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Comparative Advantage Practice

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If you want to skip the lesson and just practice go to 10:48. I spend the first have of the video explaining how to identify which country has an absolute advantage, calculate opportunity cost, identify which country has a comparative advantage, and find a terms of trade that both countries would voluntarily agree to. The second half of the video is an additional practice questions where I quickly go over the answers. I also added the answers below if you are in a hurry. Thank you for watching, please subscribe.
Additional Multiple Choice Questions
• Macro Unit 1- Practice...
Unit 1 Summary Video (includes quick and dirty trick)
• Macro Unit 1 Summary- ...
ANSWERS
Situation #1 (5:30)
The US can produce 20 planes or 2 cruise ships
France can produce 12 planes or 2 cruise ships
-The US has an ABSOLUTE ADVANTAGE in planes
-Neither has an ABSOLUTE ADVANTAGE in cruise ships
-For the US, 1 plane costs 1/10 cruise ship and 1 ship costs 10 planes
-For France, 1 plane costs 1/6 cruise ship and 1 ship costs 6 planes
-US has COMPARATIVE ADVANTAGE in planes
-France has COMPARATIVE ADVANTAGE in cruise ships
-Terms of trade: 1 Cruise Ship for 7 Planes
Situation #2 (11:12)
Korea can produce 3 cars or 9 motorcycles
Germany can produce 4 cars or 8 motorcycles
-Germany has an ABSOLUTE ADVANTAGE in cars
-Korea has an ABSOLUTE ADVANTAGE in motorcycles
-For Korea, 1 car costs 3 motorcycles and 1 motorcycle costs 1/3 car
-For Germany, 1 car costs 2 motorcycles and 1 motorcycle costs 1/2 car
-Germany has COMPARATIVE ADVANTAGE in cars
-Korea has COMPARATIVE ADVANTAGE in motorcycles
-Terms of trade: 1 Car for 2.5 Motorcycles
Situation #3 (13:22)
Japan can produce 4 laptops or 12 phones
Brazil can produce 1 laptops or 5 phones
-Japan has an ABSOLUTE ADVANTAGE in laptops
-Japan has an ABSOLUTE ADVANTAGE in phones
-For Japan, 1 laptop costs 3 phones and 1 phone costs 1/3 laptop
-For Brazil, 1 laptop costs 5 phones and 1 phone costs 1/5 laptop
-Japan has COMPARATIVE ADVANTAGE in laptops
-Brazil has COMPARATIVE ADVANTAGE in phones
-Terms of trade: 1 Laptop for 4 Phones
Situation #4 (16:08)
Cuba takes 4hrs to make a TV and 12hrs to make salsa
Mexico takes 1hr to make a TV and 5hrs to make salsa
-Mexico has an ABSOLUTE ADVANTAGE in TVs
-Mexico has an ABSOLUTE ADVANTAGE in Salsa
-For Cuba, 1 TV costs 1/3 salsa and 1 salsa costs 3 TVs
-For Mexico, 1 TV costs 1/5 salsa and 1 salsa costs 5 TVs
-Mexico has COMPARATIVE ADVANTAGE in TVs
-Cuba has COMPARATIVE ADVANTAGE in salsa
-Terms of trade: 1 salsa for 2.5 TVs
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Опубликовано:

25 авг 2024

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Комментарии : 639

@JacobAClifford 7 лет назад

Hey, is this type of video helpful? I'm sorry that it is so long, but you can skip ahead to 10:48 if you just want to practice.

@kenialievanos2864 7 лет назад

ACDCLeadership thank you for posting this, I really Review this, when I have doubts in my microeconomics class . Thanks

@minhcao7592 7 лет назад

very helpful! thanks a lot

@sopranosadiyah 7 лет назад

This was so helpful! Thanks for posting.

@jingerJD 7 лет назад

Super super helpful! Thank you!!!

@giovanninogabadze 7 лет назад

Thank you so much ! It helped me a lot !

@jasleendhillon6739 6 лет назад

Hey Jacob, you’ll probably never read this but you have on multiple occasions helped me understand macro/microeconomics. Really appreciate you taking out time to help us understand this material. Keep up the great work, you’re the best.

@JacobAClifford 6 лет назад

Of course I will read this :) Thank you so much for watching my videos. You rock Jasleen

@mindgraphy_ 5 лет назад

Jacob Clifford Sir, you are a legend! 🙏🏼

@brenylove4117 5 лет назад

Me tooo

@mowtown75 4 года назад

"If you don't understand don't say I will get it later, get it now!" - yes classic, I needed to be reminded thank you!

@jingerJD 7 лет назад

Every time I am completely lost in Economics I come to one of your videos! Great job! You're an excellent teacher. Oh and I love the memes you add in too!

@sevaraamirkhamzaeva3297 5 лет назад

damn I can learn the concept in 10 mins while it takes 2 hrs for my lecturer to explain, university sucks

@derkhaslol 4 года назад

Well, my teacher explained it in 5 min. Surprisingly, I just didn't get it haha.

@joussefabouali4795 4 года назад

Guess what school sucks, and guess what we take this.

@maxcadilha2490 3 года назад

You have the absolute advantage

@applemusic751 3 года назад

@@maxcadilha2490 LMFAO

@Zygotic 3 года назад

Professor posts slides expecting us learn like that

@Scorpien 2 года назад

You're explaining economic concepts better than anyone else I found in the internet... my compliments! Very helpful!!! So appreciated!

@JLoganMarshall 7 лет назад

Just started an economics class. This video is a lifesaver! Thanks!

@Jside68 6 лет назад

Its a really big batch

@shammaalali352 3 года назад

But how is 2 divided by 20 is one over 10 it’s 0.1

@tokyo7671 2 года назад

@@shammaalali352 lmfao

@howiedaubenspeck9028 5 лет назад

I've taken Micro and now I'm taking Macro and this video in eight minutes helped me understand comparative advantage more clearly than anything i've tried previous. Thanks

@samanthafoster1227 4 года назад

Thank you so much for helping me to understand this concept. I sat in class for 3 hours and understood nothing, got 1 hours extra lesson and was completlely clueless. This video made me understand the entire concept. keep up the good work!

@rockysavage9336 3 года назад

I don't care if I'm 3 years late in this video but you are THE BESTat teaching this stuff. I get this much more easier here than in my normal class. It's ridiculous!!! Your awesome Jacob.

@pickleslicker 9 месяцев назад

I was so stressed about how I was going to answer these questions on my midterm bc I was a little lost on this topic but this video gave me so much confidence bc I understood everything so well!! From the bottom of my heart, thank you so much for your work, I will now watch your other videos as I continue to study

@vanibisara7632 2 года назад

Hello Jacob Clifford. You are a great Teacher. First I found it difficult to understand but later on I watched the videos again and I understood very well. Thank you for spending your time for teaching.

@chitras6897 5 лет назад

brilliant video. trust me, i was struggling with this concept literally for 4 years. and you cleared it almost in 10 mins. thank you so muchhh.

@fredbear7901 5 лет назад

I just wanted to say a HUGE thank you Jacob. I always did in my brain in High School and at College (Uni over here in Australia) and now I'm trying to teach comparative advantage in High School!!! I never had it explained to me as simply as you have. BIG thumbs up to you!!

@royah5404 6 лет назад

This video literally explained everything I wasn't able to understand and I love how you take time to explain even the simplest things, and several times. Keep up the good work!

@District4girl 5 лет назад

ok i was freaking out because i didnt know how to do this in class and i came here and have a better grasp on it. thank you so much!!!!

@crsty.s 7 месяцев назад

You make our 58 mins video from the teachers, less than 20 mins. Thank you so much! Everything makes sense now for my long exam

@andreiguban7079 5 лет назад

Thank you so much for doing this video. You're helping so many students like me for our academics. Please keep it up and continue helping not just more students but more people that wants to learn economics

@Overcome_Thyself 2 года назад

Thank you Jacob I understand the whole concept in 10 minutes in comparison to my 2 hours lecture. You are a savior to students like us!

@from_embers_to_greatness 2 года назад

I really like how you do multiple videos for concepts that are a little more difficult because it really helps us understand these concepts better! :D

@superdarkboy12335 6 лет назад

is it just me or did he actually "absolute advantage on lollipops" 13:28 lol

@icarusshepherd1724 4 года назад

yes he meant laptop.

@connormueller6529 3 года назад

Icarus Shepherd you missed the joke

@icarusshepherd1724 3 года назад

@@connormueller6529 lmao what

@connormueller6529 3 года назад

Icarus Shepherd he was just saying he said lollipops we all know he meant laptops lol. But at the end of the day we’re in economics together

@icarusshepherd1724 3 года назад

@@connormueller6529 lol yeah i was kinda confused just to clarify

@t.e.1934 9 месяцев назад

I love you Jacob Clifford, you've restored my faith in humanity. You've proved that it's never the subject that is too hard, it's just the teacher.

@shiloxiri8808 5 лет назад

Hi Jacob, I just loved your lectures the only thing that some times hinders my focus is your speedy conversation. But over al its wonderful!! Nadia Chitral/Pakistan.

@jaymzz200 5 лет назад

you're a miracle worker for us econ students Jake! i would be nothing without these videos. mad love!

@julie1693 5 лет назад

I'm taking this class in Macroeconomics and my gosh you hit it out the park with the way you explain it. Thank you Jacob!. You Rock!

@studywithme5206 2 года назад

I missed a couple of classes in International Econ this term and was clueless! This greatly helped, thanks a ton! Your videos have helped me a lot!

@zunn66 7 лет назад

Who takes 12 hrs to make salsa 😂

@dessguy7199 6 лет назад

it takes more time to make salsa, than tv :)

@omara.796 4 года назад

It’s in terms of tons or some other large yields...obviously

@jstar38ify 3 года назад

🤣🤣🤣🤣🤣🤣🤣🤣

@jwahier9500 3 года назад

😂😂😂😂💔

@BasilHagens 2 года назад

People that make damn good salsa

@johnniestacyjordan2915 2 года назад

Your explanation erased hours of study. It made what others complicated, simple. Thank you.

@christophelawson3458 5 лет назад

hey jacob im just a random kid from australia trying to pass year 12 atar your video on this concept was easy to understand and I now completely get it thanks a bunch

@joseafalvel 6 лет назад

these lessons are awesome ¡¡ I'm falling in love with economics

@JacobAClifford 6 лет назад

Awwwww

@Jigglewigglewiggle Год назад

I spent 3 hrs understanding this ( and still don't get it ) and took me 30 mins to get it by this video ( by doing the practice) .. THANK YOU SO MUCH

@uraharakisuke8035 4 года назад

this vid taught be more in 19 minutes than an hour long class. i love your vids man they're amazing

@emmamcguinness8165 2 года назад

This man is single handedly saving my grade. Even years later, thank you!

@jessicafadel5196 2 года назад

Thank you so much Mr.Clifford I have had 2x A+ at my economics exams ! and I have been learning with you mostly because I am doing an online Bachelor of Business. Thanks so very much! You are an absolute gem of a professor :)

@annaktrman 8 месяцев назад

Jacob, you are my hero! You can't imagine how grateful I am for your videos. You've helped me a lot in micro and macro. THANK YOU

@staysharp_chaos 5 лет назад

Dude, first off, thank you so much!!! I can not understand any of what my professor currently talks about. You articulate this to where I learned the entire first 5 chapters of my book a couple hours before my exam!!!

@mervetokuc7923 4 года назад

thank you!! I was struggling because of coronavirus break at my college. you teached everything in nearly 30 mins (total of your all comp. adv. videos) that my lecturer struggled to teach in 2 weeks. you are amazing. you should be the god of economics!!

@TrinidadSanchez 5 лет назад

You are a f***ing hero! Im doing a 8 week crash course and your videos are lifesavers

@yazminmoreno1787 Год назад

Mr. Clifford you make me believe I’m an expert in international trade 😊🎉

@hollybecker5975 5 лет назад

I don't know what I'd do without your videos- thank you so much!

@jenniferyepez1947 4 года назад

I have an exam today, I've been trying to understand this concept for days!!! It's amazing that I was able to understand it in less than 30 min. Thank you so much!!!

@allissavalenzuela385 5 лет назад

I watched your videos as a high school senior in AP Macro and Micro. Now I'm a college student studying for the exams for my teaching certificate and I'm taking the subject test to teach econ so I'm watching your videos again to review!

@andreyshor1743 6 лет назад

YOU LITERALLY MADE THIS CONCEPT AS EASY AS POSSIBLE IN A MATTER OF MINUTES!!!! THANK YOU :)

@megacow2005 7 лет назад

This man has saved me, I will forever be in your debt

@Dedadudu09 6 лет назад

SOOOOOOOOOOOOOOO HELPFUL! College student in macro, this is my go to study resource now!

@brenylove4117 5 лет назад

Extremely helpful. You explain way too well. Thank you sooo much.

@manganizulu1565 5 лет назад

very helpful information, I always search for your videos.

@rwalphonse2946 10 месяцев назад

This video is very helpful. I have been struggling with the concept of comparative advantage until I watched this video! Thank you so much!

@karenwisusa6258 6 лет назад

I’m a Macro student. This video was VERY useful for Absolute/Comparative advantage. I think it’s the best one out there. I bought the packet, but it’s confusing. I would have liked links to videos in order of the Mankiw chapters. Too late for me if I pass my final exam, but it may help future struggling students.

@akshatjuneja2477 5 лет назад

You are the GOAT of ECON, thx so much for making these!!

@shimao5505 Год назад

Now I totally understand. I messed up with outputs and inputs question. Thank you so much you’re my lifesaver

@micahstone1475 2 года назад

Just passed my Micro Economics Clep Test because of these videos. Thanks Jacob!

@theyouleadnetwork9109 6 лет назад

Thank you so much, I've never understood comparative advantage like this before.

@Journaluxe Год назад

I’m using this as part of my study session and it popped up randomly on my feed. Thank you for making economics fun!

@nindroid2125 Год назад

Your videos are so informative and so funny, every time a meme comes on the screen that relates to the topic, I die laughing. The Chuck Norris one at 8:15 actually killed me.

@nickgordon6125 3 года назад

you are an excellent tutor. Thank you for being so detailed and repetitive. I Finally understand.

@mahmoodurrashid5411 6 лет назад

You just cleared my concept about comparative advantage . That per unit opportunity cost is lifesaver .

@silverose15ify 5 лет назад

i never had economics, still dont, but i just love how capable you are at explaining stuff . i mean i understood it all and managed to work them out xD

@emmaharrison5449 3 года назад

lol the fact that you just did this for fun

@deadlyxcamperxalvi8747 6 лет назад

13:27 “Japan has an absolute advantage in lollipops” 🤣 You’re awesome xD

@nateriver1005 6 лет назад

Excellent! A really good base introduction. It starts to get complex when the realities of technological is thrown into the loop.

@victoriap9655 7 месяцев назад

Lifesaver for my upcoming unit test, thank you so much! 🙏🏻🙏🏻🙏🏻

@John-lf3xf 5 лет назад

Thank God for people like you.

@estherguillen7777 6 лет назад

I have a quiz tomorrow. I knew the concept but kept getting confused, this video helped ALOT thank you so much your a lifesaver !

@thespeedyyoshi 7 лет назад

"Who takes 12 hours to make salsa" XD This video is REALLY helpful, thank you!

@flawlesshairstyling Год назад

Hi, I am in my fifth week of Macro and I am clueless, it’s an online class with a professor that is no help at all. So thank you 🙏🏾 even though this is not my major I need to pass this class

@yeahyeah12207 Год назад

years later and you might not see this but THANK YOU! Like this was exactly what I needed and really helped me understand this concept. I am so happy I can finally do it. Really wasn't that hard like I was making it. Thank you so much.

@weekendresearcher 4 года назад

Raw concept. Jargonless. Great tips and tricks.

@yenglor691 5 лет назад

Thanks so much! I was looking over my notes and l asked myself why did my math looked so different. That last problem is a life savor because the example my professor used in class was input not output. Now I understood!

@lujdivertid 2 года назад

Wow!!!! now I understand the idea of comparative advantage and calculations related to it. Thank you Jacob!!

@yonelanotshe5202 5 лет назад

Your videos are the best I never write exam without visiting them...they are simple and helpfull

@cm-xw3qp Год назад

THANK YOU SO MUCH FOR HELPING ME!!! I now understand the concept WAY better now!!!

@rickyharper7795 4 года назад

Thank you. Way better explanation than my prof.

@thesecretjin5988 3 года назад

My professor made me hate eco. Sir Jacob made me love this subject again

@docglaze68 Год назад

Definitely have to work on output vs input….that last one got me

@genealbertcoles6276 3 года назад

Thank you so much Mr. Clifford, I most rely on your videos when I encounter difficulties in my Econ 101 class. Godbless you! 💖

@cristianordonez528 Год назад

I literally messed in each example lol, but I was able to reflect and understand my mistakes, thanks very much for providing practice examples, helps a lot!!!

@tracydennis2805 8 месяцев назад

It's hard to comprehend some things in an online, no communication economics class. Thank you for helping me understand!

@Noname-177 2 года назад

My teacher tried explaining comparative advantage and I couldn’t understand it until you explained it. THANK YOU

@davidodivwri6304 2 года назад

Thanks Jacob. The video was really helpful, it helped me understand the concept without even learning from my teachers

@nancyrobbins9190 3 года назад

You're an incredible teacher! Wish you had been around when I was learning this in highschool... many, many, moons ago! I'm using this now for a Macroeconomics class for a second career - it's a great resource! I just sent it to some friends to help with their homeschooling co-op. Thanks for the stellar teaching!

@rheanng1920 5 лет назад

hi im studying for my 3 part micro final tmr and lemme just say u made more sense in these vids than he ever did in a semester ... oop !

@cmwooley 5 лет назад

This is helpful! Im taking an online microeconomics class for my college and this is honestly my only resource for help, so thank you!

@carlsonanim7286 4 года назад

woww oh my God, you made it so easy to understand the concepts than my lecturers and the numerous illustrative text books i read just trying to understand the term. Thanks so much Sir.

@missquiah 2 года назад

I really need this to understand my assignment.. Tq. Love from malaysia

@luvdisneyworld 6 лет назад

Thank you so much for this! This is helping me so much in my microeconomics class that I failed once! So glad I have your videos for this time around! Yours are the only ones that make sense to me. I love the way you explain things and give examples! THANK YOU!

@mohamadbalhas3553 2 года назад

Thank you jacob clifford I succeeded my exam today becasue of this video , God bless you Sir ❤

@shawntellahmaiap7918 4 года назад

This is so helpful , this is really helping me revise for my university exams . Thank you so much and keep up the great work :)

@lewishodder1843 2 года назад

This is an incredible video, made so much more sense listening to you than my lecturer. Thank you so much

@Chew322 7 лет назад

omg this video is indeed a lifesaver. I was confused why the formula for output doesn't work with the input but after watching this video I finally got it. Thanks !

@claudiad4987 6 лет назад

I had the same problem!...but thanks to the video I'm cool now

@christianageorge1550 Год назад

now i know terms of trade, thank you

@fishlol0525 6 лет назад

I really benefited from this video and I'm so happy I know how to do this now. I really like how you went though all the example problems step by step.

@angelesmena622 6 лет назад

You are the best, Jacob. At first, I forgot some things while I was doing the exercises, and finally, I could do the last one well and on my own, without watching for the "clues" at the video haha