Economics Homework Help
ECON 201 SNHU WK 2 Opportunity Costs and Comparative Advantage Discussion
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A difference in opportunity costs between businesses can lead to a comparative advantage in the production of a good and the decision to trade.
For this discussion, first play the simulation games Comparative Advantage (Without Trade) and Comparative Advantage (With Trade) in the MindTap environment. Then, you will share your experiences playing the games. Your work in this discussion will directly support your success on the course project.
In your initial post, include the image of your simulation report in your response. See the How to Submit a Simulation Report Image PDF document for more information. Then, address the following questions:
- Imagine you own your own business. How would you evaluate opportunity costs and comparative advantage when making business decisions?
- Look up a Production Possibilities Frontier (PPF) graph. What role does the production possibility frontier (PPF) model have in making business decisions regarding specialization and trade?
