Describe the benefits and costs of international trade

Assignment Help International Economics

Reference no: EM13740248

Your son is graduating from high school and is about to enter the work force. He has developed a strong curiosity about our economic system and how it works. Because you have a good understanding of basic economics, he has asked you to explain several concepts that are essential to an understanding of how the economy works. Your son has asked you to explain the following concepts and ideas:

Absolute and comparative advantage: Explain how these concepts describe the benefits and costs of international trade.

"Invisible hand": What is it and how does it affect the decision-making process in our economic system?

Circular flow diagram: Include the government sector in your explanation, a description of the roles that each participant plays in the economy, and how the different sectors interact in the markets.

The Production Possibilities model: Provide an example and include a summary of what the model is illustrating and the economic implications for the economy.

Microeconomics and macroeconomics: Explain the differences between the two and why economics is divided into these two subdivisions.

Reference no: EM13740248

Questions Cloud

What ways are individual persons affected by global economy : In what ways are individual persons affected by the global economy and threats to the environment?

Quantitative data collection instruments and sampling method : Research at least three quantitative data collection instruments and sampling methods available to researchers using the text and additional resources from the University Library.

Explain the argument in premise-conclusion form : Present the argument in premise-conclusion form. Identify whether or not it was inductive or deductive and evaluate it for quality.

Research employment law issues and policies : As the human resources manager, it is your responsibility to keep all human resources employees informed about current employment law. You want to empower employees with resources that they can use independently to research employment law issues a..

Describe the benefits and costs of international trade : Explain how these concepts describe the benefits and costs of international trade - What is it and how does it affect the decision-making process in our economic system?

Is this strategy successful for the organization : What transnational strategy does your organization in #1 above pursue? Is this strategy successful for the organization

Problem related to permanent replacement : Should employees engage in lawful strike activity be protected from permanent replacement? Explain your reasoning. This work requires two pages and two work citations. The citations must recent between 2009 through 2014.

Determinant of income levels and economic growth : Describe briefly the determinants of income levels and economic growth according to the models and frameworks discussed in class.

Explain an example of an unsound valid deductive argument : Explain an example of an unsound valid deductive argument and a sound valid deductive argument from the media. Outline both arguments presenting the premises and the conclusions of both.

User Account

All Pages