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ces. 5 A corollary of the theory of competitive 6 Some of these judgments are obvious, In advantage is the principle that some things are almost no case is it to a job-seeker's advantage worth doing and others are worth trading for. In to cut his or her own hair or sew clothes for the fact, David Ricardo's first exposition of the theory interview. However, the principle is helpful in less (1817) involved the question of which product(s) obvious cases as well. Should the job-seeker Britain and Portugal should produce and which compose his or her own resume? Most do, and they should trade for-wine, cloth, both, or neither. many of them do well enough that the time Ricardo concluded that even if a country-he spent in this writing has a low OC-that is, it is a postulated Portugal-were more efficient at sufficiently profitable use of time that they should producing both, it made economic sense for it to not pay someone else to write resumes for them. concentrate on the product where its advantage However, a job-seeker may recognize that resume is greatest (wine, in Ricardo's example) and to writing is not the sharpest of his or her skills. buy the other product from elsewhere. A job- It may be worth the person's time to trade out seeker has to recognize that a full exploitation that task-to hire one of the many professional of comparative advantage in the search for resume-writing companies-while concentrating employment involves analogous judgments. time and effort on some higher-return task, like HOURS OF LABOR PER YEAR researching the histories of prospective employers or watching videos about how to behave in job 120 interviews. 110 100 90 80 70 Portugal England Commodity Cloth Wine B. Reread and summarize Paragraphs 2, 4, and 5. Use the summarizing strategies you've learned. Note the word limit for each. . Summarize Paragraph 2 in no more than 55 words. . Summarize Paragraph 4 in no more than 55 words. . Summarize Paragraph 5 in no more than 40 words. Go to MyEnglishLab to complete a vocabulary exercise and skill practice, and to join in collaborative activities.

EXERCISE 5 A. The following is an excerpt from an article that applies economic principles to personal experiences Read the excerpt. 5 A co advanta Comparative Advantage and Job-Hunting worth do fact, Da 1 The concept of comparative advantage is of education or TIP (1817) not just an abstraction. Nor is it applicable training, an ability Writing words down helps Britain only to entire national economies. A job-hunter to do certain you remember them, Create they sh tasks, prior work vocabulary flashcards (using Ricardo would do well to recognize his or her personal comparative advantages and use this recognition in the field, and so Index cards, an online flashcard postula on. The candidate generator, or an app) or create both to choose the best jobs to apply for and to a vocabulary study list. produci concent stand out among other job-seekers. The savvy presents such qualifications, and in return the prospective is great person looking for a job will look at the galaxy buy the of employment possibilities through the lens of employer assigns a certain salary to the position seeker global economics. (plus a package of other money-related benefits, such as health insurance). But other factors of comp 2 Perhaps the clearest focus provided by employ comparative advantage theory is on the also figure into the calculus, such as location, phenomenon of opportunity cost (OC]. If a job- corporate culture, the character of one's fellow hunter spends time applying for jobs that do not workers, and innumerable other features of the suit him or her very well, an OC is incurred. He job. Without such nonmonetary enticements, the 120 or she cannot spend that time applying for more position's fruitfulness factor would decrease, and 110 appropriate positions. The costs might not be the OC of applying for it would increase. measured in money (unless you assign a certain Hours 10 The lessons of comparative advantage theory dollar value to an applicant's time) but could be extend beyond the realm of the job search. There quantified in terms of some other unit you might is also the matter of the worker's own comparative invent to measure success or satisfaction, some advantages in terms of skills, a calculus that looks sort of "fruitfulness factor." Potential employment very much like what economists do in figuring that has a high fruitfulness factor, that is, a a nation's comparative advantage. Imagine strong chance of being offered to a candidate and someone looking for web-development work in a a strong chance of being accepted, is far better job market where many applicants are competing for a job-seeker to pursue than employment with a low fruitfulness factor. Such a job would be for every available position. Our web developer unlikely to be offered or unlikely to be accepted, s good at coding in Java and C++, and she has two years of web-development experience. Not B. Rerea or both. So a candidate would incur higher OC bad, but nearly every other job-seeker in that the w by spending time applying for low-fruitfulness field can say the same. It is best for her to avoid Su positions rather than jobs that are better suited to . Su him or her. competing for jobs based on those skills alone 3 Of course, in calling a position "better suited" even though she may feel that she's better than and assigning a fruitfulness factor, we have to most competitors. By analyzing her comparative Go to My consider a number of attributes, most of which advantages rather than absolute skills, she might are only indirectly about money. Some relate to recognize that she has other, less common talents the likelihood that an offer will be made. Others she wants to leverage, something like proficiency relate to the likelihood that an offer will be in Spanish or a sophisticated knowledge of film accepted. The job-seeker's skills and experience production. If there are employers that value are the main criteria for appropriateness to the those characteristics-and if there are, she is stated requirements of the job-a given level quite likely to enjoy working there-she stands above the crowd. For more at 36 ECONOMICS PART 1

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