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Economies of Scale and Comparative Advantage

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Economies of scale and comparative advantage let us make bigger and better oranges, grapes, and everything else. For more Dan Russell, watch https://www.youtube.com/watch?v=_sLET...Russell, Daniel. "Economies of Scale and Comparative Advantage." YouTube. Learn Liberty, 15 June 2017.SUBSCRIBE: http://bit.ly/2dUx6wgLEARN MORE: What Caused The Economic Boom of Wealth? - Learn Liberty (video): Professor Deirdre McCloskey explains the explosion of wealth in the world since 1800, and how all that wealth was created. https://www.youtube.com/watch?v=a0nsK... "Trade Is Made of Win," Part 1: Wealth Creation (video): Professor Art Carden explains how exchange and trade create wealth for everyone involved. https://www.youtube.com/watch?v=y0gGy... When Jobs Kill Wealth (blog): Professor Gary Galles makes the case that instead of being so focused on “creating jobs,” we should be focused on creating wealth. http://www.learnliberty.org/blog/when... TRANSCRIPT:For a full transcript please visit: http://www.learnliberty.org/videos/ec... LEARN LIBERTY:Your resource for exploring the ideas of a free society. We tackle big questions about what makes a society free or prosperous and how we can improve the world we live in. Watch more at http://www.learnliberty.org/.

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Freedom Center Dan Russell economic scale trading economics comparative advantage comparative advantage economics Economics libertarian liberty Institute for Humane Studies Learn Liberty butt seat tail bum rump fanny rear front behind bottom buttocks derrière posterior tush backside breech can fundament derriere back end gluteus maximus haunches hindquarters hind end back cheeks duff hind part keester moon rear end tail end tuchis no more nix nay not not at all not either never neither NOT leaf blade draft vane lover buff freak votary zealot addict hound rooter enemy ruffle aerate winnow refresh spread wind cool close arouse excite rouse extend expand calm lull quiet bore lower activity devotee enthusiast fan fanatic fiend follower habitué junkie nut practitioner advocate aficionado backer believer card-carrying member disciple hanger-on adherent beau booster boyfriend bug cat fancier girlfriend groupie partisan patron suitor supporter swain sweetheart wooer worshiper aerify air-condition circulate eject expel expose open oxygenate purify ventilate activate animate awake call enliven incite kindle pile out provoke rally revive rise and shine roll out show a leg stimulate stir up turn out vivify wake Good Samaritan Santa Claus aid altruist angel assistant contributor fairy godparent grubstaker helper humanitarian mark philanthropist promoter protector sponsor subscriber subsidizer well-wisher admirer air awaken benefactor FAN F.A.N. Fan! layoff cutback thrift care caution parcity increase raise addition spending neglect abstemiousness asceticism chasteness chastity continence determination economy prudence puritanism self-denial self-discipline sobriety stoicism strictness temperance baldness bareness dourness plainness primitiveness rusticism severity simplicity spareness spartanism starkness unadornment conciseness concision condensation crispness curtness ephemerality impermanence pithiness pointedness succinctness terseness transience transitoriness attention cherishing conservancy conserving control custody directing governing guardianship guarding keeping maintenance management managing preserval preserving protecting protection safeguarding safekeeping salvation saving stewardship storage supervising supervision sustentation upkeep decrease decrement downsize fall lessening lowering reduction abatement belt-tightening curtailment decline reversal austerity brevity conservation cut Economy ratio rate system range extent scope gamut series reach rule spread way order ladder steps whole part plate layer flake lamina film scurf mount go up descend adjust gauge size guess arise climb escalate float fly lift off move up rise scale soar sprout take off tower atom butt chicken feed chip chunk crumb dab dash division dollop dose dot driblet droplet end excerpt fraction fragment grain iota item jot lick lump mite modicum moiety molecule morsel niggle parcel particle peanuts pinch portion sample scintilla scrap section segment shard share shaving shred slice sliver smidgen snatch snip snippet specimen speck splinter sprinkling stub stump taste tittle trace trickle amplitude area compass comprehensiveness dimension expanse extensiveness fullness greatness inclusiveness largeness magnitude measure orbit space stretch sweep vastness ape up ascend clamber escalade top crust ectoderm epidermis felt fleece fur hide husk integument leather membrane pelage pellicle pelt peltry protective covering rind scarfskin shell skin wool advantage allowance amends atonement benefit bonus bread consideration counterclaim coverage damages defrayal deserts earnings fee gain honorarium indemnification indemnity meet pay payment payoff premium profit quittance reciprocity reckoning recompense recoupment redress reimbursement remittal remittance remuneration reparation reprisal requital restitution reward salary salt satisfaction settlement shake stipend take take-home wage bit breadth coat compensation Scale Scales SCALE also moreover additionally again along along with and as well as well as besides conjointly further furthermore in conjunction with in like manner including likewise more more than that on top of over and above plus still to boot together with too withal added aggrandized amassed another augmented bounteous deeper else enhanced exceeding expanded extended extra farther fresh heavier higher in addition increased innumerable larger major massed new numerous other spare supplementary too many wider And? AND wealth lead profit favor asset return power choice edge gain help leeway hold avail boon good break odds aid luck leg-up loss harm hurt injury block waste stop accommodation adaptation adjustment admission advantage cut deduction rebate reduction sanction sufferance toleration betterment comfort convenience enhancement enrichment excellence extravagance facility frill improvement luxury merit quality service superfluity virtue authority command control dominance dominion influence jump leg up mastery on top predominance preeminence prepotence prevalence reign rule sovereignty superiority supremacy sway upper hand whip hand account applicability appropriateness fitness usefulness answer be adequate benefit fill fulfill meet satisfy serve suffice work assistance cause concern countenance defense encouragement furtherance part place recommendation representation sake side stead support welfare allowance amenity ascendancy behalf right ability power bent sweep leeway liberty laxity scope play compass margin rope range swing abandon rein inability weakness extreme captivity servitude slavery communism impotence restraint reserve autonomy exemption democracy liberation emancipation relief privilege release sovereignty immunity prerogative rescue salvage autarchy delivery impunity deliverance abolition probation franchise discharge manumission parole salvation redemption home rule citizenship abolitionism extriction hold facility openness ease candor boldness license humility disregard freedom impulse licentiousness recklessness spontaneity thoughtlessness uninhibitedness unrestraint wantonness wildness self-determination self-government self-rule authority blank check free hand free rein full authority full power grant latitude no holds barred permission power of attorney sanction say say-so unconditional authority unconditional right unrestricted authority warrant God-given rights civil liberties constitutional rights freedom of religion freedom of speech freedoms freedoms of citizens human rights legal rights natural rights rights rights of citizenship unalienable rights chance hour leisure occasion one's own sweet time opportunity place preference spare moment suitable time whenever commonwealth egalitarianism equalitarianism equality justice liberal government representative government republic suffrage carte blanche civil rights convenience Freedom inside midway mean deepest inmost inner medial mid outer edging heart place hub kernel essence focus seat pivot midst axis interior core gist midpoint nucleus marrow pith quick root nave omphalos polestar hotbed cynosure centrum navel margin rim border edge town city plaza club mall station capital market mart meet attract gather unify collect join focalize close on disjoin scatter divide arsenal center depot dump factory headquarters magazine plant range camp dock field garrison hangar harbor home port post settlement site starting point strip terminal antecedent assumption authority axiom backbone background backing base bedrock cause chief ingredient crux data dictum essential evidence explanation footing fundamental hard fact infrastructure justification keynote keystone law nexus postulate premise presumption presupposition principal element principle proof reason rudiment sanction security source substratum support theorem theory underpinning warrant affections circle conscience emotions feelings sentiments soul spirit sympathies Capitol Hill dome legislative hall political scene seat of government statehouse axial basic cardinal centric centroidal chief dominant equidistant focal foremost important intermediate key leading master median middle middlemost midmost nuclear omphalic outstanding overriding paramount pivotal predominant primary prime radical ruling salient significant umbilical armory basis bosom capitol central dan D.A.N Dan DAN Russell russell fiscal monetary material pecuniary solvent viable budgetary across the counter bartering commissary economic exchange financial for sale in demand in the market market marketable mercantile merchandising popular profit-making profitable retail retailing saleable sales supplying trade trading wholesale wholesaling able accomplished active adapted adequate apt businesslike capable clever competent conducive decisive deft dynamic economical effectual efficacious energetic equal to experienced expert familiar with fitted good at good for handy masterly organized potent powerful practiced productive proficient qualified ready saving shrewd skilled skillful systematic talented tough useful valuable virtuous well-organized banking budgeting business commercial numbers numeric pocket money efficient scale Scale Scales SCALE commerce selling deal exchange industry trade dealings transaction traffic market barter undertaking bargaining game racket sales affairs contracts buying and selling capital and labor commercialism free enterprise industrialism manufacturing merchandising trading across the counter bartering commissary economic financial fiscal for sale in demand in the market marketable mercantile monetary pecuniary popular profit-making profitable retail retailing saleable supplying wholesale wholesaling auctioning chucking clearance conveyance demolishing demolition destroying destruction discarding dispatching dispensation disposition dumping ejection jettison jettisoning junking relegation relinquishment removal riddance sacrifice sale scrapping transfer transference vending administration alloting allotment apportioning apportionment assessment assigning circulating circulation dealing delivery diffusion dispersal disposal disposing dissemination dissipating division dole handing out handling mailing marketing partition partitioning propagation prorating rationing scattering sharing spreading transport transportation buying clientage clientele custom shopping haggling business commercial distribution patronage business finance dealing dealings economics exchange industry marketing merchandising merchantry retailing trade traffic truck wholesaling accounts banking commerce financial affairs investment money money management like relative parallel matching near related similar allusive rivaling vying unlike unequal almost close comparative proximate rough allegorical clarifying corroborative delineative descriptive diagrammatic emblematic exemplifying explicatory expository figurative graphic iconographic illuminative illustrational illustratory imagistic indicative interpretive metaphoric pictorial pictoric representative revealing sample specifying symbolic typical approaching approximate at hand coming expected imminent impending in the offing looming near-at-hand next commensurable commensurate comparable compatible consistent contingent correlative correspondent corresponding dependent equal equitable equivalent even in proportion just reciprocal symmetrical uniform proportional illustrative proportionate wealth lead profit favor asset return power choice edge gain help leeway hold avail boon good break odds aid luck leg-up loss harm hurt injury block waste stop accommodation adaptation adjustment admission advantage cut deduction rebate reduction sanction sufferance toleration betterment comfort convenience enhancement enrichment excellence extravagance facility frill improvement luxury merit quality service superfluity virtue authority command control dominance dominion influence jump leg up mastery on top predominance preeminence prepotence prevalence reign rule sovereignty superiority supremacy sway upper hand whip hand account applicability appropriateness fitness usefulness answer be adequate benefit fill fulfill meet satisfy serve suffice work assistance cause concern countenance defense encouragement furtherance part place recommendation representation sake side stead support welfare allowance amenity ascendancy behalf business finance dealing dealings economics exchange industry marketing merchandising merchantry retailing trade traffic truck wholesaling accounts banking commerce financial affairs investment money money management Economics free orderly popular common equal just radical lenient broad general left loose greedy thrifty lacking wanting narrow limited mean poor Socialist autonomous communal constitutional egalitarian friendly individualistic informal libertarian populist self-ruling advanced avant-garde broad-minded catholic enlightened flexible high-minded humanistic humanitarian indulgent intelligent interested latitudinarian magnanimous permissive rational reasonable receiving receptive reformist tolerant unbiased unbigoted unconventional understanding unorthodox unprejudiced progressive democratic liberal liberalistic Libertarian right rest sanction autonomy decision leisure choice delivery autarchy license suffrage leave immunity release denial veto refusal hold work arrest freedom liberty self-determination self-government self-rule sovereignty chance hour occasion one's own sweet time opportunity place preference spare moment suitable time whenever adroitness affability aplomb breeze child's play cinch cleverness composure dexterity dispatch duck soup easygoingness efficiency effortlessness expertise expertness familiarity flexibility fluency informality insouciance knack naturalness nonchalance poise pushover quickness readiness relaxedness setup simplicity skillfulness smooth sailing smoothness snap unaffectedness unconstraint unreservedness deliverance enfranchisement independence liberation setting free acquaintance acquaintanceship boldness closeness ease fellowship forwardness freshness friendship intimacy openness presumption sociability unceremoniousness abandon abandonment ability bent carte blanche compass discretion elbowroom exemption facility free rein full play full swing indulgence laissez faire latitude laxity leeway margin own accord play plenty of rope power prerogative privilege profligacy rampancy range rein rope scope sweep swing unrestraint convenience emancipation Liberty habit fixture maxim tenet precept decree rite edict dogma statute ritual rule unbelief appoint launch set up create install enact pioneer invest fix ordain bow start settle found open induct make up rev open up ruin end stop halt boarding school brainery finishing school halls of ivy institute military school prep school preparatory school secondary school seminary alliance association circle council federation foundation fraternity league buzz canvass catechize challenge cross-examine demand direct enjoin examine give the third degree go over grill hit hunt for inquire interrogate investigate needle pick one's brains pop the question pry into pump put the screws to put through the wringer query quiz request roast sweat activate actualize break ground break the ice bring about bring to pass cause commence drive effect embark on enter on enter upon establish eventuate generate get going give birth to give impulse go ahead go into impel inaugurate induce initiate instigate introduce lay foundation for lead make make active motivate mount occasion originate plunge into prepare produce set about set in motion trigger undertake appeal arraign cite declare indict initiate legal action prefer serve sue summon take to court base begin constitute formulate academy ask bring build Institute alternative rock alt-rock gavin rossdale chris traynor cache tolman charlie walker being now since after during pro toward to go to as long as cause considering for for the reason that inasmuch as seeing that whereas as a result of as things go by cause of by reason of by virtue of due to for the sake of in as much as in behalf of in that in the interest of in view of now that on the grounds that over owing to seeing thanks to through backing in agreement on the side of supporting all in all all things considered because everything being equal forasmuch as in consideration of in light of insomuch as pending taking into account accept advocate appreciate approbate approve back be in favor of be on one's side buck for champion choose commend cotton to countenance encourage endorse esteem eulogize fancy flash on go for hold with honor incline lean toward look up to opt for patronize pick praise prize regard highly root for sanction single out support take a liking to take a shine to take to think well of tilt toward value accordingly and so consequently ergo for this reason hence in consequence in that event on account of on the grounds then thence therefrom thereupon thus to that end whence wherefore behind favor therefore FOR Humane humane review inquiry debate course survey class subject trance reading reverie lesson muse musing thought neglect ponder read examine learn think plug plunge inquire peruse dig mind refresh grind tutor weigh cram coach bone up go into go over perpend read up ignore forget inspect research view case compare figure canvass scope check up sort out educational program modules program of studies schedule studies subjects syllabus accomplishment administration career case history conduct curriculum vitae history past behavior performance reign track record way of life work anteroom bay bower compartment corner cubbyhole cubicle niche recess study assay breakdown dissection dissolution division investigation partition reasoning resolution scrutiny search separation subdivision test estimation evaluation finding interpretation judgment opinion outline report summary beat a dead horse chew over confab consider estimate evaluate figure out get down to brass tacks hash interpret investigate judge kick around rehash resolve scrutinize spell out talk game think through curriculum record alcove analysis analyze Study enroll get read study pick up receive master gain grasp review prepare imbibe peruse grind attain cram con take in soak up ignore release teach pass neglect lose miss spend see hear detect tumble gather dig up assimilate comprehend digest follow get into incorporate latch onto learn sense understand catch on check check out check up on confirm determine dig discover divine double-check establish eye eyeball find out fix get down cold get down pat get hold of get it down get the hang of identify learn the ropes look-see make certain make sure peg pick up on settle size size up tell verify ingest osmose take up add up to ascertain boil down to certify demonstrate figure figure out have a hunch make out unearth work out bring to light catch come across come upon conceive contrive debunk design devise discern disclose distinguish elicit espy explore ferret out get wind of get wise to glimpse invent light upon locate look up nose out notice observe originate perceive pioneer realize recognize reveal smoke out spot think of turn up authorize base circumstantiate constitute corroborate decree disambiguate enact formulate legislate make predicate prescribe prove ratify rest show stay substantiate validate absorb Learn right rest sanction autonomy decision leisure choice delivery autarchy license suffrage leave immunity release denial veto refusal hold work arrest freedom liberty self-determination self-government self-rule sovereignty chance hour occasion one's own sweet time opportunity place preference spare moment suitable time whenever adroitness affability aplomb breeze child's play cinch cleverness composure dexterity dispatch duck soup easygoingness efficiency effortlessness expertise expertness familiarity flexibility fluency informality insouciance knack naturalness nonchalance poise pushover quickness readiness relaxedness setup simplicity skillfulness smooth sailing smoothness snap unaffectedness unconstraint unreservedness deliverance enfranchisement independence liberation setting free acquaintance acquaintanceship boldness closeness ease fellowship forwardness freshness friendship intimacy openness presumption sociability unceremoniousness abandon abandonment ability bent carte blanche compass discretion elbowroom exemption facility free rein full play full swing indulgence laissez faire latitude laxity leeway margin own accord play plenty of rope power prerogative privilege profligacy rampancy range rein rope scope sweep swing unrestraint convenience emancipation Liberty
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