Budget ConstraintsYouTube↗  IA↗(long shot)
Education  90.7K views 1.3K likes 32 dislikes   06 Jun 2017
Marginal Revolution University 412K subscribers United States YouTube↗


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[Joana] To get a better understanding of how we make choices,
[Joana] Para entender mejor sobre cĂłmo tomamos decisiones
we first need to understand the elements
primero debemos entender
that go into making a decision.
los factores que se relacionan con tomar la decisiĂłn.
And not all of them are within our control.
No todos los factores estĂĄn bajo nuestro control.
The world is constantly, invisibly determining the prices
El mundo determina los precios de bienes y servicios
of goods and services.
de forma constante e invisible.
Take the price of a cup of coffee.
Usemos como ejemplo el precio de una taza de café.
It depends on so many variables.
Su precio depende de muchas variables.
Think culture, demographics, the cost of beans, the weather,
Como la cultura, la demografĂ­a, el costo de los granos, el clima
the supply and demand for oil,
la oferta y demanda de petrĂłleo
even the high rent at your hip neighborhood coffee shop.
e incluso el alquiler del local de la cafeterĂ­a.
You get the idea.
Con esto puedes darte una idea...
All of this economic activity is magically being simplified
Toda esta actividad econĂłmica se simplifica mĂĄgicamente
into a price for a cup of coffee.
en el precio de una taza de café.
How about your salary -- the price of one hour of your labor?
¿Qué hay de tu salario, el precio de una hora de tu trabajo?
It depends on you, of course -- on your skills and effort.
Depende de ti, por supuesto, de tu habilidad y esfuerzo.
But it also depends on many factors outside of your control.
Pero también de muchos factores fuera de tu control.
For example -- the demand for your services,
Por ejemplo, la demanda de tus servicios
nearby competition, even how fun your job is.
tus competidores cercanos e incluso cuĂĄn divertido es tu trabajo.
Every day you make decision after decision about what to buy,
Todos los días tomas decisiones sobre qué comprar
comparing hundreds of different goods and services.
comparando cientos de diferentes bienes y servicios.
There are so many choices.
Hay muchas opciones para escoger.
To simplify things, let's think about what you would do
Para simplificar las cosas pensemos en qué harías
if you had a weekly budget of $50 to spend on just two goods:
si tuvieras un presupuesto semanal de $50 para gastar en dos productos.
coffee and pizza.
Café y pizza.
Coffee costs $5, and pizza costs $10.
El café cuesta $5 y la pizza cuesta $10.
So pizza is twice as expensive as coffee.
La pizza cuesta el doble de lo que cuesta el café.
There are several different combinations of coffee and pizza
Hay muchas combinaciones diferentes de café y pizza
you could buy with this money.
que puedes comprar con este dinero.
Let's plot a few of your options on a graph.
Tracemos algunas de tus opciones en un grĂĄfico.
On the x-axis, we have the number of pizzas per week.
En el eje X tenemos el nĂșmero de pizzas por semana.
And on the y-axis, we have the cups of coffee per week.
En el eje Y tenemos las tazas de café por semana.
You could buy two cups of coffee and four pizzas,
Podrías comprar 2 tazas de café y 4 pizzas
four cups of coffee and three pizzas,
o 4 tazas de café y 3 pizzas
five pizzas but no coffee,
5 pizzas pero sin café
or 10 cups of coffee but no pizza.
o 10 tazas de café sin pizza.
When you connect the different options
Cuando calculamos las diferentes opciones
that represent the ways you can spend your $50,
que representan las maneras en que puedes gastar tus $50
you get a straight line.
se obtiene una lĂ­nea recta.
This is your budget constraint.
Esta es tu restricciĂłn presupuestaria.
And it represents all possible combinations
Y representa todas las combinaciones posibles
of coffee and pizza you can buy
de café y pizza que puedes comprar
given your budget and the prices of coffee and pizza.
con tu presupuesto y tomando en cuenta el costo del café y la pizza.
This budget line also separates what you can afford
Esta línea de presupuesto también separa
from what you cannot afford.
lo que puedes costear de lo que no puedes costear.
Maybe you wish you could buy two cups of coffee and six pizzas,
Quizås quisieras comprar 2 tazas de café y 6 pizzas
or four cups of coffee and 10 pizzas.
o 4 tazas de café y 10 pizzas.
But these are not in your budget.
Pero esto no estĂĄ en tu presupuesto.
Sorry.
Lo siento.
All these different combinations cost more than you have.
Todas estas combinaciones cuestan mĂĄs de lo que tienes.
So they're unaffordable,
AsĂ­ que no se pueden comprar, dado tu presupuesto
given your budget and the prices of these two goods.
y el costo de estos dos productos.
Combinations of coffee and pizza below the budget line,
Por otro lado, las combinaciones de café y pizza que estån debajo
on the other hand, are within your means.
de la lĂ­nea del presupuesto pueden escogerse.
So they're affordable, and you could buy them if you wanted.
Estas son costeables y puedes comprarlas si lo deseas.
The budget constraint also reflects how the market substitutes
La restricción presupuestaria también refleja
between the two goods.
cĂłmo el mercado se balancea entre estos dos productos.
Remember, pizzas are twice as expensive as coffee.
Recuerda, las pizzas son el doble de costosas que el café.
And this simply means that the relative price
Y esto simplemente significa
of one pizza is two cups of coffee.
que el precio relativo de una pizza son dos tazas de café.
You see this on the slope of the budget constraint, which is 2.
Esto se aprecia en la pendiente del margen presupuestario, que es 2.
Well, actually it's -2, but we're less concerned about the sign.
De hecho, es -2, pero no nos interesa el signo.
Although, it does remind us that having more of one good requires
Sin embargo, nos recuerda que tener mĂĄs de un producto
giving up some of the other.
requiere renunciar a otros.
When coffee costs $5, and pizzas cost $10,
Como el café cuesta $5 y las pizzas cuestan $10
if you want an additional pizza, you have to give up two cups of coffee.
si lo que quieres es una pizza adicional, debes renunciar a 2 tazas de café.
If this made you think about opportunity cost,
Si esto te hace pensar en el costo de oportunidad
you're right!
ÂĄestĂĄs en lo correcto!
The slope of the budget constraint is the opportunity cost of pizza.
La pendiente del margen presupuestario es el costo de oportunidad de la pizza.
Will this tradeoff change if your budget increases --
ÂżCambia esta relaciĂłn si tu presupuesto se incrementara--
say, if you find a $20 bill in the pocket of your winter jacket
por ejemplo, si encuentras $20 en el bolsillo de tu chaqueta de invierno
and now have $70 to spend on these two goods?
y ahora tienes $70 para gastar en estos dos productos?
No -- the tradeoff is given by the market's prices.
No, el intercambio estĂĄ dado por el precio del mercado
So changes in your income do not affect the relative price of goods.
entonces los cambios en tus ingresos no afectan el costo relativo de los productos.
Sure, you'll be able to afford and choose between
Seguramente, podrĂĄs costear y escoger
all of the consumption combinations that total $70.
entre todas las combinaciones que sumen $70.
And you can see how this makes
Y puedes ver cĂłmo esto hace
your budget constraint shift outward.
que tu lĂ­mite presupuestario se desplace hacia afuera.
But, the two cups of coffee for one pizza tradeoff remains the same.
Pero, el intercambio de 2 tazas de café por 1 pizza se mantiene igual.
And that is because the market still values these two goods
Y esto se debe a que el mercado aĂșn valĂșa estos dos productos
relative to one another just like it did before.
como relativos uno con respecto al otro de la misma manera que antes.
This tradeoff does change
Esta relaciĂłn de intercambio se modifica
if the relative price of the two goods changes.
si el precio relativo de los productos cambia.
Think of what will happen if,
Piensa lo que ocurrirĂ­a
maybe because of unusually good weather,
si quizĂĄs por un inusual clima favorable
the price of coffee falls from $5 to $2.50.
el precio del café descendiera de $5 a $2.50.
Does the market tradeoff remain the same?
ÂżLa balanza del intercambio se mantiene sin cambios en este caso?
No.
No.
Pizzas just became four times more expensive than coffee.
Las pizzas se vuelven 4 veces mås caras que el café.
So you're able to buy four cups of coffee
Entonces, puedes comprar 4 tazas de café
when you give up eating one pizza.
cuando renuncias a comer 1 pizza.
This will make your budget constraint rotate outward.
Esto harĂĄ que tu margen presupuestario rote hacia afuera.
Notice how, because nothing happened to the price of pizza,
Observa cĂłmo, al no sucederle nada al precio de la pizza
the number of pizzas you can buy when you don't buy coffee hasn't changed.
el nĂșmero de pizzas que puedes comprar cuando no compras cafĂ©, no cambiĂł.
You can still only buy five pizzas.
AĂșn puedes comprar Ășnicamente 5 pizzas.
But, if you spend all of your budget on coffee,
Pero si gastas todo tu presupuesto en café
just look at how many more cups of coffee you can buy.
observa cuåntas tazas de café mås puedes comprar.
You can now buy 20 cups of coffee per week.
Ahora puedes comprar 20 tazas de café por semana.
That's a lot of coffee!
Eso es muchísimo café.
You see the new higher relative price of pizza,
El nuevo y mĂĄs alto costo de la pizza
in terms of coffee,
en términos del café
in the slope of the new budget constraint,
en la pendiente del nuevo margen presupuestario
which is now 4.
ahora es 4.
We make choices every day.
Diario tomamos decisiones.
The reality of what we can afford,
La realidad de lo que podemos comprar
given by our incomes and the prices of goods and services,
es limitada por nuestros ingresos y el precio de los bienes y servicios
are all very important elements that affect our decisions.
y estos son elementos muy importantes que afectan nuestras decisiones.
But there are other elements equally important,
Pero también hay otros elementos igualmente importantes
and those are our preferences.
como nuestras preferencias.
We'll examine these next.
Examinaremos esto a continuaciĂłn.
[Narrator] You're on your way to mastering economics.
EstĂĄs en el camino para aprender sobre economĂ­a.
Make sure this video sticks
AsegĂșrate de no olvidar este video
by taking a few quick practice questions.
respondiendo las preguntas de prĂĄctica.
Or, if you're ready for more microeconomics,
Si estĂĄs listo para mĂĄs conceptos de macroeconomĂ­a
click for the next video.
da clic para ver el prĂłximo video.
Still here?
ÂżSigues aquĂ­?
Check out Marginal Revolution University's other popular videos.
Revisa los demĂĄs videos populares de Marginal Revolution University.
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