Chapter 2: Thinking Like an Economist

The scientific method 0:14
Models 2:21
The circular flow diagram 4:27
The production possibilities frontier 10:06
Using the PPF to see the opportunity cost 14:01
Increasing cost PPF vs constant cost PPF 19:00
Shifts in the PPF 20:20
Positive economic statements vs normative economic statements 20:28
Dr. Azevedo
Department of Economics
University of Central Missouri

[@thaixp5495]

23mins of this video is more helpful than 4 hours of me sleeping in class lol

[@busraaybi2034]

that is literally me lol

[@Giuoro]

true

[@ManusiaBiasa-jk5ru]

hey, can you give me the title of a book about economics and accounting for beginners entering college

[@redraushan]

The best part of having internet is I can watch and learn from content like these at anytime, appreciate the effort you're putting.

[@DrAzevedoEcon]

Glad to help!

[@Abd-ts6vd]

After 4 years of graduation, I finally got something really really useful 😍. Bundle of thanks Sir for being here with us.

[@DrAzevedoEcon]

Glad to help!

[@lanaalshehri9032]

i have an exam tomorrow and this really helped me understand 42 slides in just 23 minutes! keep up the good work

[@DrAzevedoEcon]

I hope you did well on the exam!

[@kartik6764]

Iit bombay?

[@lindahmutantabowa5549]

This is my first semester in economics and finance and can say economics is becoming interesting with all your teachings Dr

[@notafanofpots5244]

What course you're doing?

[@OkeanaOrozova]

The best economy channel EVER!!!!!!!!! Thank You!

[@josec.6504]

Great information and excellent teaching thought simple examples.

[@DrAzevedoEcon]

Thank you!

[@tushiyakey9677]

Thank you. I was giving up on my studies due to vague information but this is making sense to me. Bless you.

[@mattdavis1839]

These are fantastic, thankyou for putting these out.

[@favourshipalani6712]

High dynamic quantity quality content 💪❤

[@yasminelgamily8093]

Thank you Dr, it was a very helpful video, keep going.

[@ممّدآقا-ف4ج]

As an engineer, your lectures made me interested in the subject economics.

[@DrAzevedoEcon]

Great! People who are comfortable thinking analytically, such as engineers, usually like economics.

[@tracyann1983]

This was so helpful. I was so lost in macroeconomics this made so much sense

[@joseserrano390]

Thanks for your incredible work Dr! Keep it going! This is the first economics course that I have actually found useful.

[@Colimotl1]

thanks a lot for the time that you have put to make this happen.

[@LakshayGupta_]

Love From INDIA 🇮🇳♥ ~high School Student

[@DrAzevedoEcon]

Greetings! Good luck with classes!

[@t.1433]

Thank you so much, it's very helpful! Hoping you'll film soon some more :)

[@noizzy1306]

This is an excellent and truly informative program. If may I there's information about the book, but I can't find which one? What is the title of that book? Thank you for the info.

[@DrAzevedoEcon]

Thanks! It is based on Mankiw's Principles of Economics textbook.

[@noizzy1306]

@@DrAzevedoEcon Thank you, really appreciate. I'm from ex bolsheviks country originally and perfectly understand what's different between a free market vs. planed economy. It's like day @ night. The best.

[@Nushath]

Thanks for your time, it is really worth

[@DrAzevedoEcon]

Glad to help!

[@鹏程李-d5m]

Hey Dr.! I really love your videos? Would you pls update more?

[@sabrayahya89]

Thanks Dr. ...it was a clear presentation

[@ChasityColeman-s6n]

Thank you so much

[@petetaylor9758]

Hi, mathematician here (retired) with an interest in economics. Thanks for these lectures, but you mention "the book" several times; may I ask which book?

[@DrAzevedoEcon]

I use Mankiw’s Principles of Economics. It’s an excellent book.

[@petetaylor9758]

@@DrAzevedoEcon Thanks, I'll look into it.

[@yotambronsky9990]

would be awesome to hear* this content on spotify!

[@snehasorout2413]

It is really helpful. Thank you so much

[@DrAzevedoEcon]

You're welcome!

[@samuelmibenge2745]

HI DR. AzeveoEco n as a complete (and when i mean complete it's reaaaaly complete) beginner to econ and here to learn econ to learn finance after can i get some advises ? Like where should i stop in the economics lectures and where can i study finance ? do you know a felow professor teaching like you the field of finance ? any book advises ?. Also and of course thank you very much for your hard work. Samuel. From Belgium.

[@DrAzevedoEcon]

I'm not aware of anyone who has similar videos for finance. Are you looking for information on basic finance? If so, the Mankiw textbook has a chapter called The Basic Tools of Finance. I don't yet have a video for that chapter.

[@yuliapodlutskya9259]

Hey, Doc. Thanks for video I have a question in terms of comprising costs between computers and cars. Why at the beginning did we have 1,000 cars and 3,000 computers, but lately you calculated, that 1 car is 2 comp?

[@DrAzevedoEcon]

We never had 1,000 cars and 3,000 computers....we actually had these two options: 1,000 cars and zero computers OR zero cars and 3,000 computers. The endpoints of the PPF just represent two of the infinite number of combinations of cars and computers.

[@yuliapodlutskya9259]

@@DrAzevedoEcon Thanks for the answer!

[@seavpaofang6439]

A million thanks, professor

[@lilbist]

Hello, sir, could you please tell me the name of the book for the principles of microeconomics, I'm actually quite confuse, which book should be good, could you please suggest me any author.

[@Payam-hg3xi]

great Dr. it's great.

[@asthaqahamed3538]

Thank you. Dr

[@DrAzevedoEcon]

Thank you for watching!

[@yousufsalim6798]

Hi doctor Is there a video in your channel that take a bout Consumer Choice Theory?

[@superLynniebabes]

You reference the book - how can I get a copy of this book what is the title author

[@DrAzevedoEcon]

The textbook is Principles of Economics by Mankiw. You can find older editions of it on eBay, Amazon, etc.

[@Wearenick]

Very good video.

[@DrAzevedoEcon]

Thanks!

[@farzanamim1829]

Thank you... I really like your videos..

[@vuochkhinhleng7962]

When PPF is linear? And when PPF is bowed-shape?

[@DrAzevedoEcon]

The PPF will be linear when the technology and inputs used to produce the two outputs are identical. If the technology and/or inputs is specialized, the PPF will be bowed out.

[@SarahKrohn]

these are very helpful videos!

[@muhammadzulfanabdusyakur3264]

thanks a lot doctor, may Allah guide you

[@DrAzevedoEcon]

Glad to help!

[@revanthupadhyayula9976]

can i get the notes of microeconomics to study for my university exam

[@tapiwadenzel4064]

your examples 🤣🤣made me pass the exam 🤛🤛

[@summerjho2781]

Thank you very much!!

[@danielk.5890]

Does anyone know what book 📕 he is referring to at the end? Thanks a lot ❤

[@DrAzevedoEcon]

I use Mankiw's Principles of Economics.

[@danielk.5890]

@@DrAzevedoEcon thank you very much for all your efforts and the swift reply. Your courses are tremendously helpful and very much appreciated. Greetings from Zurich, Switzerland 🇨🇭

[@srinivasaraovalluru4429]

Could you please give note to the topics

[@joshuaepstein1488]

Thank you prof!!!!

[@aliawael1863]

how is he writing normally when he is faced to us??

[@letranmyduyen6583]

reflection effect i guess :))) like we take a selfie

[@brodiemusic5769]

Hey Doc. What is the textbook that this lecture is based off of?

[@KnobtownSkiffleBand]

Mankiw: Principles of Economics

[@irenewang839]

really helpful!!!thx!!!

[@bogasaiteja8968]

Thanks a lot sir

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😊😊😊😊

[@dilipbose194]

Great.

[@evilslayer1375]

Watching this video before the day of examination, lol

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Mac Garden

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He pronounce 'this point' like steve jobs...

[@okwareemmanuel3491]

Thank you so much

[@mariam-ow8hq]

thank you so much

[@DrAzevedoEcon]

You're welcome!