Ch 26: Types of Economic Advantage

About This Chapter

In this chapter is a comprehensive overview of types of economic advantage. Learn about trade, specialization, absolute and comparative advantage and more from expert instructors.

Types of Economic Advantage - Chapter Summary

Use the resources in this chapter to boost your knowledge of types of economic advantage. Each lesson in this chapter explores one or more related concepts to ensure you understand the differences between these types of advantage and how they relate to trade and specialization. Once you've completed this chapter, you will be ready for the following:

  • Defining and understanding examples of comparative advantage
  • Discussing gains from trade and the benefit of specialization
  • Sharing the meaning of absolute advantage in trade
  • Explaining the differences between absolute and comparative advantage

Some of the resources available in this chapter include entertaining video lessons that feature fun visual and audio effects, full transcripts with helpful vocabulary words and timelines that allow you to skip to key topics within videos. Use these resources to enhance your understanding of types of economic advantage. When you're ready to test this understanding, take the short quiz with each lesson. Another fantastic resource to utilize is the chapter exam, which allows you to reinforce the concepts you've reviewed in all the lessons.

Chapter Practice Exam
Test your knowledge of this chapter with a 30 question practice chapter exam.
Not Taken
Practice Final Exam
Test your knowledge of the entire course with a 50 question practice final exam.
Not Taken

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