Lets help each other out
Storyboard Text
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- Jack and Jill are kids who both run their own lemonade stands in the neighborhood
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- Hey Jill, what are you up to today?
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- Hey, just about to set up my lemonade stand, my only problem is that i don't have enough lemons
- The Lemonade Stand
- My family actually owns lemons trees in our backyard. My only problem is that our freezer insist big enough to produce enough ice when I need it. I know your dad owns that big freezer downstairs so why don't we just work together?
- How would i benefit from this?
- If I specialize in lemons, and you specialize in ice, we could divide the labor amongst ourselves to produce lemonade more efficiently. This would also be our absolute advantage
- Me picking lemons and you making ice is our comparative advantage, which goes hand in hand with ouropportunity costbecause
- hm, I like what I'm hearing, go on.
- To produce 1 lemon, you give up 10 ice cubes but if you strictly specialize in ice cubes, you're only giving up 0.1 lemons
- To produce 1 lemon, I am only giving half an ice cube, but if I specialize in ice I'm giving up 2 lemons just to produce 1 ice cube
- And what about for you?
- sure, come to my house!
- Could you draw me like a chart or graph so i could see the information more clearly
- So you see if we become more economically interdependent, we will both be better off
- i like what i see, lets work together
- ic=ice cubes
- Productivity ChartlemonIcJack50/2525/50Jill10/100100/10Opportunity CostlemonicJack1/2 ic2lemonJill10 ic0.1lemon
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