Introduction - Interdependence and the gains from trade - Comparative advantage: the driving force of specialization
6 important questions on Introduction - Interdependence and the gains from trade - Comparative advantage: the driving force of specialization
What does it mean to have an absolute advantage, when trading?
(For example, less time required to produce one unit).
What is opportunity cost, when talking about comparative advantage? (Frank and Ruby each spend 8 hours a day producing 2 products)
What are the economic benefits of specialization and a comparative advantage?
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What are the economic benefits of trade?
What determines the price at which trade takes place?
In which situation are there no gains from trade?
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