How Does Global Trade Build Wealth? - Module 3

We’ve all heard that global trade builds wealth, but how? In this lecture we’ll talk about absolute advantage and comparative advantage. ****************************** Here are some timestamps so you can jump ahead to what you need most: 0:00 Start 0:34 Why trade with other countries? 1:02 Mercantilism 3:19 Absolute Advantage 4:04 Comparative Advantage 4:52 Opportunity Cost 6:14 Absolute Advantage vs Comparative Advantage 15:17 Outsourcing and Offshoring ****************************** Here are some links to other videos in this series: ⏩ Next video in the series:    • What Is Protectionism? - Module 4   ⏪ Previous video in the series:    • What is Culture? - Module 2   ⏮ First video in the series:    • What is Globalization? - Module 1   🗂️ The series playlist:    • Principles of International Business   ****************************** Check out my other YouTube channels! ❤️ Nutshell Studio Productions:    / @nutshellstudioproductions   ❤️ Lon’s Personal Vlog:    / @nutshellcompound   ❤️ Rattling Around the Garage:    / @rattlingaroundthegarage   ****************************** Let’s connect! 👍 Website: https://nutshellbrainery.com/ 👍 Twitter:   / lonschiffbauer   👍 Instagram:   / lonschiffbauer   💰 Patreon:   / nutshellbrainery   ****************************** 🎓 APA 7 Citation: Schiffbauer, L. W. [Nutshell Brainery]. (2021, April 22). How does global trade build wealth? [Video]. YouTube.    • How Does Global Trade Build Wealth? - Modu...