Keyword: PPC

Gaining Through Comparative Advantage - recording transcript (1/16/2012)

Partial or complete specialization according to comparative advantage is a win-win strategy to increase total output, even though one party might enjoy absolute advantage over another party.

Keywords: absolute advantage, comparative advantage, opportunity cost, PPC, PPF, production function, production possibilities curve, production possibilities frontier, trade

Who Has Comparative Advantage? (11/2/2011)

Comparative advantage in a two-goods, two-workers economy can be identified easily by comparing the relative slopes of their linear production functions.

Keywords: comparative advantage, PPC, PPF, production function, production possibilities curve, production possibilities frontier

Who Has Comparative Advantage? - recording transcript (1/16/2012)

The different relative slopes of the production functions graphically illustrate the different relative costs of producing grapes and nuts between the two workers.

Keywords: comparative advantage, opportunity cost, PPC, PPF, production function, production possibilities curve, production possibilities frontier