Module 18 Discussion Forum
Forum Instructions
In a post below, respond to the following prompt, which assesses the following outcomes:- Course SLO 1: Identify the basic economic principles that serve as the foundation of economic analysis
- Course SLO 3:Analyze the economic impact of government regulation, price setting, and taxes on consumers and producers.
- Course SLO 5: Understand how international trade can improve the well-being of the society
- Module SLO: 18.2.1 – Show the relationship between production costs and comparative advantage;
- Module SLO: 18.2.2 – Identify situations of mutually beneficial trade;
- Module SLO: 18.2.3 – Identify trade benefits by considering opportunity costs
Then, you must respond to 2 of your classmates' posts. After you post a response, you will be able to see other responses. You are not required to post more than required, but feel free to respond to other posts and engage with your classmates.
Your [first] post is due on [day of week] by [time] CST. Your response to another student is due on
[day of week] by [time] CST. [Adjust for number of posts required.]
Your response should be at least [length requirement in words, sentences, or paragraphs] long. This includes responses to other students' posts. [Include previous sentence if necessary.] A simple “I agree” or “Yes” or “LOL” will not count. Please think about the questions and your peers' responses and reply thoughtfully and courteously, according to netiquette rules. Use good English grammar, correct punctuation, and complete sentences. While the posts will mostly be judged by their thoughtfulness and completeness, I reserve the right to take off points for grammatical errors, especially if they interfere with the clarity of the post. [Edit as needed.]
Prompt
Section 2 introduces us to the interesting, yet not too intuitive scenario, where one country has an absolute advantage in all goods. For this discussion, your task is to: - Provide a situation where one country has the absolute advantage in both goods.
- From your example, explain which country would have the comparative advantage for each good.
- In reply to two of your peers, explain how each country can experience gains from trade, despite one country being better at producing both goods.
Hint: To identify trade benefits, consider opportunity costs.
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