process. Calculating opportunity cost is different, but once you have the opportunity cost finding the terms of trade is the same process as I explain in this video.

@TractionPhoto Год назад

Hey Jacob, on question 13 for your 1.4 on the packet I get how IOU works, but can you explain how to do Terms of Trade for an input question?

@JacobAClifford Год назад

Great question. For both input and output questions finding the terms of trade is the same process. Calculating opportunity cost is different, but one you have the opportunity cost finding the terms of trade is the same process as I explain in this video. Thanks for getting my URP. You rock!

@catherine1390 8 месяцев назад

I'm a bit lost, because initially n. 3 was 15 phones of 5 TVs. I understand why it became 1 TV for 3 phones, but why 1 phone for 1/3 TVs? Was it converted again? why?

@reacher22.and.ryan23 8 месяцев назад

I may be getting ahead of myself, but at 5:41 isn't 1/6 not in the range between 1/2 and 1/5, so China wouldn't benefit, or is the range to see if both benefit? I can see 1/6 is smaller so that's a lower opportunity cost, but still, 1/6 is not in the range so how would China benefit then?

@FiSabilillah01 6 месяцев назад

China wants phones. China has to give up 0.50 TV for 1 Phone Trade offer: Give up 0.16 TV for 1 Phone. Trade offer is offering them a discount here, so it benefits them!