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3 Tutorials that teach Comparative Advantage and Gains From Trade
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Comparative Advantage and Gains From Trade

Comparative Advantage and Gains From Trade

Author: Justin Tapp
Description:

This lesson will explain comparative advantage and gains from trade.

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Notes on "Comparative Advantage and Gains from Trade"

Terms to Know

Two-Factor Models

A model that indicates the two determinants of production are capital and labor.
 

Comparative Advantage

A trading advantage achieved over another company due to lower opportunity cost.
 

Absolute Advantage

The capacity to produce a higher number of goods or services using the same production resources as competitors.