1. Think about the American Heritage test!
“Whether you believe you can do a thing or not, you are right.” ─ Henry Ford
Think about the American Heritage test!

2. Opportunity Cost
The value of the best alternative not chosen

3. Comparative Advantage
Everyone should specialize
where they have the lowest opportunity cost.

4. Keys and Cell phones

5. How do we benefit from specialization?
Economic Growth
How do we benefit from specialization?
Through specialization and exchange we created new goods that otherwise would not have existed.