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Basic economic models of the circular-flow diagram

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The Discussion topics include the difference between microeconomics and macroeconomics, the two basic economic models of the Circular-Flow Diagram and the Production Possibility Frontier, and comparative advantage, which is the main force behind interdependence in the market economy and the gains from trade.

Remember to include references and links to the websites that are important contributors

The theory of comparative advantage states that there are gains from trade if countries specialize and optimize their opportunity costs.

  1. Why is comparative advantage a driving force behind trade behind trade between regions and countries?
  2. Why does specialization lead to welfare improvement? Why engaging in trade is better than trying to be self-sufficient?

Just a discussion.

Reference no: EM131773968

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