17.1 Absolute and Comparative Advantage
Unit 3 Lesson 1: Absolute and Comparative Advantage
Main Idea
Nations trade according to the theory of comparative advantage.
Lesson Objectives
By the end of this lesson, students should be able to:
Nations trade according to the theory of comparative advantage.
Lesson Objectives
By the end of this lesson, students should be able to:
- Describe the importance of international trade in today's economy.
- Describe the basis for international trade.
- Describe why total world output increases when countries specialize to engage in trade.
Reading Assignment
Read pages 468 - 470 in Economics: Principles & Practices. Complete the Guided Reading Activity (print it) as you read. Turn it in after you have completed it.