Explain why will this specialization increase production

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Question about absolute advantage and comparative advantage

1. What are absolute advantage and comparative advantage? Why will resources specialize according to their comparative advantages? Why will this specialization increase production? Why will specialization increase trade?

2. Who is counted as employed or unemployed in the unemployment statistics? What groups in society are not represented at all in the unemployment statistics (i.e., who is not a part of the civilian labor force)? How is the unemployment rate measured?

3. Describe the limitations of using Gross Domestic Product (GDP) as a measure of economic activity.

Reference no: EM1335894

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