APMic Unit 1 Lesson 4 - Absolute and Comparative Advantage (Module 4) by jclerch https://padlet.com/jclerch/58eqh5ebocc1 Basic Economic Concepts en-us 2016-10-03 21:06:18 UTC 2025-12-30 22:28:43 UTC hello@padlet.com https://padlet-uploads.storage.googleapis.com/135439946/dcdda1f45db917c7278ed4729563d816/IMG_12291_1mb.png Questions jclerch https://padlet.com/jclerch/58eqh5ebocc1/wish/245874333
  • What is absolute advantage? 
  • What is comparative advantage, and what is the difference between absolute advantage and comparative advantage? 
  • Given appropriate data, can you determine which person/firm/country has comparative advantage in the production of a product? 
  • Can you calculate acceptable terms of trade? 
  • Can you determine which person/firm/country should import which good? 
  • If the problem is phrased in terms of differing quantities of inputs to produce the same number of outputs, can you still accurately determine comparative advantage?
  • Can you solve this problem by determining absolute and comparative advantage, who should export what, and what constitutes acceptable terms of trade? 
    • ]]>     2018-03-25 20:00:28 UTC https://padlet.com/jclerch/58eqh5ebocc1/wish/245874333     Practice Set jclerch https://padlet.com/jclerch/58eqh5ebocc1/wish/274278755 2018-08-21 12:28:26 UTC https://padlet.com/jclerch/58eqh5ebocc1/wish/274278755 Practice Set Answer Key jclerch https://padlet.com/jclerch/58eqh5ebocc1/wish/274726932 2018-08-22 23:10:24 UTC https://padlet.com/jclerch/58eqh5ebocc1/wish/274726932 jclerch https://padlet.com/jclerch/58eqh5ebocc1/wish/277184125 2018-09-02 23:00:38 UTC https://padlet.com/jclerch/58eqh5ebocc1/wish/277184125 jclerch https://padlet.com/jclerch/58eqh5ebocc1/wish/277184154 2018-09-02 23:01:10 UTC https://padlet.com/jclerch/58eqh5ebocc1/wish/277184154 jclerch https://padlet.com/jclerch/58eqh5ebocc1/wish/277184169 2018-09-02 23:01:29 UTC https://padlet.com/jclerch/58eqh5ebocc1/wish/277184169 Essential Knowledge jclerch https://padlet.com/jclerch/58eqh5ebocc1/wish/372199850 Absolute advantage describes a situation in which an individual, business, or country can produce more of a good or service than any other producer with the same quantity of resources.

    Comparative advantage describes a situation in which an individual, business, or country can produce a good or service at a lower opportunity cost than another producer.

    Production specialization according to comparative advantage, not absolute advantage, results in exchange opportunities that lead to consumption possibilities beyond the PPC.

    Comparative advantage and opportunity costs determine the terms of trade for exchange under which mutually beneficial trade can occur.
    ]]>     2019-07-24 21:53:31 UTC https://padlet.com/jclerch/58eqh5ebocc1/wish/372199850     Enduring Understanding jclerch https://padlet.com/jclerch/58eqh5ebocc1/wish/372199871 The consequences of scarcity can be mitigated through specialization in production and by exchange.]]> 2019-07-24 21:53:53 UTC https://padlet.com/jclerch/58eqh5ebocc1/wish/372199871 Learning Objectives jclerch https://padlet.com/jclerch/58eqh5ebocc1/wish/372199904 Define absolute advantage and comparative advantage.

    Determine (using data from PPCs or tables as appropriate) absolute and comparative advantage.

    Explain (using data from PPCs or tables as appropriate) how specialization according to comparative advantage with appropriate terms of trade can lead to gains from trade.

    Calculate (using data from PPCs or tables as appropriate) mutually beneficial terms of trade.
    ]]>     2019-07-24 21:54:13 UTC https://padlet.com/jclerch/58eqh5ebocc1/wish/372199904     jclerch https://padlet.com/jclerch/58eqh5ebocc1/wish/372270406 2019-07-25 11:14:41 UTC https://padlet.com/jclerch/58eqh5ebocc1/wish/372270406 jclerch https://padlet.com/jclerch/58eqh5ebocc1/wish/372414422 2019-07-26 21:42:43 UTC https://padlet.com/jclerch/58eqh5ebocc1/wish/372414422 Comparative Advantage Explainer jclerch https://padlet.com/jclerch/58eqh5ebocc1/wish/375818968 2019-08-20 19:20:10 UTC https://padlet.com/jclerch/58eqh5ebocc1/wish/375818968 jclerch https://padlet.com/jclerch/58eqh5ebocc1/wish/693470064 2020-08-23 18:15:23 UTC https://padlet.com/jclerch/58eqh5ebocc1/wish/693470064 jclerch https://padlet.com/jclerch/58eqh5ebocc1/wish/693470246 2020-08-23 18:15:48 UTC https://padlet.com/jclerch/58eqh5ebocc1/wish/693470246 jclerch https://padlet.com/jclerch/58eqh5ebocc1/wish/693477346 2020-08-23 18:31:43 UTC https://padlet.com/jclerch/58eqh5ebocc1/wish/693477346 Comparative Advantage and Trade jclerch https://padlet.com/jclerch/58eqh5ebocc1/wish/693538363 2020-08-23 20:26:55 UTC https://padlet.com/jclerch/58eqh5ebocc1/wish/693538363 jclerch https://padlet.com/jclerch/58eqh5ebocc1/wish/693540236 2020-08-23 20:30:08 UTC https://padlet.com/jclerch/58eqh5ebocc1/wish/693540236