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This unit introduces students to two very important, and foundational, economic concepts: specialization (absolute advantage) and trade.
In addition to being complementary ideas, these concepts have – and continue to be – extremely significant in influencing the human experience. In this course students will consider:
how specialization helps to ensure the most efficient use of resources so that more needs and wants can be met
the benefits of global trade
the limitations and challenges associated with (global) trade.
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