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Ch 2: Understanding Comparative Advantage, Specialization & Exchange

About This Chapter

Reinforce your understanding of such economic terms as comparative advantage and absolute advantage using these short video lessons. Study for economic course exams, support your understanding of classroom discussions or even prepare for a professional certification exam.

Understanding Comparative Advantage, Specialization & Exchange - Chapter Summary

In this short chapter, you can review details about comparative advantage, specialization and exchange. You'll look at the law of comparative advantage, absolute advantage in international trade and trade gains. Each brief lessons provides definitions and examples to ensure your complete understanding of this material. After completing your study of this chapter, you should have developed the ability to:

  • Define and provide examples of comparative advantage
  • Explain specialization as it relates to the trade of goods
  • Provide details about trade gains
  • Use examples of international trade to explain absolute advantage

Taught by experienced economics and finance instructors, these lessons make it easy to learn about these topics. Each lesson takes only 5-10 minutes to review, and you can watch them as often as needed to develop a full understanding of each topic discussed. Self-assessment quizzes allow you to demonstrate mastery of this material or identify if you need to continue your review of these topics.

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