https://padlet.com/yashodafernando/comparativeadvantageandgainsfromtrade By Yashoda Fernando en-us 2017-04-04 15:22:14 UTC 2025-09-25 00:57:44 UTC hello@padlet.com https://padlet-assets.s3.amazonaws.com/icons/Growing.png yashodafernando https://padlet.com/yashodafernando/comparativeadvantageandgainsfromtrade/wish/164644060 2017-04-04 15:26:43 UTC https://padlet.com/yashodafernando/comparativeadvantageandgainsfromtrade/wish/164644060 yashodafernando https://padlet.com/yashodafernando/comparativeadvantageandgainsfromtrade/wish/164644724 I will be talking about comparative advantage and gains from trade. Comparative advatage refers to the ability of one group or country to provide goods more efficently than the other group or country. ]]> 2017-04-04 15:28:58 UTC https://padlet.com/yashodafernando/comparativeadvantageandgainsfromtrade/wish/164644724 yashodafernando https://padlet.com/yashodafernando/comparativeadvantageandgainsfromtrade/wish/164650109 This video talks about comparative advantage to explain the gains from trade. The step by step video makes it easier to follow along and understand in depth. The video explains how to determine the 
comparative advantage and how to calculate gains from trading. ]]> 2017-04-04 15:44:23 UTC https://padlet.com/yashodafernando/comparativeadvantageandgainsfromtrade/wish/164650109 yashodafernando https://padlet.com/yashodafernando/comparativeadvantageandgainsfromtrade/wish/164654995 This video talks about the benefits of trading. The video talks about getting more goods by specialization and division of labour. It explains complicated ideas by giving simples examples so anyone can understand. This video also gives colourful and animated examples which is very entertaining. The man in the video also talks about opportunity cost and how each party can maximize the outcome with lower cost options. ]]> 2017-04-04 15:58:51 UTC https://padlet.com/yashodafernando/comparativeadvantageandgainsfromtrade/wish/164654995 yashodafernando https://padlet.com/yashodafernando/comparativeadvantageandgainsfromtrade/wish/164661330 This Youtube video talks about comparative advantage specialization and gains from trade using cups, plates, and tables. If you have the comparative advantage that means your opportunity cost is lower than the opposing party. Both parties can specialize in making one product so that they have more of what they are making and then they can trade for the other product. ]]> 2017-04-04 16:18:00 UTC https://padlet.com/yashodafernando/comparativeadvantageandgainsfromtrade/wish/164661330 yashodafernando https://padlet.com/yashodafernando/comparativeadvantageandgainsfromtrade/wish/164666206 This website talks about how division of labour and specialization has made the economy gradually better. When specialization goes up, we have more wealth to be shared among the population. Comparative advantage is a term coined together by David Ricardo. Trading also gives people a variety of goods. Trading has many gains such as variety of goods, reduces monopoly power, and enhances productivity. Specialization results in more products being produced, inturn making trading much more efficient than making little of every product.     ]]> 2017-04-04 16:32:43 UTC https://padlet.com/yashodafernando/comparativeadvantageandgainsfromtrade/wish/164666206 yashodafernando https://padlet.com/yashodafernando/comparativeadvantageandgainsfromtrade/wish/164674355 This PDF file of a lecture discusses comparative advantage and gains from trading using Canada and Mexico. It provides tables and clear information. The paper talks about how both countries can mutually benefit from trading. Canada can benefit from producing more wheat due to Canada having the absolute advantage and then Canada can export wheat in exchange for Mexico's goods. Specialization has once again proved to be beneficial to both countries. ]]> 2017-04-04 16:56:45 UTC https://padlet.com/yashodafernando/comparativeadvantageandgainsfromtrade/wish/164674355 yashodafernando https://padlet.com/yashodafernando/comparativeadvantageandgainsfromtrade/wish/164683137 This paper gives a lot of information about comparative advantage. It gives the definition of the term, theories, examples, and discusses other important topics; such as; comparative advantage vs. absolute advantage, and comparative advantage vs. competitive advantage. This paper is very clear and concise which makes it easier to comprehend the terms. ]]> 2017-04-04 17:23:22 UTC https://padlet.com/yashodafernando/comparativeadvantageandgainsfromtrade/wish/164683137 yashodafernando https://padlet.com/yashodafernando/comparativeadvantageandgainsfromtrade/wish/164687221 This image depicts that Canada has the comparative advantage over Norway in producing ice cream. Which means Canada can produce more icecream than Norway and Canada has a lower cost for making ice cream as well. ]]> 2017-04-04 17:34:25 UTC https://padlet.com/yashodafernando/comparativeadvantageandgainsfromtrade/wish/164687221 yashodafernando https://padlet.com/yashodafernando/comparativeadvantageandgainsfromtrade/wish/164689866 Whoever has the lower opportunity cost in making cars or food, is going to specialize and make either cars or food. Which then can be exported to either party in need of the produce. ]]> 2017-04-04 17:41:18 UTC https://padlet.com/yashodafernando/comparativeadvantageandgainsfromtrade/wish/164689866 yashodafernando https://padlet.com/yashodafernando/comparativeadvantageandgainsfromtrade/wish/164691513 Specialization and division of labour among countries lead to more product being produced. ]]> 2017-04-04 17:46:02 UTC https://padlet.com/yashodafernando/comparativeadvantageandgainsfromtrade/wish/164691513 yashodafernando https://padlet.com/yashodafernando/comparativeadvantageandgainsfromtrade/wish/164696823 2017-04-04 18:01:38 UTC https://padlet.com/yashodafernando/comparativeadvantageandgainsfromtrade/wish/164696823