This video on comparative advantage also discusses absolute advantage. Both are defined and examples are provided. This will aid in the mastery of standard EPF. 9 (a) (b) and (g).

This 7 minute video will explain how comparative advantage works when workers specialize and rearranging what / who produces to increase trade. This video will aid in the mastery of EPF. 9 (a) (b) and (g).

This series of slides presents the production possibilities frontiers for Alphatown and Omegaville and illustrates their comparative advantage in the production of apples and potatoes, leading to specialization and trade.

Looking for engaging content for your economics courses? The Institute for Humane Studies has curated this collection of educational resources to help economics professors enrich their curriculum. Find videos, interactive games, reading lists, and more on everything from opportunity costs to trade policy. This collection is updated frequently with new content, so watch this space!

This course takes a look at the basic theories of international trade and the consequences of trade in today's global economy. You'll have the opportunity to learn more about fundamental ideas such as comparative advantage, increasing returns to scale, factor endowments, and arbitrage across borders. The consequences we discuss include the effects of offshoring, how trade has shaped the economies of China, Mexico, and Korea, when foreign direct investment is desirable, and the history of free trade and tariffs, among other topics. Trade is a topic of increasing importance and this material will give you a better grasp on the theories and empirics as they have been developed by economists.

In principles of economics students many times have trouble understanding the concept of opportunity cost, connecting opportunity cost to comparative advantage, and differentiating between absolute advantage and comparative advantage. This activity allows the instructor to detect whether a large number of students exhibit any of these misconceptions, and then focus on the most problematic concepts in class.

In principles of economics students many times have trouble understanding the concept of opportunity cost, connecting opportunity cost to comparative advantage, and differentiating between absolute advantage and comparative advantage. This activity allows the instructor to detect whether a large number of students exhibit any of these misconceptions, and then focus on the most problematic concepts in class.

Principles of Macroeconomics 2e covers the scope and sequence of most introductory economics courses. The text includes many current examples, which are handled in a politically equitable way. The outcome is a balanced approach to the theory and application of economics concepts. The second edition has been thoroughly revised to increase clarity, update data and current event impacts, and incorporate the feedback from many reviewers and adopters.Changes made in Principles of Macroeconomics 2e are described in the preface and the transition guide to help instructors transition to the second edition.

By the end of this section, you will be able to:

Discuss how international trade influences the job market
Analyze the opportunity cost of protectionism
Explain how international trade impacts wages, labor standards, and working conditions

By the end of this section, you will be able to:

Define absolute advantage, comparative advantage, and opportunity costs
Explain the gains of trade created when a country specializes

By the end of this section, you will be able to:Discuss the importance of studying economicsExplain the relationship between production and division of laborEvaluate the significance of scarcity

Ricardian Explorer, implemented on the internet, simulates a Ricardian trade model with linear production technology and a CES utility function. The typical simulation has two countries and two goods. While Ricardian explorer was developed to supplement a course in international trade, it can also be used in intermediate microeconomics and microeconomic principles courses. The authors of the simulation are Alberto Isgut and Tanya Rosenblat of Wesleyan University.

Ever wonder why people don’t do everything for themselves? In this video, Professor Art Carden of Samford University explains how specialization and trade create wealth and make us all better off.