This class is about you and your future. This blog will allow you to think about topics and how they relate to you. This site is for you to read, think, write and discuss your opinions and thoughts
Mrs Lisa Rowland: lrowland@middletowncityschools.com
Wednesday, September 22, 2010
absolute and comparative advantage
Are you still having problems with absolute and comparative advantage? If so, watch this video for further explanation.
What i learned from this video IS that absolute value is the cost in which is cheaper when it comes to human resources. Comparative advantage is the opportunity cost which has to be considered when calculating. In the example he explained using cheese and cars and how China has the absolute value in both but it could still be a gain from the exchange. Which goes back to the idea of both countries will benefit, which we learned early on this school year; 1st semester unit one.
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What i learned from this video IS that absolute value is the cost in which is cheaper when it comes to human resources. Comparative advantage is the opportunity cost which has to be considered when calculating. In the example he explained using cheese and cars and how China has the absolute value in both but it could still be a gain from the exchange. Which goes back to the idea of both countries will benefit, which we learned early on this school year; 1st semester unit one.
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