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T ell me what that state specializes in:

T ell me what that state specializes in: . Idaho. Potatoes. Florida. Oranges. Oil or cattle. Texas. Michigan. Automobiles. Nevada. Any illegal activity that you can think of. Absolute & Comparative Advantage. Absolute and Comparative Advantage.

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T ell me what that state specializes in:

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  1. Tell me what that state specializes in: Idaho Potatoes Florida Oranges Oil or cattle Texas Michigan Automobiles Nevada Any illegal activity that you can think of

  2. Absolute & Comparative Advantage

  3. Absolute and Comparative Advantage Betty types 120 w.p.m. with 0 errors Jim types 60 w.p.m. with 0 errors Who should do the typing, Betty or Jim? Betty. Why? Betty can type ABSOLUTELY faster than Jim can. What type of advantage does Betty have over Jim? Absolute Advantage

  4. I forgot to tell you--Betty is a lawyer. A lawyer earns $60 an hour. A secretary earns $6 an hour. Betty is the lawyer. According to the information given, that makes Jim-- A secretary. A 600-word document has to be typed, how long does it take each person to type this document?

  5. It takes Betty 5 minutes to type the document, and it takes Jim 10 minutes to type the document. Based on hourly rates and time to type, it would cost Betty $5 to type the document, and it costs Jim $1 to type the document. According to this information, who should do the typing? Jim

  6. Why should Jim do the typing? Because he has a-- Comparative Advantage One entity can produce something at a LOWER OPPORTUNITY PRODUCTION COST than another entity

  7. Five minutes ago you told me that Betty should do the typing; now you are telling me that Jim should do the typing. Why? Because Jim has the comparative advantage. Which is more important in economics-- absolute or comparative advantage? Comparative Advantage

  8. -U.S. call centers are ABSOLUTELY the best for English speakers. Why then, are thecall centers all moving to India where they struggle with the English language and drive us crazy when we call?

  9. India has a COMPARATIVE advantage. Compared to their American counterparts, Indian operators get the job ‘done’ at a much lower opportunity cost. American workers are thus free to do more lucrative jobs.

  10. India United States

  11. The Law of Comparative Advantage infers that international trade is a natural phenomenon. BUT…

  12. …does trade with China, Mexico, etc. hurt the United States or help it?

  13. Top US Imports Crude oil … US$188.5 billion Medicinal, dental and pharmaceutical preparations … $81.4 billion Passenger cars … $80.9 billion Other household goods (example: clocks) … $60.3 billion Computer accessories … $53.2 billion Automotive parts and accessories … $47.3 billion Cotton apparel and household goods … $43.9 billion Computers … $40.8 billion Telecommunications equipment … $37.3 billion Video equipment (example: television receivers, DVDs) … $36.1 billion

  14. Buying American? 65% made in USA 90% made in USA

  15. Top US Exports Civilian aircraft including parts … US$74.7 billion Medicinal, dental and pharmaceutical preparations … $46.1 billion Semiconductors … $37.5 billion Other industrial machines … $30.9 billion Automotive parts and accessories … $30 billion Telecommunications equipment … $28.7 billion Passenger cars … $27.5 billion Medicinal equipment … $26.9 billion Electric apparatus … $26.1 billion Plastic materials … $25.5 billion

  16. Tim Cook: China will be Apple's top marketBy Charles Riley @CNNMoneyTech January 11, 2013

  17. CATTLE IN JAPAN!

  18. China Germany

  19. How long does it take Betty to type this document? 5 minutes 600 divided by 120 = 5 How long does it take Jim to type this document? 10 minutes 600 divided by 60 = 10

  20. How much would it cost each one to type this 600-word document? Betty $5 Betty receives $60 an hour or $1 per minute. It takes her 5 minutes to type the document. Jim $1 Jim receives $6 an hour or $1 for every 10 minutes. It takes him 5 minutes to type the document.

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