Comparative advantage and trade

In this lesson, learn about comparative advantage, absolute advantage, and how specialization and trade leads to gains from trade.

Comparative advantage, specialization, and gains from trade

Comparative advantage and absolute advantage

Opportunity cost and comparative advantage using an output table

Comparative advantage and absolute advantage

Terms of trade and the gains from trade

Input approach to determining comparative advantage

When there aren't gains from trade

Comparative advantage worked example

The terms of trade