Question
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
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 theHow to Submit a Simulation Report Imagedocument for more information. Then, address the following questions:
- Imagine you own your own business. How would you evaluateopportunity costs and comparative advantagewhen making business decisions?
- Look up a Production Possibilities Frontier (PPF) graph. What role does theproduction possibility frontier (PPF) modelhave in making business decisions regarding specialization and trade?
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