Skills: Diversity And Specialization
Comparative advantage is also measured by the salary yardstick, and how much a person’s time, skills and core skill sets are worth.
Example: Michael Jordan is a skilled basketball player, and is very tall. If he wants, he could paint his own house by himself and do it quickly due to his height. But as he is also a skilled sportsperson, he could earn much more in that time, and probably hire someone else to paint his house, even if the hired painter (who has a comparative advantage due to his specialization of painting houses) takes more time to do it.
40
156 reads
CURATED FROM
IDEAS CURATED BY
The idea is part of this collection:
Learn more about economics with this collection
Understanding the basics of blockchain technology
The benefits and challenges of using blockchain
The future of blockchain technology
Related collections
Similar ideas to Skills: Diversity And Specialization
Bob Ross and the road to success
A lot of what we know about Bob Ross can be gleaned from his art. He always painted scenes of nature, full of trees and mountains and clouds, and filled with animals. He almost never painted people.
He spent 20 years in the Air Force. During this time, he learned to paint. He enjoyed paint...
Read & Learn
20x Faster
without
deepstash
with
deepstash
with
deepstash
Personalized microlearning
—
100+ Learning Journeys
—
Access to 200,000+ ideas
—
Access to the mobile app
—
Unlimited idea saving
—
—
Unlimited history
—
—
Unlimited listening to ideas
—
—
Downloading & offline access
—
—
Supercharge your mind with one idea per day
Enter your email and spend 1 minute every day to learn something new.
I agree to receive email updates