Capstone Papers-Absolute and comparative advantage: Explain how these concepts describe the benefits and costs of international trade.

Capstone Papers-Absolute and comparative advantage: Explain how these concepts describe the benefits and costs of international trade.

  • Absolute and comparative advantage: Explain how these concepts describe the benefits and costs of international trade.
  • “Invisible hand”: What is it and how does it affect the decision-making process in our economic system?
  • Circular flow diagram: Include the government sector in your explanation, a description of the roles that each participant plays in the economy, and how the different sectors interact in the markets.
  • The Production Possibilities model: Provide an example and include a summary of what the model is illustrating and the economic implications for the economy.
  • Microeconomics and macroeconomics: Explain the differences between the two and why economics is divided into these two subdivisions.