S E14: Gains From Trade - Why Ringo played the drums
Think Like An Economist
Comparative Advantage and Gains From Trade
How can we summarize comparative advantage and gains from trade? The answer is that you should allicate each task to the person who can do it at the lowest opportunity cost. That means of us specializing in what we're relatively best at and relying on others for the other stuff. And the really exciting thing is that this can also explain international trade, which we'll dig into on the next episode.
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