1. Comparative Advantage Reading - Comparative Advantage will be on the quiz we take next week.
- Turn to p.9, read the Biography on Adam Smith and respond to the following in your notes:
- Who is Adam Smith?
- Describe the “invisible hand.”
- Turn to p.496 and read “The Basis for Trade” and complete the following in your notes:
- Define and explain the difference between:
- Absolute and comparative advantage
- On p.498, list/explain the gains from trade.
- Define and explain the difference between:
- Watch this video and take notes. You need to be able to calculate comparative advantage. Jason Welker is one of the best IB Econ teachers in the world and his videos are very good.
Fundamentals Econ Log |