Comparative Advantage- Why do nations trade?

    Essential Questions

    1.  What determines a nation's exports and imports?
    2.  When should you hire someone else to do work that you could do on your own?
    3.  How should it be determined when a nation trades for a good that it could produce on its own?
    Key Vocabulary p. 23-30
    Open Economy
    Imports and Exports
    Specialization p.23-24
    Absolute Advantage p.27
    Comparative Advantage p. 24-27
    Production Possibilty Frontier (same as PPC)
    Gains From Trade- p. 23- 24
    Class Notes Class Powerpoint
    Helpful Links 
    http://www.unc.edu/depts/econ/byrns_web/Economicae/Essays/ABS_Comp_Adv.htm A college professor breaksdown comparative advantage
    http://www.youtube.com/watch?v=FpTBjRf8lGs- Comparative Advantage in 60 seconds- Flipped Lesson
    Former AP Free Response Questions (FRQs)
    2003 Form B #3
    2003  #3
    2004 Form B #3
    2008  #3
    2015 #2
    2016 #3
    2018 #3
    2019 Set #2 Question #3


Last Modified on September 24, 2020