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\nIntroduction to Comparative Advantage and Trade\n

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\nThis video provides an in-depth analysis of the concept of comparative advantage in economics. The lecturer, Peter Jordan, begins by building on the concept of absolute advantage in the previous video lecture. He explains that the...\nThis video provides an in-depth analysis of the concept of comparative advantage in economics. The lecturer, Peter Jordan, begins by building on the concept of absolute advantage in the previous video lecture. He explains that the critical dimension to remember in comparative advantage is opportunity cost. Jordan provides a theoretical illustration of several situations in which there is either a trade incentive or no incentive to trade, based on the countries' comparative advantages. He also offers some limitations to the theory, such as imperfect information, transportation costs, economies of scale, branding, and trade barriers.\n
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Resource Details

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Educator Rating
Not yet Rated
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Media Length
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14:13
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Grade
12th - Higher Ed
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Subjects
Social Studies & History
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Media Type
Instructional Videos
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Source:
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\nKnowMo Economics\n\n
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Date
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2018
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Language
English
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Audiences
For Teacher Use
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Usage Permissions
Fine Print: Educational Use
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Concepts

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economics, trade, opportunity cost, comparative advantage, countries, milk
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Additional Tags

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a-level, lectures, macro, globalisation, and, er, 8.2b, absolute, comparative, advantage, extra unit, main thing, worth understanding, video lecture, absolute advantage, production possibility, efficient country, milk divided, trade incentive, costs, opportunity, production, country, produces, thinking, incentive, producing, give, differential, theory, understand, 4 milk
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Classroom Considerations

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Video is ad-free
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\n\" data-title=\"Get Full Access\" data-container=\"body\" rel=\"popover\" tabindex=\"0\" aria-label=\"Play video: Introduction to Comparative Advantage and Trade\" href=\"/subscription/new\">\"Introduction\n\n
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