Find New Opportunities in Global Trade Data

Excerpts From The Economy: Economics for a Changing World

A person or country has comparative advantage in the production of a particular good, if the cost of producing an additional unit of that good relative to the cost of producing another good is lower than another person or country’s cost to produce the same two goods.”

At the individual level, comparative advantage explains why you might want to delegate tasks to someone else, even if you can do those tasks better and faster than them. This may sound counterintuitive, but it is not: If you are good at many things, it means that investing time in one task has a high opportunity cost, because you are not doing the other amazing things you could be doing with your time and resources. So, at least from an efficiency point of view, you should specialize on what you are best at, and delegate the rest.

The same logic applies to countries. Broadly speaking, the principle of comparative advantage postulates that all nations can gain from trade if each specializes in producing what they are relatively more efficient at producing, and import the rest: “do what you do best, import the rest"

one fourth of total global production is exported.The production chains for these goods are becoming increasingly complex and global. According to recent estimates, about 30% of the value of global exports comes from foreign inputs

The Economic success of US  can be accurately visuliazed from US Import Data where United states is resourcing everything from accross the world.


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