Absolute vs. Comparative Advantage in One Minute: Definitions, Explanation, Examples and Comparison
1:22
YouTubeOne Minute Economics
Absolute vs. Comparative Advantage in One Minute: Definitions, Explanation, Examples and Comparison
Let's take a minute (heh) to talk about Adam Smith's absolute advantage as well as David Ricardo's comparative advantage. Both the absolute and comparative advantage represent concepts one could consider pro-market or in favor of free trade. However, Ricardo took things one step further with his vision, so this video should represent an ...
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