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The Ricardo Model I: Comparative Advantage, Competitive Advantage, Wages, Prices, Exchange Rates
 
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Lecture 1, Part 1 for the EBE International Economics course 2013
Views: 49946 Richard Gigengack
Comparative advantage specialization and gains from trade | Microeconomics | Khan Academy
 
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How two parties can get better outcomes by specializing in their comparative advantage and trading Watch the next lesson: https://www.khanacademy.org/economics-finance-domain/microeconomics/choices-opp-cost-tutorial/gains-from-trade-tutorial/v/comparative-advantage-and-absolute-advantage?utm_source=YT&utm_medium=Desc&utm_campaign=microeconomics Missed the previous lesson? https://www.khanacademy.org/economics-finance-domain/microeconomics/choices-opp-cost-tutorial/production-possibilities/v/economic-growth-through-investment?utm_source=YT&utm_medium=Desc&utm_campaign=microeconomics Microeconomics on Khan Academy: Topics covered in a traditional college level introductory microeconomics course About Khan Academy: Khan Academy offers practice exercises, instructional videos, and a personalized learning dashboard that empower learners to study at their own pace in and outside of the classroom. We tackle math, science, computer programming, history, art history, economics, and more. Our math missions guide learners from kindergarten to calculus using state-of-the-art, adaptive technology that identifies strengths and learning gaps. We've also partnered with institutions like NASA, The Museum of Modern Art, The California Academy of Sciences, and MIT to offer specialized content. For free. For everyone. Forever. #YouCanLearnAnything Subscribe to Khan Academy's Microeconomics channel: https://www.youtube.com/channel/UC_6zQ54DjQJdLodwsxAsdZg Subscribe to Khan Academy: https://www.youtube.com/subscription_center?add_user=khanacademy
Views: 614876 Khan Academy
Comparative Advantage Practice
 
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If you want to skip the lesson and just practice go to 10:48. I spend the first have of the video explaining how to identify which country has an absolute advantage, calculate opportunity cost, identify which country has a comparative advantage, and find a terms of trade that both countries would voluntarily agree to. The second half of the video is an additional practice questions where I quickly go over the answers. I also added the answers below if you are in a hurry. Thank you for watching, please subscribe. Additional Multiple Choice Questions https://www.youtube.com/watch?v=WLfOZz-_JMY&t=6s Unit 1 Summary Video (includes quick and dirty trick) https://www.youtube.com/watch?v=JBHbwtzHfDg ANSWERS Situation #1 (5:30) The US can produce 20 planes or 2 cruise ships France can produce 12 planes or 2 cruise ships -The US has an ABSOLUTE ADVANTAGE in planes -Neither has an ABSOLUTE ADVANTAGE in cruise ships -For the US, 1 plane costs 1/10 cruise ship and 1 ship costs 10 planes -For France, 1 plane costs 1/6 cruise ship and 1 ship costs 6 planes -US has COMPARATIVE ADVANTAGE in planes -France has COMPARATIVE ADVANTAGE in cruise ships -Terms of trade: 1 Cruise Ship for 7 Planes Situation #2 (11:12) Korea can produce 3 cars or 9 motorcycles Germany can produce 4 cars or 8 motorcycles -Germany has an ABSOLUTE ADVANTAGE in cars -Korea has an ABSOLUTE ADVANTAGE in motorcycles -For Korea, 1 car costs 3 motorcycles and 1 motorcycle costs 1/3 car -For Germany, 1 car costs 2 motorcycles and 1 motorcycle costs 1/2 car -Germany has COMPARATIVE ADVANTAGE in cars -Korea has COMPARATIVE ADVANTAGE in motorcycles -Terms of trade: 1 Car for 2.5 Motorcycles Situation #3 (13:22) Japan can produce 4 laptops or 12 phones Brazil can produce 1 laptops or 5 phones -Japan has an ABSOLUTE ADVANTAGE in laptops -Japan has an ABSOLUTE ADVANTAGE in phones -For Japan, 1 laptop costs 3 phones and 1 phone costs 1/3 laptop -For Brazil, 1 laptop costs 5 phones and 1 phone costs 1/5 laptop -Japan has COMPARATIVE ADVANTAGE in laptops -Brazil has COMPARATIVE ADVANTAGE in phones -Terms of trade: 1 Laptop for 4 Phones Situation #4 (16:08) Cuba takes 4hrs to make a TV and 12hrs to make salsa Mexico takes 1hr to make a TV and 5hrs to make salsa -Mexico has an ABSOLUTE ADVANTAGE in TVs -Mexico has an ABSOLUTE ADVANTAGE in Salsa -For Cuba, 1 TV costs 1/3 salsa and 1 salsa costs 3 TVs -For Mexico, 1 TV costs 1/5 salsa and 1 salsa costs 5 TVs -Mexico has COMPARATIVE ADVANTAGE in TVs -Cuba has COMPARATIVE ADVANTAGE in salsa -Terms of trade: 1 salsa for 2.5 TVs Get the Ultimate Review Packet http://www.acdcecon.com/#!review-packet/czji Macroeconomics Videos https://www.youtube.com/watch?v=XnFv3d8qllI Microeconomics Videos https://www.youtube.com/watch?v=swnoF533C_c Follow me on Twitter https://twitter.com/acdcleadership
Views: 281094 Jacob Clifford
The Ricardo Model II: Comparative Advantage, Competitive Advantage, Wages, Prices, Exchange Rates
 
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Lecture 1, Part II of the EBE International Economics course 2013
Views: 4451 Richard Gigengack
Comparative Advantage and Gains from Trade
 
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​This revision video takes students through a worked example of comparative advantage and the potential gains from specialisation and trade at a mutually beneficial terms of trade between two countries.
Views: 17638 tutor2u
Specialization and Trade: Crash Course Economics #2
 
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In which Adriene Hill and Jacob Clifford teach you about specialization and trade, and how countries decide whether they're going to make stuff or trade for stuff. You'll learn about things like comparative advantage, the production possibilities frontier and how to make pizza! Crash Course is now on Patreon! You can support us directly by signing up at http://www.patreon.com/crashcourse Thanks to the following Patrons for their generous monthly contributions that help keep Crash Course free for everyone forever: Mark Brouwer, Jan Schmid, Anna-Ester Volozh, Robert Kunz, Jason A Saslow, Christian Ludvigsen, Chris Peters, Brad Wardell, Beatrice Jin, Roger C. Rocha, Eric Knight, Jessica Simmons, Jeffrey Thompson, Elliot Beter, Today I Found Out, James Craver, Ian Dundore, Jessica Wode, SR Foxley, Sandra Aft, Jacob Ash, Steve Marshall TO: Sarah M. FROM: Anthony M. "Making our own history awesome! Happy 3 year Anniversary!" TO: Everyone FROM: Someone "The earth is but one country, and mankind its citizens." Thank you so much to all of our awesome supporters for their contributions to help make Crash Course possible and freely available for everyone forever: Nathanial R. Castronovo, Eefje Savelkoul, Nupur Maheshwari, Jacob J., Dominik Steenken, Shai Belfer, Stefan Bjerring Henriksen James Kribs, Hugo Jobly, Tim Eramo Want to find Crash Course elsewhere on the internet? Facebook - http://www.facebook.com/YouTubeCrashCourse Twitter - http://www.twitter.com/TheCrashCourse Tumblr - http://thecrashcourse.tumblr.com Support Crash Course on Patreon: http://patreon.com/crashcourse CC Kids: http://www.youtube.com/crashcoursekids
Views: 1601837 CrashCourse
Econ 1.4 Comparative Advantage: ACDC Econ
 
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Mr. Clifford's 60 second explanation of comparative advantage and identifying who should specialize. Please keep in mind that these clips are not designed to teach you the key concepts. These videos are a review tool to help you better understand what you learned in class. ACDC is Mr. Clifford's teaching philosophy: Active Learning Cooperative Learning Discovery Learning Community
Views: 528684 Jacob Clifford
Comparative Advantage and Gains From Trade - The Size of a Trade
 
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This video goes through a common issue that students have when thinking about gains from trade- it's not only the "price" of a trade that matters, it's the size of the trade too! Here, I implement a couple of trades of different sizes to show how some are mutually beneficial and others not, even though they all take place at the same "price." By Jodi Beggs - Economists Do It With Models http://www.economistsdoitwithmodels.com Facebook: http://www.facebook.com/economistsdoitwithmodels Twitter: http://www.twitter.com/jodiecongirl Tumblr: http://economistsdoitwithmodels.tumblr.com
Views: 12760 jodiecongirl
1.3 - Comparative Advantage
 
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based on the textbook "Microeconomics for MBAs"
Views: 106063 Richard McKenzie
Investopedia Video: Explaining Comparative Advantage
 
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Comparative advantage is the ability of an individual, company or country to produce a good or service at a lower opportunity cost than its competitor. Having a comparative advantage doesn't mean that one entity is better than another at producing a good or service. It means that it sacrifices less to do so.
Views: 26105 Investopedia
Comparative advantage
 
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Comparative advantage is one of the deepest and most profound ideas in economics. Should Martha Stewart iron her own shirts? No! We explain why and the implications for trade across countries. If you have covered this material before, consider it optional. This video will be useful for any student in a principles of economics class. International Trade course: http://mruniversity.com/courses/international-trade Ask a question about the video: http://mruniversity.com/courses/international-trade/comparative-advantage#QandA Next video: http://mruniversity.com/courses/international-trade/comparative-advantage-2-homework Help us caption & translate this video! http://amara.org/v/HuvA/
International trade: Absolute and comparative advantage
 
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Trade theories: Why we trade
Views: 307002 lostmy1
Comparative Advantage
 
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Describes how to calculate comparative advantage and terms of trade.
Views: 5652 Tamra Carl
Comparative Advantage
 
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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://bit.ly/20VablY Ask a question about the video: http://bit.ly/1QEYD77 Next video: http://bit.ly/21gU5IU Help us caption & translate this video! http://amara.org/v/GLJf/
Theory of comparative advantage
 
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Brief explanation for the theory of comparative cost advantage
Views: 19824 padmanabha shetty
Comparative Advantage - Consuming Beyond The PPF
 
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Comparative Advantage Theory 2 - Another video on the law of comparative advantage
Views: 33782 EconplusDal
Draw Me The Economy: What is comparative advantage ?
 
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Vidéo conçue et réalisée par http://www.sydo.fr Draw Me The Economy is a series of videos explaining the economic news, without political bias. It is a tool offered to all to aid understanding, thanks to the drawings of economic concepts that are part of our daily lives. http://www.drawmetheeconomy.com
Views: 26333 Dessine-moi l'éco
Comparative Advantage
 
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Comparative advantage is one of the deepest and most profound ideas in economics. Should Martha Stewart iron her own shirts? No! We explain why and the implications for trade across countries. If you have covered this material before, consider it optional. This video will be useful for any student in a principles of economics class. Development Economics course: http://mruniversity.com/courses/development-economics-0 Ask a question about the video: http://mruniversity.com/courses/development-economics/comparative-advantage#QandA Next video: http://mruniversity.com/courses/development-economics/comparative-advantage-2-homework
Absolute and Comparative Advantage
 
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Calculating opportunity cost and determining absolute and comparative advantage
Views: 19292 EconNotes
Economies of Scale and Comparative Advantage
 
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Economies of scale and comparative advantage let us make bigger and better oranges, grapes, and everything else. For more Dan Russell, watch https://www.youtube.com/watch?v=_sLET3sqMgU Russell, Daniel. "Economies of Scale and Comparative Advantage." YouTube. Learn Liberty, 15 June 2017. SUBSCRIBE: http://bit.ly/2dUx6wg LEARN MORE: What Caused The Economic Boom of Wealth? - Learn Liberty (video): Professor Deirdre McCloskey explains the explosion of wealth in the world since 1800, and how all that wealth was created. https://www.youtube.com/watch?v=a0nsKBx77EQ "Trade Is Made of Win," Part 1: Wealth Creation (video): Professor Art Carden explains how exchange and trade create wealth for everyone involved. https://www.youtube.com/watch?v=y0gGyeA-8C4 When Jobs Kill Wealth (blog): Professor Gary Galles makes the case that instead of being so focused on “creating jobs,” we should be focused on creating wealth. http://www.learnliberty.org/blog/when-jobs-kill-wealth/ TRANSCRIPT: For a full transcript please visit: http://www.learnliberty.org/videos/economies-of-scale-and-comparative-advantage LEARN LIBERTY: Your resource for exploring the ideas of a free society. We tackle big questions about what makes a society free or prosperous and how we can improve the world we live in. Watch more at http://www.learnliberty.org/.
Views: 67016 Learn Liberty
Comparative Advantage and Terms of Trade -ACDC Econ 1.3
 
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Individuals and countries benefit from trade. Even though it isn't very realistic, simplified examples like this will help you understand the idea of comparative advantage. Make sure to calcite the per unit opportunity cost so you can see which country should specialize in which product. Also, make sure to watch the second half to learn about terms of trade.
Views: 306617 Jacob Clifford
Terms of Trade and the Gains from Trade | AP Macroeconomics | Khan Academy
 
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In this video, we explore how we can use opportunity costs to determine who has comparative advantage in producing a good. By specializing in the production of a good that a country has comparative advantage in, and trading for the other good, both countries have the potential to benefit from the exchange. We can also figure out a trading price (also known as the "terms of trade") which would make both countries willing to trade. View more lessons or practice this subject at http://www.khanacademy.org/economics-finance-domain/ap-macroeconomics/basic-economics-concepts-macro/scarcity-and-growth/v/terms-of-trade-and-the-gains-from-trade-macroeconomics-khan-academy?utm_source=youtube&utm_medium=desc&utm_campaign=apmacroeconomics AP Macroeconomics on Khan Academy: Welcome to Economics! In this lesson we'll define Economic and introduce some of the fundamental tools and perspectives economists use to understand the world around us! Khan Academy is a nonprofit organization with the mission of providing a free, world-class education for anyone, anywhere. We offer quizzes, questions, instructional videos, and articles on a range of academic subjects, including math, biology, chemistry, physics, history, economics, finance, grammar, preschool learning, and more. We provide teachers with tools and data so they can help their students develop the skills, habits, and mindsets for success in school and beyond. Khan Academy has been translated into dozens of languages, and 15 million people around the globe learn on Khan Academy every month. As a 501(c)(3) nonprofit organization, we would love your help! Donate or volunteer today! Donate here: https://www.khanacademy.org/donate?utm_source=youtube&utm_medium=desc Volunteer here: https://www.khanacademy.org/contribute?utm_source=youtube&utm_medium=desc
Views: 44258 Khan Academy
Law of Comparative Advantage
 
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Comparative Advantage Theory - A look at David Ricardo's theory of comparative advantage
Views: 91233 EconplusDal
Comparative Advantage; How to Calculate it. Economics, AP Microeconomics
 
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For the Advanced Microeconomics Review please go to: http://bit.ly/2aj1txm "AP" is owned by the College Board which does not endorse this site or the above review. QUESTIONS: 1) In one hour, the USA can produce 3 cars or 12 computers. In one hour, Japan can produce 2 cars or 14 computers. a) Which country has the comparative advantage in making cars? b) Which country has the comparative advantage in making computers? c) What kind of trade should there be between the two countries? In other words, what should they specialize in making?
Views: 103876 AdvancedEcon
Specialization, Trade, and Comparative Advantage
 
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This video shows how an economy can reach a point beyond its Production Possibilities Frontier (PPF) by specializing in the production of goods in which it has a comparative advantage and then trading with another country. Edspira is your source for business and financial education. To view the entire video library for free, visit http://www.Edspira.com To like Edspira on Facebook, visit https://www.facebook.com/Edspira To sign up for the newsletter, visit http://Edspira.com/register-for-newsletter Edspira is the creation of Michael McLaughlin, who went from teenage homelessness to a PhD. The goal of Michael's life is to increase access to education so all people can achieve their dreams. To learn more about Michael's story, visit http://www.MichaelMcLaughlin.com To follow Michael on Twitter, visit https://twitter.com/Prof_McLaughlin To follow Michael on Facebook, visit https://www.facebook.com/Prof.Michael.McLaughlin
Views: 715 Edspira
Comparative Advantage - A Worked Example
 
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This revision video provides a worked example of how two countries might benefit from specialisation and exchange based on a mutually beneficial terms of trade.
Views: 413 tutor2u
Comparative Advantage and Gains From Trade (Part 1)
 
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This video introduces the concepts of opportunity cost, absolute advantage and comparative advantage via an example that asks the question "Should a professor do his own typing?" This is the part 1 in a two-part series. For more information and a complete listing of videos and online articles by topic or textbook chapter, see http://www.economistsdoitwithmodels.com/economics-classroom/ For t-shirts and other EDIWM items, see http://www.economistsdoitwithmodels.com/merch/ By Jodi Beggs - Economists Do It With Models http://www.economistsdoitwithmodels.com Facebook: http://www.facebook.com/economistsdoitwithmodels Twitter: http://www.twitter.com/jodiecongirl Tumblr: http://economistsdoitwithmodels.tumblr.com
Views: 89894 jodiecongirl
Comparative advantage and absolute advantage | Microeconomics | Khan Academy
 
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Showing that a party benefits from trade as long as there is a comparative advantage (and not necessarily an absolute advantage) Watch the next lesson: https://www.khanacademy.org/economics-finance-domain/microeconomics/choices-opp-cost-tutorial/marginal-utility-tutorial/v/marginal-utility?utm_source=YT&utm_medium=Desc&utm_campaign=microeconomics Missed the previous lesson? https://www.khanacademy.org/economics-finance-domain/microeconomics/choices-opp-cost-tutorial/gains-from-trade-tutorial/v/comparative-advantage-specialization-and-gains-from-trade?utm_source=YT&utm_medium=Desc&utm_campaign=microeconomics Microeconomics on Khan Academy: Topics covered in a traditional college level introductory microeconomics course About Khan Academy: Khan Academy offers practice exercises, instructional videos, and a personalized learning dashboard that empower learners to study at their own pace in and outside of the classroom. We tackle math, science, computer programming, history, art history, economics, and more. Our math missions guide learners from kindergarten to calculus using state-of-the-art, adaptive technology that identifies strengths and learning gaps. We've also partnered with institutions like NASA, The Museum of Modern Art, The California Academy of Sciences, and MIT to offer specialized content. For free. For everyone. Forever. #YouCanLearnAnything Subscribe to Khan Academy's Microeconomics channel: https://www.youtube.com/channel/UC_6zQ54DjQJdLodwsxAsdZg Subscribe to Khan Academy: https://www.youtube.com/subscription_center?add_user=khanacademy
Views: 448805 Khan Academy
Comparative Advantage and Gains from Trade
 
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This video looks at how 2 economies can benefit from specialising in the production of a product in which they have a comparative advantage, and then trading with each other. Production Possibility Frontiers for each country are used to show comparative advantage and the benefits to each of specialisation and trade
Views: 72182 Steve Lobsey
Ricardo's Theory of Comparative Advantage
 
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Diana Dinh San Jose State University Bus 187 - Global Dimensions of Business, Section 11 Dr. Tanvi Kothari
Views: 64226 Diana Dinh
Opportunity costs and comparative advantage
 
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Opportunity costs and comparative advantage
Views: 87460 HorowitzEconomics
Absolute vs. Comparative Advantage in One Minute: Definitions, Explanation, Examples and Comparison
 
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Let's take a minute (heh) to talk about Adam Smith's absolute advantage as well as David Ricardo's comparative advantage. Both the absolute and comparative advantage represent concepts one could consider pro-market or in favor of free trade. However, Ricardo took things one step further with his vision, so this video should represent an interesting absolute vs. comparative advantage... comparison (no pun intended). You'll find out what the definitions of the two terms are and through what will hopefully prove to be an entertaining explanation, will understand them properly. To that effect, carefully-chosen absolute advantage and comparative advantage examples have been used. A lot of people think concepts such as these are just too difficult to understand... but that's just because the absolute advantage and the comparative advantage haven't yet been explained to them properly. The main goal of this video is to do just that and make it clear what Adam Smith and David Ricardo had in mind when articulating their ideas. To support the channel, give me a minute (see what I did there?) of your time by visiting OneMinuteEconomics.com and reading my message. Bitcoin donations can be sent to 1AFYgM8Cmiiu5HjcXaP5aS1fEBJ5n3VDck and PayPal donations to [email protected], any and all support is greatly appreciated! Oh and I've also started playing around with Patreon, my link is: https://www.patreon.com/oneminuteeconomics Interested in reading a good book? My first book, Wealth Management 2.0 (through which I do my best to help people manage their wealth properly, whether we're talking about someone who has a huge amount of money at his disposal or someone who is still living paycheck to paycheck), can be bought using the links below: Amazon - https://www.amazon.com/Wealth-Management-2-0-Financial-Professionals-ebook/dp/B01I1WA2BK Barnes & Noble - http://www.barnesandnoble.com/w/wealth-management-20-andrei-polgar/1124435282?ean=2940153328942 iBooks (Apple) - https://itun.es/us/wYSveb.l Kobo - https://store.kobobooks.com/en-us/ebook/wealth-management-2-0 My second book, the Wall Street Journal and USA Today bestseller The Age of Anomaly (through which I help people prepare for financial calamities and become more financially resilient in general), can be bought using the links below. Amazon - https://www.amazon.com/Age-Anomaly-Spotting-Financial-Uncertainty-ebook/dp/B078SYL5YS Barnes & Noble - https://www.barnesandnoble.com/w/the-age-of-anomaly-andrei-polgar/1127084693?ean=2940155383970 iBooks (Apple) - https://itunes.apple.com/us/book/age-anomaly-spotting-financial-storms-in-sea-uncertainty/id1331704265 Kobo - https://www.kobo.com/ww/en/ebook/the-age-of-anomaly-spotting-financial-storms-in-a-sea-of-uncertainty Last but not least, if you'd like to follow me on social media, use one of the links below: https://www.facebook.com/oneminuteeconomics https://twitter.com/andreipolgar https://ro.linkedin.com/in/andrei-polgar-9a11a561
Episode 34: Comparative Advantage & Trade
 
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Specialization according to absolute advantage and comparative advantage, and the resulting trade patterns. "Episode 34: Comparative Advantage & Trade" by Dr. Mary J. McGlasson is licensed under a Creative Commons Attribution-NonCommercial-NoDerivs 3.0 Unported License.
Views: 272843 mjmfoodie
Comparative Advantage, Terms of Trade, and Gains from Trade
 
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This video is designed to provide a review of the Foreign Exchange Market Model. https://www.teacherspayteachers.com/Store/Darrens-Store
Views: 349 Darren Landinguin
Theory of Comparative Advantage
 
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Understanding trade patterns and why we specialize and enter into voluntary exchanges with others.
Views: 3707 msteck1
Another Look at Comparative Advantage
 
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Comparative advantage explains why people trade and what goods they should trade. To illustrate the concept of comparative advantage, we ask: Should Martha Stewart iron her own shirts? Even if Martha Stewart has an absolute advantage in ironing shirts, her opportunity cost is simply too high! We’ll go over the concepts of absolute advantage and opportunity cost in depth using more examples, too. Ready to test your knowledge? We introduce several homework questions in this video and we’ll cover the answers in another video in this section. Microeconomics Course: http://bit.ly/20VablY Ask a question about the video: http://bit.ly/1XNc3NS Next video: http://bit.ly/1VETMRp Help us caption & translate this video! http://amara.org/v/GLJg/
The Gains from International Trade in the PPC Model
 
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Now that we've established the difference between absolute and comparative advantage, we can proceed to how countries stand to gain from trade when they specialize in and produce the goods for which they have a comparative advantage. In this lesson we will explain how a "real exchange rate" can be determined between two goods and two countries that is mutually beneficial for both countries and then show how trade can increase the total possible level of consumption and effectively shift the PPC curve outwards. Want to learn more about economics, or just be ready for an upcoming quiz, test or end of year exam? Jason Welker is available for tutoring, IB internal assessment and extended essay support, and other services to support economics students and teachers. Learn more here! http://econclassroom.com/?page_id=5870
Views: 30031 Jason Welker
Microeconomics Practice Problem - Comparative Advantage and Gains from Trade
 
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This video covers a practice problem on opportunity cost, absolute advantage, comparative advantage, and trade prices. The problem is taken from Principles of Economics, 6th Edition, by N. Gregory Mankiw, and is Ch. 3 problem #3. See the "Practice Problems" playlist for an archive of daily practice problems. For more information and a complete listing of videos and online articles by topic or textbook chapter, see http://www.economistsdoitwithmodels.com/economics-classroom/ For t-shirts and other EDIWM items, see http://www.economistsdoitwithmodels.com/merch/ By Jodi Beggs - Economists Do It With Models http://www.economistsdoitwithmodels.com Facebook: http://www.facebook.com/economistsdoitwithmodels Twitter: http://www.twitter.com/jodiecongirl Tumblr: http://economistsdoitwithmodels.tumblr.com
Views: 18445 jodiecongirl
Comparative Advantage
 
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Video Scribe Project How to do Absolute and Comparative Advantage Explain Gains from Trade
Views: 44173 Leon Wu
Can two Countries Benefit from Trade if neither has a Comparative Advantage?
 
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We've seen in a couple lessons how when two countries have comparative advantages in the production of two different goods, they can both benefit by specializing and trading with one another. But what if two countries have identical opportunity costs for the production of two goods? That's the special case we'll examine in this lesson. More resources for economics students and teachers at econclassroom.com
Views: 1003 Jason Welker
NB1. Absolute Advantage, Comparative Advantage, and Trade
 
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http://nobulleconomics.com In this classic No Bull Review video, you will learn how to identify which economy has an absolute advantage and comparative advantage. You will be able to identify which country should specialize and export which product. Lastly, you will be able to see if the terms of trade are beneficial for an economy.