Unit 2 Journal BU204: Macroeconomics

Price: $15 USD

Question description

Journal (400 words)

  • Absolute and comparative advantages differ in both meaning and importance. An individual or a country may have absolute advantages in producing several products and services whereas others may have comparative advantages. Give an example in which one person has absolute advantages in doing two things but another person has a comparative advantage in doing one of the tasks. Will both individuals benefit if they specialize in a task based on their comparative advantage and engage in trade? Why?
  • The circular flow diagram shows us how economic agents interact in various markets once the economic decisions (choices) are made. As an economic agent, in which market do you participate in the circular flow diagram? How does the flow diagram help you understand the roles of the economic agents in the market?

Tutor Answer

(Top Tutor) Daniel C.
School: Purdue University
Studypool has helped 1,244,100 students
Ask your homework questions. Receive quality answers!

Type your question here (or upload an image)

1829 tutors are online

Brown University

1271 Tutors

California Institute of Technology

2131 Tutors

Carnegie Mellon University

982 Tutors

Columbia University

1256 Tutors

Dartmouth University

2113 Tutors

Emory University

2279 Tutors

Harvard University

599 Tutors

Massachusetts Institute of Technology

2319 Tutors

New York University

1645 Tutors

Notre Dam University

1911 Tutors

Oklahoma University

2122 Tutors

Pennsylvania State University

932 Tutors

Princeton University

1211 Tutors

Stanford University

983 Tutors

University of California

1282 Tutors

Oxford University

123 Tutors

Yale University

2325 Tutors