AP-Microeconomics-Visuals-Unit1 - Absolute Advantage and Comparative Advantage ABSOLUTE ADVANTAGE One nation can produce more output with the same

AP-Microeconomics-Visuals-Unit1 - Absolute Advantage and...

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Unit 1 : Microeconomics Visual 1.4 National Council on Economic Education Absolute Advantage and Comparative Advantage ABSOLUTE ADVANTAGE One nation can produce more output with the same resources as the other. COMPARATIVE ADVANTAGE One nation can produce a good at a lower opportunity cost than the other. EXAMPLES OF COMPARATIVE ADVANTAGE Lawyer and secretary Doctor and nurse
Unit 1 : Microeconomics Visual 1.3 National Council on Economic Education The Circular Flow of Resources, Goods, Services and Money Payments
Unit 1 : Microeconomics Visual 1.2 National Council on Economic Education Possibilities Curve Production
Unit 1 : Microeconomics Visual 1.1 National Council on Economic Education The Economic Way of Thinking Everything has a cost. People choose for good reasons. Incentives matter. People create economic systems to influence choices and incentives.

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