Answer the following questions to the best of your ability.
Submit all the questions in one document. They should appear in the document in the order that they appear below.
1. Give three examples of opportunity cost from your day-to-day life, and how you made your decision based on opportunity cost. Discuss whether or not these opportunity costs are same or different than monetary costs
a) I have sacrificed my personal and social life and dedicated the time to raise my three children. Before the children I played soccer socially though at club level as well as socialized very much.
b) Dedicated all excess resources towards building a business, which I hope to run full time one day. Currently, I spent time blogging about it as well as updating …show more content…
The policy formed between two or more nations to permit the unlimited import or export of goods or services between partner nations is the foundation of free Trade. It must be noted that not all trade is free trade. When nations don not have agreements and treaties that outline the parameters of trade between partners, tariffs are imposed on goods and services. Tariffs are taxes that nations impose on imports and these will increase the cost of goods and this is passed on to consumers. Free trade with outlined agreements and treaties eliminates tariffs and makes corporations more competitive in foreign markets. Free trade is beneficial for our country because the governments does not interfere with trade and no tariffs are applied to imports or exports. Supply and demand dictate the prices and is the only factors that determine how resources are allocated to the people. There is free access to markets and market information, and there are no government-imposed monopolies. This gives the corporations a comparative advantage to generate foreign currency that is beneficial to the economy. More markets open up, countries with inferior technology benefit by providing raw materials and getting finished goods at lower prices. To the producing country, a steady rise in employment figures is seen and to the receiving country goods that are produced cheaply however, standard maintained. There is also the element of a higher quality of local goods produced so as to compete with the imported
Submit all the questions in one document. They should appear in the document in the order that they appear below.
1. Give three examples of opportunity cost from your day-to-day life, and how you made your decision based on opportunity cost. Discuss whether or not these opportunity costs are same or different than monetary costs
a) I have sacrificed my personal and social life and dedicated the time to raise my three children. Before the children I played soccer socially though at club level as well as socialized very much.
b) Dedicated all excess resources towards building a business, which I hope to run full time one day. Currently, I spent time blogging about it as well as updating …show more content…
The policy formed between two or more nations to permit the unlimited import or export of goods or services between partner nations is the foundation of free Trade. It must be noted that not all trade is free trade. When nations don not have agreements and treaties that outline the parameters of trade between partners, tariffs are imposed on goods and services. Tariffs are taxes that nations impose on imports and these will increase the cost of goods and this is passed on to consumers. Free trade with outlined agreements and treaties eliminates tariffs and makes corporations more competitive in foreign markets. Free trade is beneficial for our country because the governments does not interfere with trade and no tariffs are applied to imports or exports. Supply and demand dictate the prices and is the only factors that determine how resources are allocated to the people. There is free access to markets and market information, and there are no government-imposed monopolies. This gives the corporations a comparative advantage to generate foreign currency that is beneficial to the economy. More markets open up, countries with inferior technology benefit by providing raw materials and getting finished goods at lower prices. To the producing country, a steady rise in employment figures is seen and to the receiving country goods that are produced cheaply however, standard maintained. There is also the element of a higher quality of local goods produced so as to compete with the imported