Comparative Advantage Practice
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- เผยแพร่เมื่อ 28 ส.ค. 2017
- If you want to skip the lesson and just practice go to 10:48. I spend the first have of the video explaining how to identify which country has an absolute advantage, calculate opportunity cost, identify which country has a comparative advantage, and find a terms of trade that both countries would voluntarily agree to. The second half of the video is an additional practice questions where I quickly go over the answers. I also added the answers below if you are in a hurry. Thank you for watching, please subscribe.
Additional Multiple Choice Questions
• Macro Unit 1- Practice...
Unit 1 Summary Video (includes quick and dirty trick)
• Macro Unit 1 Summary- ...
ANSWERS
Situation #1 (5:30)
The US can produce 20 planes or 2 cruise ships
France can produce 12 planes or 2 cruise ships
-The US has an ABSOLUTE ADVANTAGE in planes
-Neither has an ABSOLUTE ADVANTAGE in cruise ships
-For the US, 1 plane costs 1/10 cruise ship and 1 ship costs 10 planes
-For France, 1 plane costs 1/6 cruise ship and 1 ship costs 6 planes
-US has COMPARATIVE ADVANTAGE in planes
-France has COMPARATIVE ADVANTAGE in cruise ships
-Terms of trade: 1 Cruise Ship for 7 Planes
Situation #2 (11:12)
Korea can produce 3 cars or 9 motorcycles
Germany can produce 4 cars or 8 motorcycles
-Germany has an ABSOLUTE ADVANTAGE in cars
-Korea has an ABSOLUTE ADVANTAGE in motorcycles
-For Korea, 1 car costs 3 motorcycles and 1 motorcycle costs 1/3 car
-For Germany, 1 car costs 2 motorcycles and 1 motorcycle costs 1/2 car
-Germany has COMPARATIVE ADVANTAGE in cars
-Korea has COMPARATIVE ADVANTAGE in motorcycles
-Terms of trade: 1 Car for 2.5 Motorcycles
Situation #3 (13:22)
Japan can produce 4 laptops or 12 phones
Brazil can produce 1 laptops or 5 phones
-Japan has an ABSOLUTE ADVANTAGE in laptops
-Japan has an ABSOLUTE ADVANTAGE in phones
-For Japan, 1 laptop costs 3 phones and 1 phone costs 1/3 laptop
-For Brazil, 1 laptop costs 5 phones and 1 phone costs 1/5 laptop
-Japan has COMPARATIVE ADVANTAGE in laptops
-Brazil has COMPARATIVE ADVANTAGE in phones
-Terms of trade: 1 Laptop for 4 Phones
Situation #4 (16:08)
Cuba takes 4hrs to make a TV and 12hrs to make salsa
Mexico takes 1hr to make a TV and 5hrs to make salsa
-Mexico has an ABSOLUTE ADVANTAGE in TVs
-Mexico has an ABSOLUTE ADVANTAGE in Salsa
-For Cuba, 1 TV costs 1/3 salsa and 1 salsa costs 3 TVs
-For Mexico, 1 TV costs 1/5 salsa and 1 salsa costs 5 TVs
-Mexico has COMPARATIVE ADVANTAGE in TVs
-Cuba has COMPARATIVE ADVANTAGE in salsa
-Terms of trade: 1 salsa for 2.5 TVs
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Hey, is this type of video helpful? I'm sorry that it is so long, but you can skip ahead to 10:48 if you just want to practice.
ACDCLeadership thank you for posting this, I really Review this, when I have doubts in my microeconomics class . Thanks
very helpful! thanks a lot
This was so helpful! Thanks for posting.
Super super helpful! Thank you!!!
Thank you so much ! It helped me a lot !
"If you don't understand don't say I will get it later, get it now!" - yes classic, I needed to be reminded thank you!
damn I can learn the concept in 10 mins while it takes 2 hrs for my lecturer to explain,
university sucks
Well, my teacher explained it in 5 min. Surprisingly, I just didn't get it haha.
Guess what school sucks, and guess what we take this.
You have the absolute advantage
@@maxcadilha2490 LMFAO
Professor posts slides expecting us learn like that
Every time I am completely lost in Economics I come to one of your videos! Great job! You're an excellent teacher. Oh and I love the memes you add in too!
Hey Jacob, you’ll probably never read this but you have on multiple occasions helped me understand macro/microeconomics. Really appreciate you taking out time to help us understand this material. Keep up the great work, you’re the best.
Of course I will read this :) Thank you so much for watching my videos. You rock Jasleen
Jacob Clifford Sir, you are a legend! 🙏🏼
Me tooo
You're explaining economic concepts better than anyone else I found in the internet... my compliments! Very helpful!!! So appreciated!
I've taken Micro and now I'm taking Macro and this video in eight minutes helped me understand comparative advantage more clearly than anything i've tried previous. Thanks
I just wanted to say a HUGE thank you Jacob. I always did in my brain in High School and at College (Uni over here in Australia) and now I'm trying to teach comparative advantage in High School!!! I never had it explained to me as simply as you have. BIG thumbs up to you!!
Just started an economics class. This video is a lifesaver! Thanks!
Its a really big batch
But how is 2 divided by 20 is one over 10 it’s 0.1
@@shammaalali352 lmfao
I really like how you do multiple videos for concepts that are a little more difficult because it really helps us understand these concepts better! :D
brilliant video. trust me, i was struggling with this concept literally for 4 years. and you cleared it almost in 10 mins. thank you so muchhh.
Thank you so much for helping me to understand this concept. I sat in class for 3 hours and understood nothing, got 1 hours extra lesson and was completlely clueless. This video made me understand the entire concept. keep up the good work!
you're a miracle worker for us econ students Jake! i would be nothing without these videos. mad love!
I'm taking this class in Macroeconomics and my gosh you hit it out the park with the way you explain it. Thank you Jacob!. You Rock!
I don't care if I'm 3 years late in this video but you are THE BESTat teaching this stuff. I get this much more easier here than in my normal class. It's ridiculous!!! Your awesome Jacob.
Thank you so much for doing this video. You're helping so many students like me for our academics. Please keep it up and continue helping not just more students but more people that wants to learn economics
You make our 58 mins video from the teachers, less than 20 mins. Thank you so much! Everything makes sense now for my long exam
Jacob, you are my hero! You can't imagine how grateful I am for your videos. You've helped me a lot in micro and macro. THANK YOU
You are the GOAT of ECON, thx so much for making these!!
I don't know what I'd do without your videos- thank you so much!
This video literally explained everything I wasn't able to understand and I love how you take time to explain even the simplest things, and several times. Keep up the good work!
Hello Jacob Clifford. You are a great Teacher. First I found it difficult to understand but later on I watched the videos again and I understood very well. Thank you for spending your time for teaching.
Raw concept. Jargonless. Great tips and tricks.
Thanks for this vid, very simple and concise.
Excellent! A really good base introduction. It starts to get complex when the realities of technological is thrown into the loop.
Thank you Jacob I understand the whole concept in 10 minutes in comparison to my 2 hours lecture. You are a savior to students like us!
You’re the man. Thanks for this.
very helpful information, I always search for your videos.
THANK YOU for the helpful video!
Thank you so much for this! This is helping me so much in my microeconomics class that I failed once! So glad I have your videos for this time around! Yours are the only ones that make sense to me. I love the way you explain things and give examples! THANK YOU!
Thank you so much for this. It was really helpful
this vid taught be more in 19 minutes than an hour long class. i love your vids man they're amazing
This all makes so much sense now. Thank you!
You're an incredible teacher! Wish you had been around when I was learning this in highschool... many, many, moons ago! I'm using this now for a Macroeconomics class for a second career - it's a great resource! I just sent it to some friends to help with their homeschooling co-op. Thanks for the stellar teaching!
My gosh this is an incredible video! Thanks for this.
This man is single handedly saving my grade. Even years later, thank you!
Thanks so much for these.
You've really helped me understand the concepts of Microeconomics. THANK YOU OF SO MUCH!!!
great video. thank you man!
ty so much for making this video sir!!
super helpful, much more simplified and right to the point with detailed instructions love what you are doing. Keep it up!!
I really benefited from this video and I'm so happy I know how to do this now. I really like how you went though all the example problems step by step.
This was a very helpful video. Thank you kind sir!
This was so helpful!!!
Thank God for people like you.
AWSOME!! Thank you for the explanation!
thank you sooooo much, you healped me alot
ok i was freaking out because i didnt know how to do this in class and i came here and have a better grasp on it. thank you so much!!!!
Excellent explanation! I got everything you said. Thank you!
I missed a couple of classes in International Econ this term and was clueless! This greatly helped, thanks a ton! Your videos have helped me a lot!
I’m using this as part of my study session and it popped up randomly on my feed. Thank you for making economics fun!
Wow!!!! now I understand the idea of comparative advantage and calculations related to it. Thank you Jacob!!
Thanks a lot for the help!
Thank you very much, very helpful!
dude, you're so helpful! Thanks man, and cheers from Amsterdam
Your explanation erased hours of study. It made what others complicated, simple. Thank you.
"Who takes 12 hours to make salsa" XD This video is REALLY helpful, thank you!
Hey Jacob, this is so helpful. Thank you for making comparative advantage more easy for me....appreciate it!!!
so-so helpful tysm for this video!!!!
This is amazing - thanks for the great help!
I understand the concept now, thanks a lot !!
It's very clear...thanks
THANK YOU SO MUCH FOR HELPING ME!!! I now understand the concept WAY better now!!!
third time watchin and finally got it. Thanks Jacob
such a good lecture. thank you.
You are the best, Jacob. At first, I forgot some things while I was doing the exercises, and finally, I could do the last one well and on my own, without watching for the "clues" at the video haha
thank you!! I was struggling because of coronavirus break at my college. you teached everything in nearly 30 mins (total of your all comp. adv. videos) that my lecturer struggled to teach in 2 weeks. you are amazing. you should be the god of economics!!
I love you Jacob Clifford, you've restored my faith in humanity. You've proved that it's never the subject that is too hard, it's just the teacher.
Extremely helpful. You explain way too well. Thank you sooo much.
you are an excellent tutor. Thank you for being so detailed and repetitive. I Finally understand.
video amazing, thank you so much
I was so stressed about how I was going to answer these questions on my midterm bc I was a little lost on this topic but this video gave me so much confidence bc I understood everything so well!! From the bottom of my heart, thank you so much for your work, I will now watch your other videos as I continue to study
Great Great explination! Ive been trying to understand this all day and bam this video was awesome!
Now I totally understand. I messed up with outputs and inputs question. Thank you so much you’re my lifesaver
Planning on taking the MIcroeconomics CLEP test and your videos have been very helpful!
Thank you so much for this video sir! I finally understand how to calculate this.
So good, thanks!
I got the concept very well thanks Jacob
You are a f***ing hero! Im doing a 8 week crash course and your videos are lifesavers
Love how u explained it. It was simply broken down. Thank you 😊
Very helpful thank you.
this was super helpful, thank you so much!
This video is very helpful. I have been struggling with the concept of comparative advantage until I watched this video! Thank you so much!
I needed this!! I will be back for more - thank you so much!!
years later and you might not see this but THANK YOU! Like this was exactly what I needed and really helped me understand this concept. I am so happy I can finally do it. Really wasn't that hard like I was making it. Thank you so much.
This was so helpful, I love you!!!!!!!
Very helpful.. Thank you
Hi Jacob,
I just loved your lectures the only thing that some times hinders my focus is your speedy conversation. But over al its wonderful!!
Nadia
Chitral/Pakistan.
You're the best!! Thank you!
THANKS SO MUCH! LOVED THE EXPLANATION AND THE PRACTICE PROBLEMS AT THE END!!
Dude, first off, thank you so much!!! I can not understand any of what my professor currently talks about. You articulate this to where I learned the entire first 5 chapters of my book a couple hours before my exam!!!
Thanks so much, I finally understand it now!
Fantastic video! Thanks so much!
Thank you so much this is so helpful!!
absolutely brilliant video , thank you so much
Thank you so much Sir!!
Thank you SO much for your videos. They are so helpful!!!
Very well explained
Thanks sit
Dude, you are awesome! Keep it up :)
thank you for this I loved being able to do the practice questions!