About This Chapter
Who's it for?
Anyone who needs help learning or mastering college macroeconomics material will benefit from taking this course. There is no faster or easier way to learn the topic. Among those who would benefit are:
- Students who have fallen behind in understanding comparative advantage or working with absolute advantage
- Students who struggle with learning disabilities or learning differences, including autism and ADHD
- Students who prefer multiple ways of learning economics (visual or auditory)
- Students who have missed class time and need to catch up
- Students who need an efficient way to learn about comparative advantage, specialization and exchange
- Students who struggle to understand their teachers
- Students who attend schools without extra economics learning resources
How it works:
- Find videos in our course that cover what you need to learn or review.
- Press play and watch the video lesson.
- Refer to the video transcripts to reinforce your learning.
- Test your understanding of each lesson with short quizzes.
- Verify you're ready by completing the Comparative Advantage, Specialization and Exchange chapter exam.
Why it works:
- Study Efficiently: Skip what you know, review what you don't.
- Retain What You Learn: Engaging animations and real-life examples make topics easy to grasp.
- Be Ready on Test Day: Use the Comparative Advantage, Specialization and Exchange chapter exam to be prepared.
- Get Extra Support: Ask our subject-matter experts any comparative advantage, specialization and exchange question. They're here to help!
- Study With Flexibility: Watch videos on any Web-ready device.
Students will review:
This chapter helps students review the concepts in a Comparative Advantage, Specialization and Exchange unit of a standard college-level principles of macroeconomics course. Topics covered include:
- Comparative advantage
- Gains from trade and the benefit of specialization
- Absolute advantage in trade
1. Comparative Advantage: Definition and Examples
Understand the definition of comparative advantage, using two goods as an example. This key lesson incorporates the basic foundations of economics into one foundational theory explaining what goods and services that people,and nations, should produce and for whom they should produce it.
2. Gains From Trade and the Benefit of Specialization
Explore one of the most widely accepted ideas in economics - the idea that nations benefit from specialization and exchange, reaping gains from trade.
3. Absolute Advantage in Trade: Definition and Examples
In this lesson, you'll learn what absolute advantage is and how to easily identify it within examples of international trade. In addition, you'll learn the important difference between absolute advantage and comparative advantage.
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Other chapters within the Introduction to Macroeconomics: Help and Review course
- The Production Possibilities Curve: Help & Review
- Demand, Supply and Market Equilibrium: Help and Review
- Measuring the Economy: Help and Review
- Inflation Measurement and Adjustment: Help and Review
- Understanding Unemployment: Help and Review
- Aggregate Demand and Supply: Help and Review
- Macroeconomic Equilibrium: Help and Review
- Inflation and Unemployment: Help and Review
- Economic Growth and Productivity: Help and Review
- Money, Banking, and Financial Markets: Help and Review
- Central Bank and the Money Supply: Help and Review
- Fiscal and Monetary Policies: Help and Review
- Foreign Exchange and the Balance of Payments: Help and Review
- Inflows, Outflows, and Restrictions: Help and Review
- Government & the Economy: Help and Review
- The U.S. Economic System