Did you know that a party benefits from trade as long as there is a comparative advantage? This video lecture explores the differences between comparative advantage and absolute advantage. [10:15]

A rational agent considers both accounting profit and economic profit. In this video, see an example highlighting the difference between accounting profit and economic profit from a business and a discussion of explicit and implicit...

In this video [9:48] we work through an example of a question like you might see on an AP microeconomics or AP Macroeconomics exam determining who has comparative advantage in producing a good using data from a table. Topics include how...

When there are increasing opportunity costs, the shape of the production possibilities curve (PPC) is bowed out. Learn more about how the shape of the PPC, which is sometimes also called the production possibilities frontier curve (PPF),...