No Plagiarism Please! • Distinguish between absolute advantage and comparative advantage.

ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
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No Plagiarism Please!

• Distinguish between absolute advantage and comparative advantage.

• Analyze the role of comparative advantages in the production of goods and services.

• Define trade barriers such as tariffs, quotas, embargoes, standards, and subsidies.

• Explain the causes, benefits, and consequences of trade barriers on consumers and producers.

• Analyze multinational entities in economic and social terms.

• Explain how changes in exchange rates can have an impact on the purchasing power of groups in the United States and in other countries.

• Identify tools used to measure levels of development and describe the characteristic of developed nations and less developed countries.

• Understand the role investment plays in development and identify the purpose of foreign aid.

• Explain how current globalization trends and policies affect labor markets, resources, and income distribution in different nations.

• Evaluate the arguments for and against free trade.

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