Production Possibilities & the Gains from Specialisation
This lesson is part of the course
In this lesson
You compute what Norland and Sudoria produce on their own, shift their workers towards their comparative advantage and measure how much extra wheat and cloth the world gets.
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Lessons in this course
- Opportunity Cost: Absolute vs Comparative Advantage Locked
- Production Possibilities & the Gains from Specialisation Locked
- Terms of Trade: The Feasible Range & Who Gets the Gains Locked
- A Small Open Economy at the World Price: Imports or Exports? Locked
- A Tariff in Numbers: Surplus, Revenue & Deadweight Loss Locked
- Import Quota vs Tariff: The Quota Rent and Who Keeps It Locked
- The Balance of Payments & the Savings–Investment Check Locked
- A Trade-Weighted Exchange-Rate Index & Competitiveness Locked