5 comparative advantage HACKS you need to know

Jacob Clifford explains key economics concepts, focusing on comparative advantage. He provides five hacks to help students understand and calculate comparative advantage, distinguish between output and input questions, and determine terms of trade. The video also introduces a quick method to identify comparative advantage without complex calculations.

What is the hardest concept for many students in economics according to Jacob Clifford?

Explain the difference between output and input questions in the context of comparative advantage.

What does the acronym OOO stand for, and how is it used in calculating opportunity cost?

Describe the process of determining who has a comparative advantage in cars and planes.

What are the terms of trade, and how do they benefit both countries involved in trade?

How can the 'quick and dirty' method help in determining comparative advantage?

What is the significance of choosing the lower opportunity cost in input questions?