America is likely one of the wealthiest countries on this planet, but we proceed to business with alternative nations. Have you ever ever questioned why that is the case? If the U.S. is so robust, later how does it have the benefit of global business? To respond to this query, we wish to perceive two remarkable phrases within the global industry grassland: absolutely the merit and the comparative merit.
source
Absolute Advantage and Comparative Advantage (with examples) | International Business
Comparative and absolute advantage can be equally beneficial and harmful. In economics I found myself grappling with the fact that one nation's efficiency in producing resources can end up being counterproductive due to imposing factors like tariffs and expenses of exporting.
Comparative and absolute advantage have always been interesting concepts to me, mostly in the area of economics. I think it is a beautiful thing to have different strengths and weaknesses across the world of trade and thus helps to keep it fresh. This makes sure that even the most powerful countries do not have absolutely everything and still must outsource some necessary items.
I liked how you explained that while absolute advantage is about having the ability to produce more efficiently, comparative advantage highlights the importance of opportunity cost in determining trade patterns. The example you used really helped make the distinction between the two. This is such a key concept for understanding international trade and economics.
This video is thought-provoking as it highlights the intricate trade networks that sustain our modern society. It provides valuable insight into the concept of absolute advantage and the various ways a country can gain a competitive edge. For instance, one nation might benefit from an abundance of natural resources, while another could leverage more relaxed labor laws to gain an advantage in production.
In my economics class they only talked about which country was better based one comparative and absolute advantage. This video does a great job of also explaining the limitations of it and the other things to consider when dealing with trade.
This video lecture does a great job at helping the viewer understand key differences from absolute advantage and comparative advantages. When you include opportunity cost, it helps the viewer understand why this is important to help explain how one advantage may outweigh the other even if the numbers may show differently.
you took an easy topic and explained it really complicated, it's like a reverse learning video. I like your other videos, but this one sadly really confused me
The reason this video is intriguing is that it gets you to consider the trade networks that support contemporary society. It highlights the various ways in which an advantage can be gained and the leverage that results from possessing an absolute advantage. Even though one nation may have an abundance of a certain resource, another nation may benefit from laxer labor laws that increase productivity.
Understanding absolute advantage and comparative advantage has always been a struggle for me. This video simplified it to where I am understanding it a little more. absolute advantage refers to a country's ability to produce a good more efficiently than others, while comparative advantage is about producing goods at a lower opportunity cost. great video with good examples.
The video did a great job explaining absolute and comparative advantage. I have enjoyed these videos because of the illustrations they really help understand the topic. What I have learned is that absolute advantage refers to a country's ability to produce a good more efficiently than others, while comparative advantage is about producing goods at a lower opportunity cost.
I think the differences between comparative and absolute advantage are easily explained and understood through this video, the author does a fantastic job distinguishing the two and making great points as to what they mean. Opportunity cost is something I have struggled with, but understanding it is just what you are giving up to achieve something else really helped!
I chose this video to make a comment on because I learned this topic in my economics class and it really changed the way I thought about decisions I had to make in my everyday life. I really enjoy math and psychology and the idea of comparative advantage really involves both those factors. Ever since I learned about the concept of opportunity cost I consider it in all decisions I make. There is cost to every decision you make, you just have to see if the benefit out weighs the cost.
Absolute and Comparative Advantage is another topic I learned about in my economics class. I enjoyed learning about it again, as I enjoyed learning about it in my economics classes. It was interesting to learn how powerful the United States is and how it benefits from international trade.
A soulmate advantage and comparative advantage were always an easy mix up for me. Seeing the visualization along with the calculations helped me better understand the difference between each advantage. I also better understood how even though a county is trading “more for less” they are still benefitting from the trade because of the comparative advantage.
Got a macro finals tomorrow, this helped me with the topic thanks a lot mate ❤
I enjoyed watching this video about absolute vs comparative advantage. this video along with many others provides a great visual to better understand the concept. The examples and formulas helped give a perspective of economics and taught me some things that I might've forgotten before. Great video!
I appreciate the given examples and that they are color coded to aid the viewer trying to learn.
Absolute is such an advantage.
Good ole absolute and comparative advantage. This was always a quite easy topic for me in high school. I remember being tested over this topic so much and honestly if we had this video back then, the entire class would have aced those tests. Your videos are always so simple and straight to the point. I tend to have to weigh different advantages in the field of work I do.
I no longer need to go through the slides anymore, the explanation was incredible 😉
Watching this video helped me better understand absolute advantage and comparative advantage. This video helped to show how a company can benefit from international trade.
I really wish I would've watched this video in one of my previous business classes. This video really provides a great structure to deepen your understanding in absolute and comparative advantages. The examples in this video added to the easiness to follow and understand each advantage.
I enjoyed watching this video about absolute and comparative advantages. These topics were ones I did not fully understand while taking my economics classes. However, after watching this video, I feel like I slightly have a better understanding of these topics. The examples provided in the video really helped to break down the topics and helped me better understand what they mean.
So far, this has been my favorite video of this semester. Economics has been my favorite subject for a while now, and I haven't been able to take anything economics related for the last 2 years. This video served as a good refresher to some of the concepts within economics like advantages within trade and who should produce what product. I liked the way you explained how to calculate opportunity cost and the meaning behind it. Great Video!
This video reminded me of my previous two semesters of accounting and economics classes. They explained it a lot less enthusiastically than here and seeing it in media form definitely reinforced the concepts for me, had I seen this previously, it would have been very useful to me.
Wow 😮