Comparative Advantage

Title:
Comparative Advantage
Description:

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-microeconomics

Ask 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

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Video Language:
English
Team:
Marginal Revolution University
Project:
Micro
Duration:
07:15
Peter Balla edited Hungarian subtitles for Comparative Advantage
Marilia_PM edited Hungarian subtitles for Comparative Advantage
Fran Ontanaya edited Hungarian subtitles for Comparative Advantage
Fran Ontanaya edited Hungarian subtitles for Comparative Advantage
Marilia_PM edited Hungarian subtitles for Comparative Advantage
Miguel David Vargas Iscala edited Spanish subtitles for Comparative Advantage
Miguel David Vargas Iscala edited Spanish subtitles for Comparative Advantage
Miguel David Vargas Iscala edited Spanish subtitles for Comparative Advantage
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Format: Youtube Primary Original Synced
This video is part of the Marginal Revolution University team.

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