Assignment Task: What is the Economic Theory behind Valentine's Day and Roses? Listen to the story
Episode 603: A Rose On Any Other Day
As well as read the transcript and identify how the following economic concepts are applied:
Opportunity cost, comparative advantage, allocative efficiency, productive efficiency, tradeoff, economic growth, externalities, market failure, trade between NYC and Ecuador, incentives, profits, prices, surplus, shortage, overallocation, underallocation, allocative efficiency, productive efficiency, marginal benefit, marginal cost, factors of production or resources, scarcity, impacts on environment, methods of production, constraints and limits to growth and development, inefficiency, attainable combinations, unattainable combinations, benefits and costs of globalization