00:01
In this video, we want to talk a little bit about the opportunity cost for free trade.
00:11
So an opportunity cost can also be thought of as a trade -off, right? so there's going to be a lot of pros to a certain thing.
00:21
In this case, free trade has a number of advantages.
00:24
But in implementing it and getting all those advantages, what is one thing that we lose? that's the opportunity cost.
00:33
So we can reframe this as what do we lose? now the answer choices.
00:38
So greater efficiency.
00:40
That's something that free trade gains, right? because you have decreased regulations and a very competitive market.
00:48
So you have to be as efficient as possible.
00:49
So that's actually an advantage.
00:51
So that won't be, right? b is lower prices...
