2.2.5 Apply Concepts of Production and Trade

2.2.5 Apply Concepts of Production and Trade - Natalie...

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Natalie Rastello S473328 AP Microeconomics Assignment: Apply Concepts of Production and Trade 1. Understanding the difference between absolute and comparative advantage is not easy. Define absolute advantage and comparative advantage in your own words. Absolute advantage- the ability of a country to produce a good using fewer resources than another country Comparative advantage - the ability of a country to produce a good at a lower opportunity cost than another country 2. Alex and Edgar are police detectives in the seaside town of Marina. They’re both applying for the Captain position that recently opened. The captain’s job is mostly administrative and isn’t directly related to the capture and conviction of criminals. Alex is a very good officer. He has a high rate of apprehension and conviction of criminals on the cases he works on. Alex also does an excellent job writing up reports on the cases he deals with. Edgar, on the other hand, is not very good at solving crimes or handling paperwork. He’s been on the police force for a number of years, as Alex has, but he excels at
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2.2.5 Apply Concepts of Production and Trade - Natalie...

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