The theory of comparative advantage explains why free trade and specialization occur, moving beyond descriptive cost-benefit analysis of globalization to provide a theoretical framework for understanding economic exchange.
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Can relate it back to the real worldđĄ #EconsTuition #ALevels #SGParents #StudentLifeSGAjoutĂ© :
I have 16 years of MOE experience. From the questions and the way that we mark and our comments on the script allows the students to also know the gaps in their learning. The most crucial and unique point that we are learning today is this thing called theory of comparative advantage. If you are just only writing down the cost and benefits of globalization, it is very descriptive. [music] Why?
free trade occurs.
Why there is this thing called specialization. So that you wouldn't find it comes very boring. What I really, really like to do is we always relate to the real world.
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