Topic: cropping

What is opportunity cost? – Economic Video Series

Opportunity cost youtube thumbnail

This short economic video about opportunity cost follows Gary, a broadacre wheat farmer with a dream to see the Kiss farewell tour. Gary’s business is booming, and he’s ambitious about expanding his operation. He’s been contracting out his harvesting each season, but this year he’s hoping to save on that […]

Avoid sunk cost interfering with your decisions – Economic Video Series

Avoid sunk cost youtube thumbnail

This short economic video on helping to avoid sunk cost follows Pete, a broadacre farmer who is wanting to have a good harvest this season, but grain prices are low. Pete believes prices might improve in the future. He decides to purchase grain storage and pays a $20,000 deposit. However […]

What are diminishing marginal returns? – Economic Video Series

Diminishing marginal returns Youtube thumbnail

This short economic video about diminishing marginal returns follows George, a broadacre wheat farmer with a dream to buy a helicopter. But that dream depends on getting the most out of this season’s crop. Watch below to see how George considers how much fertiliser to use.
 

 
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