Comparative Advantage
- Title:
- Comparative Advantage
- Description:
-
more » « less
What is comparative advantage? And why is it important to trade? This video guides us through a specific example surrounding Tasmania — an island off the coast of Australia that experienced the miracle of growth in reverse. Through this example we show what can happen when a civilization is deprived of trade, and show why trade is essential to economic growth.
In an economy with a greater number of participants trading goods and services, there are more ways to find a comparative advantage and earn more by creating the most value for others. Let’s dive right in with an example from our new friends, Bob and Ann.
Microeconomics Course: http://mruniversity.com/courses/principles-economics-microeconomicsAsk a question about the video: http://mruniversity.com/courses/principles-economics-microeconomics/comparative-advantage-definition-tasmania#QandA
Next video: http://mruniversity.com/courses/principles-economics-microeconomics/comparative-advantage-definition-opportunity-cost
- Video Language:
- English
- Team:
Marginal Revolution University
- Project:
- Micro
- Duration:
- 07:15
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Peter Balla edited Hungarian subtitles for Comparative Advantage | |
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Marilia_PM edited Hungarian subtitles for Comparative Advantage | |
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Fran Ontanaya edited Hungarian subtitles for Comparative Advantage | |
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Fran Ontanaya edited Hungarian subtitles for Comparative Advantage | |
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Marilia_PM edited Hungarian subtitles for Comparative Advantage | |
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Miguel David Vargas Iscala edited Spanish subtitles for Comparative Advantage | |
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Miguel David Vargas Iscala edited Spanish subtitles for Comparative Advantage | |
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Miguel David Vargas Iscala edited Spanish subtitles for Comparative Advantage |