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Grade 6-8, 9-12
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Video

Benefits of Trade Video and Quiz

Time: 10 mins,
Updated: January 25 2022,
Author: Council for Economic Education
Teacher Version
Objective Standards Summary Description Resources
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Objective

Students will be able to:

  • Understand the definition of trade.
  • Understand the benefits of trade using comparative advantage.

Standards

State Standards

Concepts

Benefits of Trade, Comparative Advantage, Trade, Exchange and Interdependence

In this economics video, students will learn about the benefits of trade using comparative advantage and play a Kahoot! game.

Description

This video teaches the concepts of Benefits of Trade and Comparative Advantage. Comparative advantage is the principle which holds that world output is higher if every country produces and trades the good in which it has a comparative advantage. A nation’s comparative advantage occurs when it focuses on producing the good in which the opportunity cost of production is lowest. Play the Kahoot! game to test your skills! This multi-player quiz game reviews the concepts discussed in the video.

Resources

Subjects:
Economics

Related Resources

Grades 6-8, 9-12

Comparative Advantage Interactive

In this economics interactive, students will be able to explore the benefits of specialization and trade. 
Key Concepts: Comparative Advantage
15 mins
Activity