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SS3: ECONOMICS - 1ST TERM

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  1. Economic Lessons from Asian Tigers I
    4 Topics
  2. Economic Lessons from Asian Tigers II
    6 Topics
    |
    1 Quiz
  3. Human Capital Development I
    3 Topics
  4. Human Capital Development II
    2 Topics
    |
    1 Quiz
  5. Petroleum and the Nigeria Economy I
    3 Topics
  6. Petroleum and the Nigeria Economy II
    3 Topics
    |
    1 Quiz
  7. Manufacturing and Construction
    3 Topics
    |
    1 Quiz
  8. Services Industries
    3 Topics
    |
    1 Quiz
  9. Agencies that Regulate the Financial Market
    9 Topics
    |
    1 Quiz
  10. International Trade
    8 Topics
    |
    1 Quiz

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SS3: ECONOMICS – 1ST TERM International Trade Advantages & Limitations of Law of Comparative Cost Advantage
Lesson 10, Topic 5
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Advantages & Limitations of Law of Comparative Cost Advantage

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Topic Content:

  • Advantages of Comparative Cost Advantage
  • Limitations of Comparative Cost Theory

Advantages of Comparative Cost Advantage:

1. It leads to an increase in the world’s production of goods.

2. It leads to a reduction in the prices of goods and services due to mass production.

3. There is an efficient utilization of resources.

4. Countries involved are able to earn more foreign exchange.

5. Countries involved are able 

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