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LESSON 2.3 Comparative Advantage

Objectives. LESSON 2.3 Comparative Advantage. Explain the law of comparative advantage. Understand the gains from specialization and exchange. Key Terms. LESSON 2.3 Comparative Advantage. absolute advantage law of comparative advantage specialization barter money division of labor.

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LESSON 2.3 Comparative Advantage

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  1. Objectives LESSON 2.3Comparative Advantage Explain the law of comparative advantage. Understand the gains from specialization and exchange. CONTEMPORARY ECONOMICS: LESSON 2.3

  2. Key Terms LESSON 2.3Comparative Advantage absolute advantage law of comparative advantage specialization barter money division of labor CONTEMPORARY ECONOMICS: LESSON 2.3

  3. Comparative Advantage • Absolute advantage • Law of comparative advantage • Gains from specialization • Exchange • Barter • Money • Wider application CONTEMPORARY ECONOMICS: LESSON 2.3

  4. Specialization • Division of labor • Drawback of specialization CONTEMPORARY ECONOMICS: LESSON 2.3

  5. Comparative Advantageand Specialization CONTEMPORARY ECONOMICS: LESSON 2.3

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