Assignment:
1- Research one of the topics provided below that we went over this week and summarize the article in 1 paragraph and include the link under references in APA format.
2- Then answer these questions
Question 1) What is absolute advantage? What is comparative advantage? Is it possible for a country to have a comparative advantage in producing a good without also having an absolute advantage? Briefly explain.
Question 2) What is economic efficiency? Why do economists define efficiency in this way?
Topics we went over during this week
- Trade-offs, Comparative Advantage, and the Market System
- Where Prices Come From: The Interaction of Demand and Supply
- Economic Efficiency, Government Price Setting, and Taxes
Writing Standards. All written assignments are expected to be free of grammatical and typographical errors. Please utilize spelling and grammar tools when submitting coursework. Do not write in sentence fragments; use complete sentences.