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Comparative Advantage

Would you like to start a business someday? Have you ever considered a partnership? If you answered yes to either of those, then there are some concepts that you’ll want to be familiar with. Have you ever heard of “absolute advantage”? What about “opportunity cost”? Certainly you’re familiar with “comparative advantage”? Have you ever explored a “production possibilities frontier”? Could you propose a trade that would benefit all parties involved?

It may seem that only an intellectual super hero could figure this stuff out, but we’re guessing you can, too!

If you are a little intimidated at the moment, have no fear—Jack of All Trades is here! Jack has come to educate us about the possibilities of starting a business, maximizing output potential, and defining the terms of a mutually beneficial trade. Pay close attention to the relationship that he forges with a young man named Andy. Together, the two will attempt to conquer all of the challenges posed in the questions above. As they do, you will be asked to complete some activities and answer some questions along the way.

Let’s begin by meeting our hero, Jack of All Trades.

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