International Trade- Micro Topic 2.9

Hey econ students. This video covers Micro Topic 2.9 and shows trade, tariffs, and quotas using supply and demand. Be sure to be able to draw and calculate consumer surplus, producer surplus, and deadweight loss. Remember that the international trade is different than a price ceiling. The result is not a shortage. Instead, we are importing the different between the quantity demanded and the domestic quantity supplied. This causes consumer surplus to get bigger and producer surplus to get smaller.

[JacobAClifford]

The answers to the practice multiple-choice questions are below. Just click on "Read more".



1. D
2. E
3. B
4. B
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[julio]

This dude explains in 5 minutes what my teacher taught in a whole class session

[Demonlayer]

I used to watched these videos everyday when I was preparing for my Micro and Macro exams. Honestly if it wasn't for his videos I don't think I would have passed. Thank You!

[mamasiracusa]

I am a 45 year old on-line college student. Without you and your excellent, to-the-point, real-world lessons, I actually know what is going on! I miss lectures and the textbooks are absolutely no help. Jacob, I will pass Macroeconomics because of you! Thank

[tomtook]

Thank you sir for all these videos. I started to learn economics since grade 10 so I didn't know much about economics, but after watching all of your videos, I consider you the best economics teacher on YouTube. Your videos helped me a lot. I really like the videos about elasticity.

[diemquynhnguyenthi]

Just 6 minutes watching and I understand all the points that teacher taught me in a whole class - even what she haven't taught yet

[leonardowilhelmdicaprio]

Hi, there, Mr Clifford!I'm bloody glad I've subscribed to your channel!You've helped me do better in my A-Levels (Yes, I live in London).
I'll be honest, there's absolutely no one else here on YouTube who's as fervently interested in economics as you are!You're incredibly charismatic and I can't help but get riveted by your videos.Thank you SO MUCH for everything!!

Cheers,
Leonardo

[NickJovanovski]

Hi Jacob!
I have been studying Economics for a while now and your explanation of key economic concepts is so succinct and creative that it is always a good refresher when I watch your videos.
Would you consider a video discussing the Balance of Payments, Exchange Rates, and Terms of Trade if you haven’t already?
Keep up the great content!

[powerbuff]

yo just wanna say thank u so much for this, i couldn't understand it when my teacher explains but i understand perfectly from your vid :)

[BoldBlunder]

YES! found this right before my exam. I had trouble understanding tariffs. thank you!

[tejassinha]

My econ teacher spoke to you on the phone on accident once, he is a very happy human being now 💪😤

[shahdmalkawi]

This video is very helpful for my international economics class! I think I will forever be subscribed to your channel even after finishing micro and macro economics :D

[BoppieJotham-fopd]

I pray that my economics teacher should watch this video.
Thanks so much 💖

[willdodds]

Great video Jake! Really helped me revise before my last year of Uni kicks off!

[lilaclilac]

So so helpful! Thank you Mr. Clifford! 😊🙏

[rymkibech]

you are the best. your videos are so helpful and go straight to the point.

[nemo]

Those 3 dislikes are from the Microeconomics Doctors who couldn't explain International Trade properly.

[pintsoongmu]

Wow.
I have my exam today on international economics

[genesiss]

I’m having a really difficult time understanding why you had chosen 30 and 70 units. 3:47 someone else attempted to explain about prices being driven up toward equilibrium but I’m still so lost :(

[esenhakyyev]

Thank you so much for EVERYTHING Jacob Clifford !!! I am really appreciate U !!! Good job...