User Account

All Pages

What are the major markets and economic decision makers

Assignment Help Microeconomics
Reference no: EM13860815

part 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?
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.

part 2

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)?

 

 

Reference no: EM13860815

Questions Cloud

Pertinent information regarding star : Rick Smith, Bill Thomas, Diane Asche, and Jill Renteria are equal owners in "STAR, Inc." - a corporation engaged in event planning services.  Pertinent information regarding STAR is summarized below.
Choices are consistent with nash equilibrium : Four political candidates are deciding whether or not to enter a race for an elected office where the decision depends on who else is throwing his or her hat into the ring. If we assume that their choices are consistent with Nash equilibrium, who wil..
What role does serialization have in rmi : What role does serialization have in RMI? Why would I want to implement Externalizable instead of Serializable? Will serialization save the superclass fields for me?
The principle of the invisible hand asserts : "The principle of the invisible hand asserts that self-interest behavior on the part of resource-owners leads inevitably to chaos" true or false, why?
What are the major markets and economic decision makers : What are the major markets and economic decision makers
Modifications to the interpreter : These are pairs that can have their components destructively modified. Pairs are created using "(,)", accessed using fst and snd, and destructively modified using setfst and setsnd.
Find all nash equilibria : On Friday night, Elton and his partner Rodney are deciding where to go for dinner. The choices are Indian, Korean, and Mexican. Elton most likes Indian food and most dislikes Mexican food, whereas Mexican is Rodney’s favorite and Indian is his least ..
Why does not serialization save value of static variables : 1) Why doesn't serialization save the value of static variables? 2) What are the advantages and disadvantags of serialization? 3) What things are required for a class that implements Serializable?
Describe the relationship of race-class and gender : Describe the relationship of race, class, and gender and its effect on health and mental care delivery in the United States. What steps could be taken to guarantee that all have the same access to the appropriate health care? Should funds be made ava..

Reviews

Write a Review

Microeconomics Questions & Answers

  The free rider problem

Question: Explain why the free rider problem makes it difficult for perfectly competitive markets to provide the Pareto efficient level of a public good.

  Failure of the super committee is good thing for economy

Some commentators have argued that the failure of the “Super committee” is good thing for the economy?  Do you agree?

  Case study analysis about optimum resource allocation

Case study analysis about optimum resource allocation: -  Why might you suspect (even without evidence) that the economy might not be able to produce all the schools and clinics the Ministers want? What constraints are there on an economy's productio..

  Fixed cost and vairiable cost

Questions:  :   Which of the following are likely to be fixed costs and which variable costs for a chocolate factory over the course of a month?  Explain your choice.

  Problem - total cost, average cost, marginal cost

Problem - Total Cost, Average Cost, Marginal Cost: -  Complete the following table of costs for a firm.  (Note: enter the figures in the  MC   column  between  outputs of  0 and 1, 1 and 2, 2 and 3, etc.)

  Oligopoly and demand curve problem

Problem based on Oligopoly and demand curve,  Draw and explain the demand curve facing each firm, and given this demand curve, does this mean that firms in the jeans industry do or do not compete against one another?

  Impact of external costs on resource allocation

Explain the impact of external costs and external benefits on resource allocation;  Why are public goods not produced in sufficient quantities by private markets?  Which of the following are examples of public goods (or services)? Delete the incorrec..

  Shifts in demand and movements along the demand curve

Describe the differences between shifts in demand and movements along the demand curve. What are the main factors which can shift the demand curve? Explain why they cause the demand curve to shift. Use examples and draw graphs to support your discuss..

  Article review question

Article Review Question: Read the following excerpts from the article "Fruit, veg costs surge' by Todd, Dagwell, published in the Herald on January 25th 2011 and answer questions below:

  Long-term growth, international trade & globalization

Long-term Growth, International Trade & Globalization:- This question deals with concepts such as long-term growth, international trade and globalization. Questions related to trade deficit, trade surplus, gains from trade, an international trade sce..

  European monetary union (emu) in crisis

"Does the economic bailout of Spain and Greece spell the beginning of the end for the European Monetary Union (EMU)?"

  Development game “settlers of catan”

Read the rules of the game, the overview and the almanac for the Development Game "Settlers of Catan"

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +91-977-207-8620

Phone: +91-977-207-8620

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd