Get help Kaplan-University AB 204 Unit 2 Homework Help. This Assignment draws from Chapters 2 and 3, which discuss the roles of economic models of the production possibility frontier and circular flow diagram and the gains from trade based on comparative advantage. Select the Rubric icon below for full details. To be an effective learning tool the Discussion Board topics require your active discussion of the topic with at least two of your classmates. First post made during, or before, Saturday. Posts on at least 3 different days. Responses to at least two other classmates. Substantive posts that stimulate further active discussion, posts that accurately reflects the learning, that are logical, and clearly presented with correct spelling, word usage, and grammar. To be counted as a substantial post, your main post to the Discussion topics should be at least 200 words per Discussion topic. Respond to two of the following Discussion topics.

Read Chapters 2 and 3, and remember to include references and links to the websites that are important contributors to your posts. The theory of comparative advantage states that there are gains from trade if countries specialize and optimize their opportunity costs. Why is comparative advantage a driving force behind trade behind trade between regions and countries? Why does specialization lead to welfare improvement? Why engaging in trade is better than trying to be self-sufficient? To be an effective learning tool the Discussion Board topics require your active discussion of the topic with at least two of your classmates. First post made during, or before, Saturday. Posts on at least 3 different days. Responses to at least two other classmates. Substantive posts that stimulate further active discussion, posts that accurately reflects the learning, that are logical, and clearly presented with correct spelling, word usage, and grammar. To be counted as a substantial post, your main post to the Discussion topics should be at least 200 words per Discussion topic.

Respond to two of the following Discussion topics. Read Chapters 2 and 3, and remember to include references and links to the websites that are important contributors to your posts. Economists use economic models to study real world economic issues. The two basic economic models are Production Possibility Frontier (PPF) and the Circular Flow Diagram. How does the production possibility frontier model help us understand the feasible and efficient amounts that can be produced? What does the outward shift in production possibility curve indicate? What are the major markets and economic decision makers (economic agents) the circular flow diagram indicate? What is the importance of the diagram in various markets of the economy or economic interactions (transactions)? Journal entry questions are related to the application of the key concepts you learn to the real-world economic issues. The questions contain key economic principles and ideas related to the Macroeconomics topics you are learning.

Please feel free to express your perspectives and state how the economic principles and ideas affect your economic decision making process. You should note that there is a limit to the number of words for the Journal entry. You can only enter the maximum 400 words. Absolute and comparative advantages differ in both meaning and importance. An individual or a country may have absolute advantages in producing several products and services whereas others may have comparative advantages. Give an example in which one person has absolute advantages in doing two things but another person has a comparative advantage in doing one of the tasks. Will both individuals benefit if they specialize in a task based on their comparative advantage and engage in trade? The circular flow diagram shows us how economic agents interact in various markets once the economic decisions (choices) are made. As an economic agent, in which market do you participate in the circular flow diagram? How does the flow diagram help you understand the roles of the economic agents in the market?

Documenting agreements is not very common especially where low capital is involved. Trust is an important factor. A common phrase would be, “I am selling this to you only because I promised you, although I am not making much profit out of this deal”. Indians generally stick to their commitments even if made verbally. Similarly, contracts take long to get initiated, because ‘Bargaining Power’ is a characteristic, businessmen generally possess. Even, a CEO of the Indian origin would believe in bringing this power to practise, in order to get a good deal. Lawyers are required in any country for business contracts for documentation, especially in case of International businesses. But, organisations generally avoid, settlement through lawyers. The reason being, files with court cases in them only pile up higher with time, having no outcome or solution. Hence, there is conciliation in contracts or if ever taken to court, may not get resolved for years together.

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