Concepts
- Absolute Advantage
- Comparative Advantage
- Opportunity Cost Analysis
Overview
An important big picture concept in economics is how people, businesses, and countries trade with one another. Before we discuss the specifics of how trade works we must first learn about the concepts of absolute advantage and comparative advantage. In a simplified way, these concepts allow us to observe production data from different people, businesses and countries to see who produces things more efficiently. By applying these concepts we can identify who should produce what in a way that makes all parties involved better off.
Materials
- Lecture Notes
- Practice Problems
Lecture
Video Coming at Later Date
Quiz
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