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Material Detail

Terms of Trade and the Gains from Specialization based on Comparative Advantage

Terms of Trade and the Gains from Specialization based on Comparative Advantage

When countries specialize their production and trade with other countries, they stand to enjoy great benefits. This video introduces the concept of "terms of trade" or a "trading price", which demonstrates how a country can enjoy cheaper goods, and actually consume beyond its production possibilities curve, when it trades with other goods.

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More about this material

Material Type:
Tutorial
Date Added to MERLOT:
July 13, 2021
Date Modified in MERLOT:
September 16, 2021
Author:
Submitter:
Cathy Swift
Asian American, Native American, Pacific Islander Serving Institution Hispanic Serving Institution
Primary Audience:
College General Ed, College Lower Division, College Upper Division
Technical Format:
Video, Website
Mobile Compatibility:
Not specified at this time
Language:
English
Cost Involved:
No
Source Code Available:
Unknown
Accessibility Information Available:
Unknown
Creative Commons:
No

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