About This Chapter
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- Identify which concepts are covered on your comparative advantage, specialization and exchange homework.
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Topics from your homework you'll be able to complete:
- 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.
4. Specialization in Economics: Definition & Concept
How does one increase productivity? Why do nations focus on producing certain goods over others and then trade? These questions are addressed in the discussion of specialization in economics.
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