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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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Tutorial
Terms to Know
  • Absolute Advantage

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

  • Comparative Advantage

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

  • Two-Factor Model

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