Specialization and Trade: Crash Course Economics #2

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In which Adriene Hill and Jacob Clifford teach you about specialization and trade, and how countries decide whether they’re going to make stuff or trade for stuff. You’ll learn about things like comparative advantage, the production possibilities frontier and how to make pizza!

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44 Comments

  1. Russia can produce gas and oil much cheaper than the UK. Oh no we're at war (sort of) and we have no gas and oil.
    China can make shoes much more cost effectively than the US. Oh no you're at war and you no shoes, even your soldiers have no boots.

  2. It doesn't take into consideration government strategy and aspiration in this purist free market model. China's government is determined that China will soon produce more and better planes than the US. Especially military ones.

  3. As to COVID, what was the opportunity cost to allow to produce PPEs in China instead of in the US to assure our country’s security is not dependent on the political and economic competitor and its adversary?

    Also, China produces some weapons much faster and cheaper than US can. Why not import some weapons from China? We can save so many dollars on “hospitals”.

  4. I will start by saying that the videos are really helpful and informative. But next time consider other options when displaying relative images. You went for a commercial jet manufacturing photo when describing the US, but when it came to Asia you simply showed a local cobbler. I'm not a snowflake, I understand that Asia is significantly poorer compared to the US or the 'west', but when it comes to large-scale manufacturing, that is done in big factories not handmade by cobblers.

  5. I thought I'd chime in. Volume, perfect. Voice speed, perfect. Btw, viewers, as already commented by someone, all of these are adjustable on your device. I am loving it and so thankful for this course.

  6. Damn. I can’t imagine not being a native English speaker and trying to understand this. They speak sooooo fast! Slowing it down to 0.75x makes it better for those struggling.

  7. Wait a minute… what goes for countries and goods might also go for people and personal choices… So for example: if I'm good at studying a topic like say philosophy, but bad at studying economics, then I might be better off just studying philosophy and getting my information on a case by case basis from someone that's good at studying economics.

  8. I'm an undergrad just refreshing the topic, and these two teaching the course are making it so hard to get through with out wanting to click off.

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