6 min read
This guide covers absolute and comparative advantage in AP Microeconomics. It explains core concepts like trade, specialization, and opportunity cost. It details absolute advantage (producing more with the same resources) and comparative advantage (producing at the lowest opportunity cost). Finally, it shows how to solve output and input problems related to these concepts.
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Question 1 of 9
What is the basic concept of trade? 🌍
Focusing on producing what you're best at
The value of the next best alternative given up
The exchange of goods and services
Producing more with the same resources