Comparative Advantage and Opportunity Cost

Comparative Advantage and Opportunity Cost

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Storyboard Description

What is the difference between comparative advantage and absolute advantage?

Storyboard Text

  • Bummer Fred... we are stuck on this Island so we need to allocate our resources in the most effective way to survive 
  • We should divide up our tasks so were we have a comparative advantage to produce more.
  • I am able to catch 10 salmon and  collect 20 coconuts an hour.
  • Ok Charlie,  I can catch 20 salmon and 25 coconuts an hour. 
  • Looks like you have an absolute advantage in both. But I have a lower opportunity cost in coconuts!
  • You are correct! Thus, I will catch salmon and you will gather coconuts and we will have more to eat. 
  • Comparative and Absolute Advantage Comic Strip
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