Question
What is the Economic Theory behind Valentine's Day and Roses? Listen to the story PLEASE COPY AN PASTE THIS LINK http://www.npr.org/sections/money/2015/02/13/386005044/episode-603-a-rose-on-any-other-day as well as read
What is the Economic Theory behind Valentine's Day and Roses? Listen to the story PLEASE COPY AN PASTE THIS LINK http://www.npr.org/sections/money/2015/02/13/386005044/episode-603-a-rose-on-any-other-day
as well as read the transcript and identify how the following economic concepts are applied:
Opportunity cost, comparative advantage, allocative efficiency, productive efficiency, tradeoff, economic growth, externalities, market failure, trade between NYC and Ecuador, incentives, profits, prices, surplus, shortage, overallocation, underallocation, allocative efficiency, productive efficiency, marginal benefit, marginal cost, factors of production or resources, scarcity, impacts on environment, methods of production, constraints and limits to growth and development, inefficiency, attainable combinations, unattainable combinations, benefits and costs of globalization
Then post your reflections explaining briefly how opportunity cost, comparative advantage and gains from trade areapplied in this story.
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