Mastery
Storyboard Text
- Eric and John were exploring but somehow got lost and couldn't find their way back home. They get hit by something which causes a hole in the boat. There's an island nearby and they rush to the land.
- 6 hours later... Eric and John have explored the Island and only found one source of food, Fish which was found in the ocean surrounding them. The only source of fresh water they found was a lake miles away from the ocean. They have to go catch fish and collect water every day.
- John-Let's get some rest we have a long day a head of us tomorrow.
- Eric-Good night
- Eric and John start fishing and collecting fresh water
- John-Whew I'm tired! How many buckets of water and fish could you get if you only focus on one task per day?
- Eric- I can get 5 buckets of water and catch 20 fish if I only focus on on just getting water or fish.
- John-5 buckets!? I'm only able to get 2 buckets but I could get 26 fish per day. So I have absolute advantage in catching fishand you have an absolute advantage in collecting fresh water.
- Eric-You think we would be better off by dividing the labor and specialize in what we're better at?
- John-Yes, if it benefits us both. But how do we know who specializes in what?
- Eric-We make a opportunity cost chart to see who has a lower opportunity cost in the two tasks so we see who holds a comparative advantage in what.
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