1.  What determines a nation's exports and imports?

2.  When should you hire someone else to do work that you could do on your own?

3.  How should it be determined when a nation trades for a good that it could produce on its own?

 

Key Vocabulary p. 23-30

 

Trade

Open Economy

Imports and Exports

Specialization p.23-24

Absolute Advantage p.27

Comparative Advantage p. 24-27

Production Possibilty Frontier (same as PPC)

Gains From Trade- p. 23- 24

 

Class Notes Class Powerpoint

 

 

 

Helpful Links 

http://www.unc.edu/depts/econ/byrns_web/Economicae/Essays/ABS_Comp_Adv.htm A college professor breaksdown comparative advantage

http://www.youtube.com/watch?v=FpTBjRf8lGs- Comparative Advantage in 60 seconds- Flipped Lesson

 

Former AP Free Response Questions (FRQs)

2003 Form B #3

2003  #3

2004 Form B #3

2008  #3

2015 #2

2016 #3

2018 #3

2019 Set #2 Question #3