Coffee or Croissants: A Breakfast Dilemma (Part 1)
Storyboard Text
- Hey, Jessie How are things going with your coffee and croissants?
- David's Coffee
- David's Coffee
- Hey, David. My coffee and croissants are doing very well.
- Seems like I have the absolute advantage
- David's Coffee
- David's Coffee
- What is an absolute advantage?
- Absolute advantage is when a individual or group do something more efficiently than another individual or group.
- I have the absolute advantage because I produce the most in coffee and wheat
- David's Coffee
- David's Coffee
- Ohh makes sense. How about the comparative advantage?
- To find the comparative advantage, we have to divide each person's production by themselves. This helps us find the opportunity cost. and the lower opportunity cost,...
- Exactly!
- The better!!!
-
- David
- Jessie
-
- Croissants
- This is the productivity chart
- 3
- 4
- Coffee
- 2
- 3
-
- David
- Jessie
-
- This is the opportunity cost
- 1 croissant
- 3/4
- 2/3
- 1 coffee
- 1 1/3
- 1 1/2
- Is that all?
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