Comparative advantage and gains from trade by Bryan Ballie https://padlet.com/dballie99/dth6wd28g6db Insight to economics ​ en-us 2018-12-03 05:16:04 UTC 2026-01-16 03:45:09 UTC hello@padlet.com What is comparative advantages and gains from trade dballie99 https://padlet.com/dballie99/dth6wd28g6db/wish/310279202 Comparative advantages and gains from trade is when an individual business or country can produce a good at a lower opportunity cost than another producer.]]> 2018-12-03 05:18:41 UTC https://padlet.com/dballie99/dth6wd28g6db/wish/310279202 Example dballie99 https://padlet.com/dballie99/dth6wd28g6db/wish/310280560 Canada has a lot of maple trees and can produce maple syrup for at a low opportunity cost but Canada can not grow avocados because of the climate.

Trinidad can grow avocados but does not have any maple trees to get any maple syrup.

so Canada would make a trade with Trinidad in exchange for there avocados

]]> 2018-12-03 05:35:32 UTC https://padlet.com/dballie99/dth6wd28g6db/wish/310280560 dballie99 https://padlet.com/dballie99/dth6wd28g6db/wish/310281818 2018-12-03 05:48:36 UTC https://padlet.com/dballie99/dth6wd28g6db/wish/310281818 dballie99 https://padlet.com/dballie99/dth6wd28g6db/wish/310281826 2018-12-03 05:48:39 UTC https://padlet.com/dballie99/dth6wd28g6db/wish/310281826 Opportunity cost dballie99 https://padlet.com/dballie99/dth6wd28g6db/wish/310711095 these opportunity costs are great for countries to make trades for other goods like they can trade what they have a great amount of for something they cannot get in their country. ]]> 2018-12-04 01:23:16 UTC https://padlet.com/dballie99/dth6wd28g6db/wish/310711095 Advant dballie99 https://padlet.com/dballie99/dth6wd28g6db/wish/310712964 these advantages from trade are great for countries because they have absolute advantage from the start]]> 2018-12-04 01:33:52 UTC https://padlet.com/dballie99/dth6wd28g6db/wish/310712964 dballie99 https://padlet.com/dballie99/dth6wd28g6db/wish/310715890 https://www.youtube.com/watch?v=sFvX5dt8ufs]]> 2018-12-04 01:52:28 UTC https://padlet.com/dballie99/dth6wd28g6db/wish/310715890 For more information dballie99 https://padlet.com/dballie99/dth6wd28g6db/wish/310738604 https://en.wikipedia.org/wiki/Comparative_advantage]]> 2018-12-04 04:07:30 UTC https://padlet.com/dballie99/dth6wd28g6db/wish/310738604 Classical theory and avid Ricardos formulation dballie99 https://padlet.com/dballie99/dth6wd28g6db/wish/310738780 Ricardos example, Ricardo considers world economy  consisting of two countries, which both produce wine but one can produce it for the fraction of a cost because the goods to make the wine its more available in one countr]]> 2018-12-04 04:08:48 UTC https://padlet.com/dballie99/dth6wd28g6db/wish/310738780 terms of trade dballie99 https://padlet.com/dballie99/dth6wd28g6db/wish/310739920 If both countries specialize in the same good they are most likely not to trade witch drops the opportunity costs.]]> 2018-12-04 04:18:06 UTC https://padlet.com/dballie99/dth6wd28g6db/wish/310739920 Structural Estimate dballie99 https://padlet.com/dballie99/dth6wd28g6db/wish/310740472 another important way of demonstrating comparative advantage and gains from trade has consist of "structural estimate" .

]]> 2018-12-04 04:23:06 UTC https://padlet.com/dballie99/dth6wd28g6db/wish/310740472 Development in economics dballie99 https://padlet.com/dballie99/dth6wd28g6db/wish/310745559 these advantages are great for small countries because they can get the chance to trade with bigger countries to build and make a better country.]]> 2018-12-04 05:14:19 UTC https://padlet.com/dballie99/dth6wd28g6db/wish/310745559 Criticism dballie99 https://padlet.com/dballie99/dth6wd28g6db/wish/310745867 arguments have been made against using comparative advantage and gains from trade because others find it unfair.
 
]]> 2018-12-04 05:18:30 UTC https://padlet.com/dballie99/dth6wd28g6db/wish/310745867 dballie99 https://padlet.com/dballie99/dth6wd28g6db/wish/310756249 https://courses.lumenlearning.com/wm-macroeconomics/chapter/reading-absolute-advantage-2/]]> 2018-12-04 06:37:07 UTC https://padlet.com/dballie99/dth6wd28g6db/wish/310756249 What I've learned dballie99 https://padlet.com/dballie99/dth6wd28g6db/wish/310757528 I have learned a lot from this topic as it shows what other countries have that we don't and what and how we trade with them to get those products here.]]> 2018-12-04 06:46:38 UTC https://padlet.com/dballie99/dth6wd28g6db/wish/310757528 Why its interesting dballie99 https://padlet.com/dballie99/dth6wd28g6db/wish/310757770 this topic is interesting because you get an insight to how we trade and get other products here.]]> 2018-12-04 06:48:37 UTC https://padlet.com/dballie99/dth6wd28g6db/wish/310757770 Interesting research dballie99 https://padlet.com/dballie99/dth6wd28g6db/wish/310757972 the most interesting thing I found out by researching this topic is how we find what we have a great amount of and trade with others that can't get it what we have.]]> 2018-12-04 06:50:04 UTC https://padlet.com/dballie99/dth6wd28g6db/wish/310757972