Ch 64: Comparative Advantage, Specialization & Exchange - MTEL Political Science/Political Philosophy

About This Chapter

Learn about comparative advantage, specialization and exchange in this chapter of the MTEL Political Science/Political Philosophy exam study guide. Prepare for exam day with video lessons and self-assessment quizzes covering everything you need to know about economics.

MTEL Political Science/Political Philosophy: Comparative Advantage, Specialization & Exchange - Chapter Summary

The lessons in this chapter explore comparative advantage, specialization and exchange. Topics covered include gains from trade, the benefit of specialization, and absolute advantage. By the end of this chapter, you should be familiar with:

  • Definition of comparative advantages
  • Gains from trade
  • The benefit of specialization
  • Absolute advantage in trade
  • Differentiating between comparative and absolute advantage

Short, engaging video lessons thoroughly explain each concept, and knowledgeable instructors are available to answer any questions you may have. Self-assessment videos are available to test your knowledge and retention. You can revisit key moments of each video lesson using the jump feature under the Timeline tab.

MTEL Political Science/Political Philosophy: Comparative Advantage, Specialization & Exchange Chapter Objectives

The Massachusetts Tests for Educator Licensure (MTEL) measure competency in various subjects, in compliance with state teacher licensing requirements. The MTEL Political Science/Political Philosophy exam covers political philosophy, U.S. government and civics, comparative government and international relations, history, and geography and economics. The material covered in this Comparative Advantage, Specialization and Exchange chapter of the study guide is tested in the geography and economics section of the exam, which comprises about 10% of the entire test. The exam includes 100 multiple-choice questions and two open-response questions.

Chapter Practice Exam
Test your knowledge of this chapter with a 30 question practice chapter exam.
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Practice Final Exam
Test your knowledge of the entire course with a 50 question practice final exam.
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Other Chapters

Other chapters within the MTEL Political Science/Political Philosophy (48): Practice & Study Guide course