1.4 Comparative Advantage and Trade 🔄

🎯 Learning Targets

• Define absolute advantage and comparative advantage
• Determine (using data from PPCs or tables as appropriate) absolute and comparative advantage
• Explain (using date from PPCs or tables as appropriate) how specialization according to comparative advantage with appropriate terms of trade can lead to gains from trade
• Calculate (using data from PPCs or tables as appropriate) mutually beneficial terms of trade

⏰ What We Did

• Discussed the answers to last week's "Absolute vs. Comparative Advantage" problem set

⚙️ Resources

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📖 Corresponding Reading

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💻 Homework

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