Economics

Speculators from rushing into and out of a country's market and disrupting its economy./

To make decisions that maximize benefits.

Rational and Subjective.

Objective and systematic

pleasure (benefit) and pain (cost)

calculating and coherent

Rational and structured =making a list of costs and benefits

To win political support

They maintain high tariffs on the agricultural goods that many developing countries export.

It could pursue a policy of national self-sufficiency.

They are left on the margins of globalization.

When a country has an absolute advantage in production of that good it may specialize in producing that good.

Many information technology jobs are shifting from developed countries to the new globalizers.

The World Bank loans developing countries money in order to improve conditions in the country. It can be used for various purposes, including education, job development, and infrastructure.

Some northern states made slavery against the law.

Think that you're country A, wanting to buy pen and paper.

Country B produces 1 million pen and 1 BILLION paper

Country C produces 1 BILLION pen and 1 million paper

Or, country B has the absolute advantage over production of paper while

country C has the absolute advantage over production of pen.

Coming back our theory of economy of scale, we know that to a certain point, increased production would lead to lower average cost and thus, lower price.

This would mean that paper from country B is cheaper than country C whereas pen from country C is cheaper than country B.

Therefore, you would choose to trade paper with country B while trading pen with country C.

And this is why it is important to making economic choices.

A restriction on when a union may call a strike

A. Social security _ government agency

B. U.S. Postal Service _ government corporation

C. Boeing _ government contractor

you pipi