Tagged: comparative advantage

opportunity cost

Intro to Econ: Opportunity Cost

Economics is a social science concerned with the production, distribution, and consumption of goods and services. It studies how individuals, businesses, governments, and nations make choices on allocating resources to satisfy their wants and needs, trying to determine how these groups should organize and coordinate efforts to achieve maximum output....

free trade

Free Trade Is What Makes America Great

In the context of trade, “free” means without tariffs, quotas or other restrictions impeding it between international states. Comparative advantage is having the ability to produce something at a lower price. Alan Blinder writes how it benefits consumers and producers, and how protectionism at best swaps jobs in industries while...