Please write in your own words not from internet or any website.

Answer two of the following questions: 1. What do you think might be cheaper to produce in a certain country but more expensive in another country? Think about some of the foods and products certain countries are known for and what gives them a competitive advantage to produce them. Why are they not produced elsewhere instead? 2. Taxes are a big topic of debate in any presidential election. Usually, more liberal candidates talk about expanding taxes to provide more social services, while conservative candidates usually talk about reducing taxes to expand economic activity, presumably to improve the benefits to producers and consumers. When would the liberal position be more desirable than the conservative position and when is the conservative position more desirable than the liberal position? Or is one position always better than the other? 3. Free trade is considered desirable in order to maximize economic activity, which would tend to allow for supply and demand to equalize, leading to the fairest prices that allow for the maximum number of people buying at low enough prices, while the producers sell more units and maximize profits. What happens when free trade is restricted and market power is achieved? Can you think of any industries that do not have fair competition, as with the establishments of monopolies, where one company produces all of the supply of something? Or an oligopoly, wher few companies produce all of the supply of something? Think technology and media - there are quite a few there. Search entries or author Unread Reply Replies are only visible to those who have posted at least one reply. Previous