Comparative Advantage Explored Outcomes

Today’s outcomes: Given a case study or a situation, draw conclusions about which nation has the absolute and/or comparative advantage in producing a product. (a) Explain, using examples, how most trade occurs because of a comparative advantage in the production of a particular good or service. (a) Analyze the barriers and restrictions on domestic and international trade. (a)

4.1.5 Given a case study or a situation, draw conclusions about which nation has the absolute advantage and/or comparative advantage in producing a product. (a) Perhaps the best examples of this I have found come from the wikipedia page. Let’s take a look at these right from the website so that you know where to look come assessment time. vantage vantage

4.1.6 Explain, using examples, how most trade occurs because of a comparative advantage in the production of a particular good or service. (a) For example, we import electronics to Canada, but we export wood/lumber. Another example, China import automobiles, export a lot of clothing. Japan exports automobiles, but imports oil.

4.1.7 Analyze the barriers and restrictions on domestic and international trade. (a) Tarriff: a tax on a good that crosses a baorder. Trade routes: ships, trucks, trains may have to travel in specific ways, places, routes or methods. Protectionist laws. War or conflict. Trade agreements Currency trading issues People may have restrictions on movement.