1. Value is relative to the people in the trade and is subject to value in other trades. For instance, if I trade a baseball card worth $20 for another worth $0.02, I may seem to have incurred a huge loss and acted irrationally. However, with my newly acquired $0.02 card, I now have a complete set of baseball cards, which is worth $760, at least $20 more than the set would have been minus the one card I didn't have. Therefore everybody gained from the trade and I acted rationally! This is why it is hard to objectively evaluate the value of trades.
2. Trade gets goods to those who value it most and can do the most with it, which increases production and allows for specialization of labor. Ultimately, we are creating time.
3. In a Production Possibilities Frontier (PPF), quality decreases as you near the intercept of the axis for the approached commodity, and average quality increases for the other commodity though the quantity decreases. This is because the first to go are often the least effective, and the last to go often the most.
4. "Absolute Advantages" in production have no meaning in terms of real economics.
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