Reference no: EM131497798
Assignment: Basic Economic Models and Comparative Advantage
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.
Respond to two of the following Discussion topics.
Topic 1: The theory of comparative advantage states that there are gains from trade if countries specialize and optimize their opportunity costs.
a. Why is comparative advantage a driving force behind trade behind trade between regions and countries?
b. Why does specialization lead to welfare improvement? Why engaging in trade is better than trying to be self-sufficient?
Topic 2: Economists use economic models to study real world economic issues. The two basic economic models are Production Possibility Frontier (PPF) and the Circular Flow Diagram.
a. How does the production possibility frontier model help us understand the feasible and efficient amounts that can be produced? What does the outward shift in production possibility curve indicate?
b. What are the major markets and economic decision makers (economic agents) the circular flow diagram indicate? What is the importance of the diagram in various markets of the economy or economic interactions (transactions)?
Is an employer mandate a tax on low-wage labor
: On June 30, 2009, Wal-Mart executive vice president Leslie Dach went to the White House to deliver a letter to President Obama's Chief of Staff Rahm Emanuel.
|
What characterizes the death system in a culture
: What characterizes the death system in a culture? What are some cultural variations in the death system? What are some issues regarding determination of death
|
Define the internet non-discrimination act
: Internet Taxation On May 10, 2000, the House of Representatives passed H.R. 3709, the "Internet Non-Discrimination Act," by a resounding majority of 352-75.
|
Develop a presentation that outlines what punishment is
: In this assignment you will work together to develop a presentation that outlines what punishment is, how it is used, and any ethical considerations
|
Why does specialization lead to welfare improvement
: Economic Model and Comparative Advantage- Why does specialization lead to welfare improvement? Why engaging in trade is better than trying to be selfsufficient?
|
What is poll and smith model of spiritual identity
: Discuss the similarities and differences between spirituality and religion. What is Poll and Smith's Model of Spiritual Identity
|
Formulate integrated strategy for wal-mart urban expansion
: Wal-Mart was the world's largest corporation with sales of $256 billion, a $9 billion profit, and 1.3 million associates, as it called its employees.
|
What did you learn about the values and beliefs
: From this activity, what did you learn about the values and beliefs which that culture deems important in education? Can you help me to write this your own word
|
Design a marketing program for the use of gardasil for males
: Our goal is about cervical cancer prevention, and we want to reach as many females as possible with Gardasil. We're concerned that our role in supporting.
|