economic story board part 2

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  • This is Absolute advantage. it refers to a country’s ability to produce a certain good more efficiently than another country. so since we are efficient in making sci tech and we have the least Opportunity cost this would be our Comparative advantage
  • Now what is this Opportunity cost we speak of? Well Opportunity cost refers to what you sacrifice in making an economic choice. in this instance i choose beer over soda
  • Looks like time's running out. so remember Comparative advantage refers to a country’s ability to produce a particular good with a lower opportunity cost than another country. Opportunity cost refers to what you sacrifice in making an economic choice. and Absolute advantage refers to a country’s ability to produce a certain good more efficiently than another country.
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