Comparative Advantage- Why do nations trade?
Essential Questions1. 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- Module #4TradeOpen EconomyImports and ExportsSpecialization p. 23Absolute Advantage p. 27Comparative Advantage p. 23-27Production Possibilty Frontier (same as PPC)Gains From Trade- p. 23Class Notes Class PowerpointHelpful Linkshttp://www.unc.edu/depts/econ/byrns_web/Economicae/Essays/ABS_Comp_Adv.htm A college professor breaksdown comparative advantagehttp://www.youtube.com/watch?v=FpTBjRf8lGs- Comparative Advantage in 60 seconds- Flipped LessonFormer AP Free Response Questions (FRQs)2003 Form B #32003 #32004 Form B #32008 #32015 #22016 #32018 #32019 Set #2 Question #3
Last Modified on September 24, 2020