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Week 12: Comparative Advantage
Video: Comparative Advantage: Input & Output Methods
http://www.youtube.com/watch?v=7qXn_i-Xb9g
Rating: 4 stars (out of 5)
In class we learned that comparative advantage is the ability to produce a good at a lower opportunity cost than a competitor. This video describes comparative advantage from two perspectives: input and output. The female narrator first goes over the difference in the input and output methods and describes how in the input method, the output is fixed and in the output method, the input is fixed. She then goes over that to find who has the comparative advantage you simply divide input by output or output by input depending on which method you are using to find the opportunity cost. The lowest opportunity cost is the product that has the comparative advantage. I liked this video because it was informative and easy to understand. However, the description was a bit brief. This I why I gave it a rating of 4 stars.
Video: Comparative Advantage: Input & Output Methods
http://www.youtube.com/watch?v=7qXn_i-Xb9g
Rating: 4 stars (out of 5)
In class we learned that comparative advantage is the ability to produce a good at a lower opportunity cost than a competitor. This video describes comparative advantage from two perspectives: input and output. The female narrator first goes over the difference in the input and output methods and describes how in the input method, the output is fixed and in the output method, the input is fixed. She then goes over that to find who has the comparative advantage you simply divide input by output or output by input depending on which method you are using to find the opportunity cost. The lowest opportunity cost is the product that has the comparative advantage. I liked this video because it was informative and easy to understand. However, the description was a bit brief. This I why I gave it a rating of 4 stars.
