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Social Studies skills: Difference between revisions
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→Comparative Advantage
(→Political Efficacy: fixed expand/collapse code on quotation) |
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* Origin of the idea: | * Origin of the idea: | ||
** 1700s Economist Adam Smith wrote: | ** 1700s Economist Adam Smith wrote: | ||
*** ''“If a foreign country can supply us with a commodity cheaper than we ourselves can make it, better buy it of them with some part of the produce of our own industry, employed in a way in which we have some advantage.” (Book IV, Section ii, 12)''** Comparative advantage means concentrating on what your country is good at making/doing in order to get what other countries are better at making/doing. | *** <pre>''“If a foreign country can supply us with a commodity cheaper than we ourselves can make it, better buy it of them with some part of the produce of our own industry, employed in a way in which we have some advantage.” (Book IV, Section ii, 12)''** Comparative advantage means concentrating on what your country is good at making/doing in order to get what other countries are better at making/doing.</pre> | ||
** Ricardo >> todo | ** Ricardo >> todo | ||
** Examples: | ** Examples: | ||