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% Document Info
\author{Natalie Moore (NatalieMoore)}
\pdfinfo{
  /Title (comparative-absolute-advantage.pdf)
  /Creator (Cheatography)
  /Author (Natalie Moore (NatalieMoore))
  /Subject (Comparative / Absolute Advantage Cheat Sheet)
}

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\begin{tabulary}{11cm}{L}
    \vspace{-2pt}\large{\bf{\textcolor{DarkBackground}{\textrm{Comparative / Absolute Advantage Cheat Sheet}}}} \\
    \normalsize{by \textcolor{DarkBackground}{Natalie Moore (NatalieMoore)} via \textcolor{DarkBackground}{\uline{cheatography.com/19119/cs/2237/}}}
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  \mymulticolumn{2}{p{5.377cm}}{\bf\textcolor{white}{Cheatographer}}  \\
  \vspace{-2pt}Natalie Moore (NatalieMoore) \\
  \uline{cheatography.com/nataliemoore} \\
        \uline{\seqsplit{www}.jchmedia.com/}
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  \mymulticolumn{1}{p{5.377cm}}{\bf\textcolor{white}{Cheat Sheet}}  \\
   \vspace{-2pt}Published 15th June, 2014.\\
   Updated 13th May, 2016.\\
   Page {\thepage} of \pageref{LastPage}.
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  %\includegraphics[width=48px,height=48px]{dave.jpeg}
  Measure your website readability!\\
  www.readability-score.com
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\begin{document}
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\begin{multicols*}{3}

\begin{tabularx}{5.377cm}{x{1.69218 cm} x{3.28482 cm} }
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\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{Key terms comparative advantage}}  \tn
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Trade & Buying or selling \tn 
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\seqsplit{Specialisation} & Everybody gains maximum benefit from doing what they do best and then trading \tn 
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Absolute advantage & Ability to produce more than competitors using the same amount of resources \tn 
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Comparative advantage & Ability to produce at a {\bf{lower opportunity cost}} than competitors \tn 
% Row Count 10 (+ 3)
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\mymulticolumn{2}{x{5.377cm}}{The basis for trade is comparative advantage not absolute advantage}  \tn 
\hhline{>{\arrayrulecolor{DarkBackground}}--}
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\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{Keep in mind}}  \tn
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\mymulticolumn{2}{x{5.377cm}}{Don't confuse comparative and absolute advantage} \tn 
% Row Count 1 (+ 1)
% Row 1
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\mymulticolumn{2}{x{5.377cm}}{Possible to have comparative advantage with no absolute advantage} \tn 
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\mymulticolumn{2}{x{5.377cm}}{Possible to have absolute advantage with no comparative advantage} \tn 
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\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{Specialisation}}  \tn
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\mymulticolumn{1}{x{5.377cm}}{Do what you do best, trade for the rest}  \tn 
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\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{Calculating comparative advantage}}  \tn
% Row 0
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\mymulticolumn{2}{x{5.377cm}}{Who has the lower opportunity cost?} \tn 
% Row Count 1 (+ 1)
% Row 1
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\mymulticolumn{2}{x{5.377cm}}{{\bf{Can be calculated as}}} \tn 
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\# given up / & \# produced of the alternate \tn 
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We give up / & If we make \tn 
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\mymulticolumn{2}{x{5.377cm}}{Lowest number = highest comparative advantage} \tn 
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E.g. Who has advantage out of 0.16 and .33 & 0.16 \tn 
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E.g. Who has advantage out of 6 and 3 & 3 \tn 
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\mymulticolumn{2}{x{5.377cm}}{If asked {\emph{Who has the comparative advantage in picking strawberries}} then the \# of strawberries is the numerator (top part of the fraction) and apples is the denominator (whole).}  \tn 
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\mymulticolumn{2}{x{5.377cm}}{Possible gains include:} \tn 
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% Row 1
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Higher output & Total production of goods and services is raised \tn 
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Variety & Consumers have access to a greater variety of higher quality products. Eating apples and strawberries instead of just apples. \tn 
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A bigger market & Specialisation and global trade increase the size of the market offering opportunities for economies of scale \tn 
% Row Count 15 (+ 5)
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Competition and lower prices: & Increased competition an incentive to minimise costs, keep prices down and therefore maintains low inflation. Also promotes R \& D in new techs. \tn 
% Row Count 22 (+ 7)
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% That's all folks
\end{multicols*}

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