Discussion Week 2
Watch this Video:
https://www.khanacademy.org/economics-finance-domain/ap-macroeconomics/basic-economics-concepts-macro/scarcity-and-growth/v/comparative-advantage-worked-example
Briefly in the discussion answer these questions:
1. Based on the video; Explain:
What are opportunity costs?
What is the production possibility curve?
What is the opportunities costs charms and berries and what is the PPF curve of Kalos and Johto below for charms and berries?
Identify unattainable, efficient, and inefficient areas of production.
Discuss the concept of increasing opportunity costs and identify whether the opportunity costs from your graph exhibit increasing opportunity costs.
How is specialization & trade can lead to a mutually beneficial outcome..
2. Using this example discuss the following:
Some American politicians claim that Chinas trade policies are unfair to the US and that a large tax (tariff) should be placed on Chinese Imports to protect American workers and industries.
Why might such a policy sound better that it is in practice?
What are the dangers of importing large tariffs on Chinese imports? In other words, describe how a retaliatory tariff on a good the United States is a net exporter would affect the market for that good (for example, of soybeans).
Draw a supply and demand graph (do not just copy and paste a graph; create your own) illustrating world trade and a tariff.
Identify winners and losers from world trade and winners and losers from the retaliatory tariff (be sure to include domestic consumers, domestic producers, foreign consumers, foreign producers, and government in your discussion).
Evaluate two of the arguments for tariffs from the textbook.
For thid discussion essay Thread adhere to the following standards:
Each posting must ne like 100-150 words in length, not including the references (can include a graph can be one of the pages).
Cite at least two scholarly sources.
Wikipedia, Investopedia, The Balance, EconomicsHelp.org, Investopedia, other help websites are not acceptable college credible references
Follow APA standards
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