The Phillips’ Cline

Economics Assignment Help Online

The Phillips’ Cline tween the level of unemployment and the rate of wage increase. We know that Keyncs was of the opinion that trade unions would tend to raise wages more rapidly when unemployment rates were higher  Phillips studied the relationship between unemployment and the rate of changes in money wages in the U.K. over the period 1862-1957. As a […]

PROBLEMS OF CLASSIFICATION AND DEFINITION

Economics Assignment Help Online

PROBLEMS OF CLASSIFICATION AND DEFINITION One problem that has to be faced in the preparation of social accounts relates to classification into  sectors and accounts. The relationships between production, consumption, investment and saving arc easy to identify in hypothetical examples. But when we consider the actual accounting behavior, we may not find it possible to ignore the various types of transactors operating […]

CONCLUSION

Economics Assignment Help Online

CONCLUSION The principle of comparative advantage shows that trade can make everyone better off. You should now understand more fully the benefits of living in an interdependent economy. But having seen why interdependence is desirable, you might naturally ask how it is possible. How do free societies coordinate the diverse activities of all the people involved in their […]

SHOULD THE UNITED STATES TRADE WITH OTHER COUNTRIES

Economics Assignment Help Online

SHOULD THE UNITED STATES TRADE WITH OTHER COUNTRIES Just as individuals can benefit from specialization and trade with one another, as the farmer and rancher did, so can populations of people in different countries. Many of the goods that Americans enjoy are produced abroad, and many of the goods produced in the United States are sold abroad. […]

APPLICATIONS OF COMPARATIVE ADVANTAGE

Economics Assignment Help Online

APPLICATIONS OF COMPARATIVE ADVANTAGE The principle of comparative advantage explains interdependence and the gains from trade. Because interdependence is so prevalent in the modern world, the principle of comparative advantage has many applications. Here are two examples, one fanciful and one of great practical importance. Get Any Economics Assignment Solved for US$ 55

COMPARATIVE ADVANTAGE AND TRADE

Economics Assignment Help Online

COMPARATIVE ADVANTAGE AND TRADE The gains from specialization and trade are based not on absolute advantage but on’ comparative advantage. When each person specializes in producing the good for which he or she has a comparative advantage, total production in the economy rises, This increase in the size of the economic pie can be used to make everyone […]

OPPORTUNIlY COST AND COMPARATIVE ADVANTAGE

Economics Assignment Help Online

OPPORTUNIlY COST AND COMPARATIVE ADVANTAGE There is another way to look at the cost of producing potatoes. Rather than comparing inputs required, we can compare the opportunity costs. Recall from Chapter 1 that the opportunity cost of some item is what we give up to get that item. In our example, we assumed that the farmer and […]

ABSOLUTE ADVANTAGE

Economics Assignment Help Online

ABSOLUTE ADVANTAGE One way to answer the question about the cost of producing potatoes is to compare the inputs required by  the two producers. Economists use the term absolute advantage when comparing the productivity of one person, firm, or nation to that of another. The producer that requires a smaller quantity of inputs to produce a good […]

COMPARATIVE ADVANTAGE: THE DRIVING FORCE OF SPECIALIZATION

Economics Assignment Help Online

COMPARATIVE ADVANTAGE: THE DRIVING FORCE OF SPECIALIZATION The rancher’s explanation of the gains from trade, though correct, poses a puzzle. If the rancher is better at.both raising cattle and growing potatoes, how can the farmer ever specialize in doing what he does best? The fanner doesn’t seem to do anything best. To solve this puzzle, we […]