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Absolute vs. Comparative Advantage in One Minute: Definitions, Explanation, Examples and Comparison
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Let's take a minute (heh) to talk about Adam Smith's absolute advantage as well as David Ricardo's comparative advantage. Both the absolute and comparative advantage represent concepts one could consider pro-market or in favor of free trade.
However, Ricardo took things one step further with his vision, so this video should represent an interesting absolute vs. comparative advantage... comparison (no pun intended).
You'll find out what the definitions of the two terms are and through what will hopefully prove to be an entertaining explanation, will understand them properly. To that effect, carefully-chosen absolute advantage and comparative advantage examples have been used.
A lot of people think concepts such as these are just too difficult to understand... but that's just because the absolute advantage and the comparative advantage haven't yet been explained to them properly. The main goal of this video is to do just that and make it clear what Adam Smith and David Ricardo had in mind when articulating their ideas.
Oh and I've also started playing around with Patreon, my link is:
Interested in reading a good book?
My first book, Wealth Management 2.0 (through which I do my best to help people manage their wealth properly, whether we're talking about someone who has a huge amount of money at his disposal or someone who is still living paycheck to paycheck), can be bought using the links below:
My second book, the Wall Street Journal and USA Today bestseller The Age of Anomaly (through which I help people prepare for financial calamities and become more financially resilient in general), can be bought using the links below.
Last but not least, if you'd like to follow me on social media, use one of the links below:
However, Ricardo took things one step further with his vision, so this video should represent an interesting absolute vs. comparative advantage... comparison (no pun intended).
You'll find out what the definitions of the two terms are and through what will hopefully prove to be an entertaining explanation, will understand them properly. To that effect, carefully-chosen absolute advantage and comparative advantage examples have been used.
A lot of people think concepts such as these are just too difficult to understand... but that's just because the absolute advantage and the comparative advantage haven't yet been explained to them properly. The main goal of this video is to do just that and make it clear what Adam Smith and David Ricardo had in mind when articulating their ideas.
Oh and I've also started playing around with Patreon, my link is:
Interested in reading a good book?
My first book, Wealth Management 2.0 (through which I do my best to help people manage their wealth properly, whether we're talking about someone who has a huge amount of money at his disposal or someone who is still living paycheck to paycheck), can be bought using the links below:
My second book, the Wall Street Journal and USA Today bestseller The Age of Anomaly (through which I help people prepare for financial calamities and become more financially resilient in general), can be bought using the links below.
Last but not least, if you'd like to follow me on social media, use one of the links below:
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