How does trading make people better off? Economics professor Art Carden explains in this quick lesson on one of the most important concepts in Economics 101: trade creates wealth. Part 1 of 3.
Prof. Art Carden examines how trade creates wealth, by allowing people working together to produce more than they could individually. Using a simple two-person example, he shows another example of how cooperation during production benefits everyone.
Prof. Art Carden explains how trade not only creates wealth, but conserves both wealth and resources. When people have access to trade, they can produce the things they make efficiently, and then trade for the things they can’t produce as efficiently. This means they are able to meet their needs while consuming fewer resources. Part 3 of 3 in the “Trade is Made of Win” series.
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