ILO:
a) Absolute and comparative advantage (numerical and diagrammatic): assumptions and limitations relating to the theory of comparative advantage
b) Advantages and disadvantages of specialisation and trade in an international context
a) Absolute and comparative advantage (numerical and diagrammatic): assumptions and limitations relating to the theory of comparative advantage
b) Advantages and disadvantages of specialisation and trade in an international context
Specialisation & Trade
Absolute advantage:
refers to the superior production capabilities of one nation versus another.
Comparative advantage is based on the concept of opportunity cost.
Webinar revision videos:
Comparative advantage is based on the concept of opportunity cost.
Webinar revision videos:
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Comparative Advantage and Gains from Trade I A Level and IB Economics
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Advantages and Disadvantages of Trade for Developing Countries I A Level and IB Economics
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Exam style questions
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Using the concept of comparative advantage, explain what the UK economy predominantly produces.(5 marks)
The Largest Producers of Fresh Fruit in the World
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Watch the 25 mark video essay. Complete the same essay for a more developed country of your choice.
Essay Plan: Trade and Economic Growth
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See theory sheet
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