Problem
1. By referencing events in the news or something from your personal experiences, describe one example of each of the four key principles involved in thinking like an economist.
2. Suppose that Colombia is good at growing coffee but not very good at making computer software, and that Canada is good at making computer software but not very good at growing coffee. The two countries decide to trade with each other. If Colombia decided to grow only coffee and Canada made only computer software, would both countries be better or worse off? Can you think of a similar example from your life?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.