Watch two of the economic videos and write 750-1000 word summary.

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Economics

Description

Please follow the following instruction.

Dear students,

You have to listen to two lectures from the list below and write a summary as

well as an analysis based on what we've learned in class for each.

Each summary should be typed, single spaced and in font size no larger

than 12. Each summary should be between 750 and 1000 words.

You must write both essays to receive any credit, there will be no partial credit.

You must email these essays to me in a word document any time between now and the morning of your final exam.

I will not accept any assignments emailed after your final exam.

http://www.econtalk.org/archives/2008/10/munger_on... (Links to an external site.)Links to an external site.

http://www.econtalk.org/archives/2014/07/michael_m... (Links to an external site.)Links to an external site.

http://www.econtalk.org/archives/2007/08/gordon_on... (Links to an external site.)Links to an external site.

http://www.econtalk.org/archives/2007/07/leamer_on... (Links to an external site.)Links to an external site.

http://www.econtalk.org/archives/2007/04/boudreaux... (Links to an external site.)Links to an external site.

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Explanation & Answer

Attached.

ECONOMIC VIDEO SUMMARY AND ANALYSIS
OUTSOURCING AND GLOBALIZATION

Student Name:
Professor’s Name:
Course:
Date:

Running head: OUTSOURCING AND GLOBALIZATION

2

Economics explains markets. There is a strong relationship between buyers and sellers in
a market within a certain locality. The locality can be a town, country or global. There has been
the prediction of major job losses as a result of globalization. In a way, some jobs have been
transferred to areas where the cost of labor which is an economic resource costs less. Major
apparel manufacturing companies, electronics, footwear have had to transfer to third world
countries where the cost of labor is low for labor-intensive productive services. Not all industries
suffer the fate. Firms that require highly specialized manpower remain in the developed
economies. Highly specialized jobs providers are secure since they are rare. Highly specialized
human capital is not affected by globalization. Countries like Brazil and China have benefitted
from outsourcing of manufacturing jobs. India, in particular, has benefitted from transcription
services, accounting, and data entry as well as call centers. Economics recognize transaction that
describes markets. In outsourcing, there are transactions between countries those that provide
manufacturing services and the source of work provides a market. Outsourcing and globalization
enhance trade internationally. Labor services are considered an economic good in regard to
factors of production. Labor is based on relationships between employer and employee. Studying
labor and jobs is a complex process. Highly specialized human capital providers are unique,
intangible and not easily replaceable- a perfect match cannot be found. It is a source of
competitive advantage. Quality competition in comparison to price competition is not a market
issue. Price competition is a market issue and thus an economic issue. The relationship between
employer and employee is based on trust this takes time to build. National and regionally
countries tend to trade with neighbors within the...


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