Honors Econs 198 Chapter 2

In this video I made some mistake. Among some recent mistakes I mixed up comparative advantage with absolute advantage. Absolute advantage is the ability to create more with less inputs, which I stated. However, comparative advantage is how the opportunity cost of producing one thing over the other compare, this is more often linked to the ability to trade.But the ability absolute advantage is to do with with wealth, in the wages, and in the profit given per unit. I will go over more errors I made in later video notes.