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We’ve all heard that global trade builds wealth, but how? In this lecture we’ll talk about absolute advantage and comparative advantage. ****************************** Here are some timestamps so you can jump ahead to what you need most: 0:00 Start 0:34 Why trade with other countries? 1:02 Mercantilism 3:19 Absolute Advantage 4:04 Comparative Advantage 4:52 Opportunity Cost 6:14 Absolute Advantage vs Comparative Advantage 15:17 Outsourcing and Offshoring ****************************** Here are some links to other videos in this series: ⏩ Next video in the series: https://youtu.be/brxOTQBLg2A ⏪ Previous video in the series: https://www.youtube.com/watch?v=PAR5Isb46NE ⏮ First video in the series: https://www.youtube.com/watch?v=e6ksNxzHAbw&t=192s 🗂️ The series playlist: https://www.youtube.com/playlist?list=PLHPrTtF9UV1IxnJZrrDMfIwWRw4BTfVuj ****************************** Check out my other YouTube channels! ❤️ Nutshell Studio Productions: https://www.youtube.com/channel/UCKGbr6t1NbSSXCNrSAttrgg ❤️ Lon’s Personal Vlog: https://www.youtube.com/channel/UC9xRi95S2yyB2vzF3k3O7VA ❤️ Rattling Around the Garage: https://www.youtube.com/channel/UCZvZJ8br54UDkE7VxwK_vtA ****************************** Let’s connect! 👍 Website: https://nutshellbrainery.com/ 👍 Twitter: https://twitter.com/LonSchiffbauer 👍 Instagram: https://www.instagram.com/LonSchiffbauer 💰 Patreon: https://www.patreon.com/Nutshellbrainery ****************************** 🎓 APA 7 Citation: Schiffbauer, L. W. [Nutshell Brainery]. (2021, April 22). How does global trade build wealth? [Video]. YouTube. https://youtu.be/Rjzfiz9tV3Y
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