terms of trade

[blahrandom]

my ib HL trials tmrw for econ

[MiSsRaNdOMXxXx]

my holy grail! THANK YOU!

[Fireflight777]

could you please make a video of gains from trade , i really dont understand

[yazziwazzi]

You rock!!! Can you do a video on the gains of trade. What are the benefits and losses caused from International trade? How is think linked to the lastest recession?

[starlovecross]

First of all, thanks for uploading all your videos. They are extremely useful.

Can you record a video regarding Utility Theory and Indifferences Curves?

More people would be benefited from your lectures :)

[meibinzhi]

thumb up :) !

[alexandarkovacevic]

this video helped me to understand better the basics of terms of trade! thank you very much

[joezhou]

you are awesome!

[bekkiigrogie]

This has been really helpful just to clear up a few confusions, my teacher used a different graph to explain it but seeing it in a different light has really helped thank you! I might just pass tomorrow xD well... we'll see haha

[flayotters]

I can't thank you enough for this video! You've explained the Prebisch-Singer hypothesis and comparative advantage from the terms of trade. Just what I needed before my A level economics exam tomorrow!

[fionaNESS]

i read you're bio and i think you could totally advise the greek government on how to get out of the sovereign debt crisis!

[bekkiigrogie]

@fionaNESS tbh... most economics students would proba do a better job at running the Greek economy at this time haha

[1anoushka]

Thank you so much for this........I have now finally fully grasped the Terms of trade. Before I really did not want this to come up in my exam, but I have just realised what a cool theory it really is

[chappersjc2608]

I just created a youtube account to tell you how helpful all your videos are....and i just want to say i got an A in my january economics after you basically taught me the entire course. You are a saint!

[paulburrow]

Phil has to be the best economist on youtube - I need to meet the guy and shake his hand!



[Chrismkeough]

Thanks once again Phil

A great explanation as it fills the gaps in my International Economics text.

It is covered, but not as well as you have explained it.

This will help studies for my exam next Friday Phil

Now back to my text......

Cheers,

Chris

Sydney, Australia

[liverpoool4lyf]

@Chrismkeough Australia cooooooooool

[Rao665]

Thumbs up if you are not taking any economics class, nor are you going to college, but find this interesting.

[csakulenzki]

When life hands you lemons, say fuck the lemons and bail.

[GreatBritishGal]

why didn't you do things on social housing!!!?!!?! :'( hahaha, AS retake...whyyy are you so bloody hard??? (the multichoice in particular) but thank you sir for what you have done for me...we came so far... :D

[SFSylvester]

"Britain would say "HELL NO YOU CAN'T!!!"

Thanks last IB exam today.

[SoumoOo]

You know YOU ARE SUCH A LIFE SAVIOUR!

[1348577]

i was getting so frantic over terms of trade and comparitive and absolute advantage, but your videos made everything clearer! Thank u so much! I wish I cud meet u, and thank u in person! U truly are an incredible person to give up so much of your valuable time for us students. :)

[xwinter45x]

IB economics tomorrow :O

[abhinavkini]

it did make sense :)

[Fathy993]

same here, freaking out

[Smithyj990]

Was just revising terms of trade having problems with it and come on here to find a new paj video !!!! :D:D:D:D:D:

[alih15]

Wish you were my teacher...

[yebet]

6:13 LOLLLL!!

[caelyhere]

thank you for this, you're very articulate and clear!

[rrock4life]

One of the topics I never really understood (along with market failure & Balance of payments)...just in time for IB economics exams next week :)

[epicpking]

I suggest that you buy one of the micro microphones and attach them on your shirt, this would enhance the sound quality and eleminate echo. MAKE MORE VIDEOS.

Thank you very much, you are a talented speaker

[Marine475]

Fantastic THX!

[ashwinmahtani]

So how does the terms of trade increase or decrease in an economy? Apart from of course actual growth or a recession ?

[heckler73]

@ashwinmahtani

ToT seems to be an extension of Comp. Adv.

So for Uganda (in the example), by trading 6 cocoas for every car imported, they have a surplus of 2 cocoas, which they can use for trading elsewhere.

At the same time, by getting 6 cocoas for every car, the UK nets a profit on every car traded. In both cases it allows for (very simplistic) GDP expansion (that's how I see it, I could be wrong though).

[pajholden]

@heckler73 I think you put it very succinctly. Of course there are so many assumptions like perfect mobility of labour between the industries, equal quality of goods, constant marginal costs, zero transport costs for example.

[heckler73]

@pajholden That is one thing in studying economics that has bothered me (i.e. all the assumptions). At what level does one start to analyze those details more carefully? In intermediate Micro/Macro or econometrics? For example, I debated my prof on the Theory of the Firm (which Steve Keen proved false), and he wasn't even aware of the problems with it. So that has me somewhat concerned about the higher levels of economics (i.e. the assumptions are never addressed).

[yebet]

Second to comment! :D

[lukedevlin]

Thank you very much! Just what the doctor called for, i have my Economics IB in just over a week! :)

[Galileo0601]

@lukedevlin Its tomorrow now!! so effing worried!!!