Macroeconomics Essays (Examples)

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International Marketing

Words: 2358 Length: 7 Pages Document Type: Essay Paper #: 60132242

Macroeconomics

Comparative advantage is when someone is better at something than someone else. In the context of economics, it is typically applied to trade. For example, if two countries are trading, they should each produce the good at which they have comparative advantage. The overall production of two countries producing to their respective comparative advantage will be higher than if they both produced to their domestic demand. Key to understanding comparative advantage is the idea of opportunity cost. Where resources are scarce, any use of resources for one purpose means that another purpose must be forgone. But if parties produce that in which they have comparative advantage, not only does overall production increase, but opportunity cost decreases (Landsburg, 2007).

The product life cycle theory is an entirely different theory, reflecting an entirely different subject. The product life cycle theory is focused on the idea that products start with an introductory…… [Read More]

References

Business Mate (2014). What is transaction cost theory? Business Mate.org. Retrieved December 10, 2014 from http://www.businessmate.org/Article.php?ArtikelId=182

CIA World Factbook. (2011). Australia. Central Intelligence Agency. Retrieved December 10, 2014 from https://www.cia.gov/library/publications/the-world-factbook/geos/as.html

FFS (2014). Fragile States Index 2014. Retrieved December 10, 2014 from http://ffp.statesindex.org/

Geert-Hofstede.com (2014). Retrieved December 10, 2014 from http://geert-hofstede.com/
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Will Diminishing Supplies of Natural Resources Limit World Economic Growth

Words: 2202 Length: 7 Pages Document Type: Essay Paper #: 31178406

Macroeconomics

For most of the time since the subject of economics was first studied, the idea of resource constraints has been irrelevant. The world was simply not viewed as a finite place. The concept of resource constraints was limited, more or less, to the consideration of constraints on an individual economy. Adam Smith recognized that all economies would face resource constraints of one type or another. As Snowdon (2003) points out, "to Smith, it was obvious that all economies were faced with resource constraints and that free trade was a policy that would allow any nation to achieve the most efficient allocation of its scarce resources." This notion was built into the Ricardian trade theory and classical economics. It has not been until recent times, however, that the concept of worldwide scarcity has become relevant. The idea of peak oil and a world with seven billion people (or more) has…… [Read More]

Works Cited:

Alexandratos, N. (2005). Countries with rapid population growth and resource constraints: Issues of food, agriculture and development. Population and Development Review. Vol. 31 (2) 237-258.

Asheim, G., Buchholz, W., Hartwick, J., Mitra, T. & Withagen, C. (2005). Constant savings rates and quasi-arithmetic population growth under exhaustible resource constraints. CESInfo Working Paper No. 1573

Ellis, K., Cantore, N., Keane, J., Peskett, L., Brown, D. & te Velde, D. (2010). Growth in a carbon constrained global economy. Overseas Development Institute. Retrieved November 27, 2011 from http://www.odi.org.uk/resources/details.asp?id=4984&title=growth-carbon-constrained-global-economy

Friedman, M. (1971). The social responsibility of business is to increase its profits. New York Times Magazine. Retrieved November 27, 2011 from  http://www.colorado.edu/studentgroups/libertarians/issues/friedman-soc-resp-business.html