HomeОбразованиеRelated VideosMore From: Jacob Clifford

Comparative Advantage and Terms of Trade -ACDC Econ 1.3

1965 ratings | 309466 views
Individuals and countries benefit from trade. Even though it isn't very realistic, simplified examples like this will help you understand the idea of comparative advantage. Make sure to calcite the per unit opportunity cost so you can see which country should specialize in which product. Also, make sure to watch the second half to learn about terms of trade.
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Text Comments (120)
Henry Cook (1 month ago)
Mr. Worldwide
Scorpio Rose (1 month ago)
i love you and i want u become my lecture so that i can PAY YOU.. 😍🤣
Claudia Emily Ko (1 month ago)
Thank you so much!!! Your videos are so helpful and interesting. You’re a great educator
Duncan Burnette (2 months ago)
You are the GOAT saving my softmore year, you make econ entertaining and easy
Adilson Santos Proença (5 months ago)
Geeeee....by the end of the vid I felt just like a certain Ricardo!!! Big thanks for Mr Clifford! Teaching is an art mastered by few!!
Zirun Chen (6 months ago)
" Hong Kong, China." 🇨🇳
Elya Sherzlynn (6 months ago)
I honestly look forward to Mr Clifford more than my lecturer for every econs lesson. Huge thank you !!!!
Johanna Ohlau (7 months ago)
I just want to say: THAAANK YOU!!
Luis Fuentes (7 months ago)
I have been watching your videos since day one in Econ class, now a graduate student in Econ and I am still watching your videos here and there.
justin poulose (8 months ago)
Nice deal one plane for 3 toys✈️✈️✈️✈️
Chinmay Gupta (8 months ago)
THis is AMAZING!!!
Darth Chewch (11 months ago)
Sounds like Global socialism to me .. capitalism sounds better to me. supply and demand determines cost..
Leroy Spencer (11 months ago)
You forgot to factor in opportunity cost of Chinese theft of US intellectual property and espionage
Ángeles Mena (11 months ago)
It`s a great video, but I didn`t get how did you calculate the 4 toys price, at the end.
Jose Carlos Montemayor (11 months ago)
Mr. Clifford, how exactly are terms of trade calculated? Like, not in the real world, just in Econ class. Is there any way or any formula that can be used beyond guessing and checking different amounts of each product? Thank you so much.
mukurazita (1 year ago)
super powerful
Kalificus (1 year ago)
thanks Mr. Clifford
Vinecars (1 year ago)
lmao the autograph killed me
Evan O'Shea (1 year ago)
shoutout Mr. McDermott's class
Azam (1 year ago)
Remarkable style.I forgot for a moment that I am being taught the scary theory.Well done Mr.Clifford
Piper Anne (1 year ago)
Little hack for yall: if you want to find the answer faster, CROSS MULTIPLY and whichever pair of goods has the higher number from the cross multiplication is the best combination. In this example there are 2 possibilities, the US produces toys (30 toys) and China produces toys (4 toys) and the US produces planes (10 planes) and China makes toys (20 toys). For the first option: take 30 toys x 4 planes= 120 the second option: 10planes x 20 toys = 200 200 is the bigger number so we know that the USA making planes and China making toys is the best combination. Hope this makes sense. (This is the most helpful advice my econ teacher ever gave me)
Praveena Alapati (1 year ago)
Awesome explanation 👌
Agshin Osmanov (1 year ago)
u are great man! keep it up!
ThorGT (1 year ago)
Its starting to make sense after the 10th time I watched. Nothing like repetition
Tony DLC (1 year ago)
I need a professor like you, mine is a dumass
JKL (2 years ago)
Fuck china plz don't touch Hong Kong and Taiwan with your baby eating hands (they literally eat babies)
guru prasath (2 years ago)
Hong Kong is independent and does not belong to China.
哲成项 (1 year ago)
guru prasath This link is useful for your basic history education. https://youtu.be/C_aPZGS3CH4
Daniel Sung (2 years ago)
that belt tho
yo dawg (2 years ago)
You > Every Econ teacher to every exist. Your videos are the only reason I'm getting an A in Econ!
黄日豪 (2 years ago)
that is awesome!
Nadia (2 years ago)
Yo, I just wanted to say thank you. Your vids are gonna help me pass AP macro (;
Ellie (2 years ago)
420 lmao
Yanjun Chen (2 years ago)
一句Hong Kong, China 深得我心
Sherry Lu (5 months ago)
ikr!!!!!
Kelvin (8 months ago)
what a lovely people over there. their hospitality makes them say hello to every one of reviewers on​ youtube.
Arthur Ip (9 months ago)
blehh hk is hk lolll
bluefloyd (1 year ago)
hahahaha我也是
Gary Luo (1 year ago)
I feel the same way too
xvictinixx (2 years ago)
I'm just confused as to what costs what in regards to the toys or plane for which country. I'm cognitively impaired as the school systems call it. Could you do a version where you indicate exactly what you are taking away from which country? To me, you were just saying words and putting random scenarios on the screen.
Zaraish Dhanani (2 years ago)
You're probably the coolest teacher I've ever seen
Jack Shephard (2 years ago)
You might want to wear a face mask or else you might just get lung cancer...
Johnson Bandi (2 years ago)
Everybody trades, even Mr.Clifford. Since people dont have the time to learn to do everything(here economics), he specializes in one thing(econ again) and trades his resources (here, time and energy) with other people(viewers, people like us) for the thing that he needs(views and/or Ad Revenue). ;)
galeop (3 years ago)
You need a better microphone.
riddlers91 (3 years ago)
Please dont refer to Hong Kong China. It is unfair to all the Hong Kong people who fear China. China are kidnapping booksellers and corrupting their elections. As any person from Hong Kong will tell you, they do not want to be associated with China. Wǔmáo Dǎng are just spamming the internet for people to accept they are together.
bluefloyd (1 year ago)
so you are saying Hong Kong is not a part of China? Any person would say that they do not want to be associated with China? you have no data to support this. Wake up, brainwashed dude by the Western media.
Rose Wu (1 year ago)
hong kong is a part of china no matter if u like it or not
Rithvik Vakacharla (3 years ago)
I don't understand how you came up with the numbers for the terms of trade.  Why 4 planes?
No Role Modelz (1 year ago)
Aronia McLean it's the exchange rate of goods and services. If you want to determine how much of say good y a country should receive after trading good x, it's in the interval of opportunity costs for good y
Aronia McLean (1 year ago)
No Role Modelz do you understand he definition of terms of trade because I don’t and my AP exam is soon! Someone plshelp
No Role Modelz (1 year ago)
Jase Arthur how did you determine the interval was 3 and 5 specifically?
Vanessa Shehu (1 year ago)
Zaraish Dhanani of course its an example. the person is looking for the domain of those numbers. like 3 and 5 in the example.
Review it Q (1 year ago)
hahaha
Alvin Productions (3 years ago)
you know what :)) i was pause the video and clapping :))) then I resume the video and there are clapping sound in the video and you say thank you :)))) it make me so surprised :)))))
Yaci Xu (3 years ago)
I am thrilled that someone like you from the west says "Hong Kong, China". Call me a patriot if you like but I am so offended whenever someone calls Hong Kong a country (I often find this situation in textbooks as well).
Marsh Rogers (5 months ago)
SHE IS OFFENDED!!! HOW DARE YOU MAKE A COMMON REMARK THAT MAY OFFEND SOME!!!
Leroy Spencer (11 months ago)
You're a good communist. Xi pats you the head. Feel happy now?
Isaiah Adrian (1 year ago)
How about Taiwan?
Ily Tan (1 year ago)
Troll. But if you really cared so much, then please know that people like you are another one of the main reasons why Hong Kongers want to dissociate themselves from Mainland people. Not only Hong Kongers, but people of Chinese heritage in South East Asia as well (i.e. Malaysia, Singapore, etc.) Patriotism is cool, you love China so much but what you're doing only tarnishes the name of your beloved country. I'm always amazed by the competition for superiority when it comes to HK VS Mainland. It always results in personal insults because they feel threatened by their inability to form proper counter-arguments. It comes from both sides, but on the internet, the aggressive ones are usually the Mainlanders. They'll degrade you for having a different opinion. Hong Kongers get really frustrated and will argue with you for not having the same viewpoint but won't be bothered to do anything more, because they at least respect your personal decisions. Those who have actually left the mainland before know to be more respectful, are smarter and less biased with their arguments, half the time handling it better than Hong Kongers now, actually. Show some class and come back with proper counter-arguments if you really want to represent your country in the positive light that you make it out to be. Right now, you're just hurting your cause, and a lot of other Chinese people have had enough of this kind of second-hand embarrassment.
right on point chinese TOURISTS, not all chinese, have a tendency to be disrespectful, i live in america but i even can see how chinese act in other countries and in japan. not all their fault as many do not have all the public knowledge of culture, but i mean if your gonna travel somewhere you should learn what to do... shame to also white tourists. however koreans and japanese who have a grudge (dont blame them what we and the government of japan did was terrible) but if japanese went to korea they would act rightly and same vice versa
kuang tan (3 years ago)
Mr.Clinford i would like to say thank you to u .I'm pass my microeconomics exam during my previous semester. U are really a life saver :)
jacobmufasa (3 years ago)
Hey I just want to drop by to say thank you for all your hard work to make these videos, which you didnt necessarily have to and I also noticed in the comments people are complaining you are going too fast which I agree to an extend but the fact that you are posting these and rewind buttons exist is all Im grateful for! :) thank you again!
Jossy Beth (3 years ago)
Get it Mr. Clifford!
Tania Qureshi (3 years ago)
Helping me to prepare for my quiz next week. Thanks! <3 - via YouPak(.com)
Lara (3 years ago)
You are saving my butt this year! THANKS
Stefan Atanasov (3 years ago)
Simple, interesting, charismatic.
gloriaa0214 (3 years ago)
Thank you ACDC omg you saved me so much time and money God bless you!!!!!
cathvong (4 years ago)
oh hey, its hong kong :D
El Tigre (4 years ago)
thank you so much!
しまたむ (4 years ago)
1:31  Oh my goodness....
Jeremy Ren (30 days ago)
@JKL can u stop tagging ppl with stereotypes? yeah he could from mainland or hk, why making all these assumptions? arrogance and biased media get u brainwashed, and don't call me commies, I am a activist and UN employee who actively against racism.
JKL (2 years ago)
definitely mainlander lol
Sadhana Koganti (4 years ago)
*autograph? ok!"
Ghg Dhf (4 years ago)
I am a current Econ student and your videos are helping me out a lot. Thanks. I think that you should go a few paces slower on your videos and they would be perfect!
Jeremy Ren (30 days ago)
haha Econ 101 intro class about adam smith and keynes, miss the uni time
nonstickrudy (4 years ago)
Awesome videos and great teaching style/ You are making my semester so much easier. Thank You!!
KSI GETHYPER (4 years ago)
This guy is a joker and has a nice belt
Dobby is a free elf (4 years ago)
lollllllll the people walking in front of the camera. this was so helpful :) thank you
Fane (4 years ago)
love your videos. it's making it easier for me to understand economics. I do have a question about this video. How do you calculate the #'s of the term of the trade? I got lost at the end. 
Jadine Walters (4 years ago)
Thank you so much this was soooo helpful 
osmubarak (5 years ago)
I like your Simple explaining

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