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  • Absolute and Comparative

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    micoleq903385
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    Tribe 1 discusses using the absolute advantage trade theory to outwit their opponents in the game. They explain that this theory suggests specializing in goods where a tribe is most efficient to produce and importing goods where it is not efficient. However, one member argues that both tribes would benefit from trade this way and it would not help them outwit, outplay or outlast their opponents. Tribe 2 overhears Tribe 1's plan and dismisses it as outdated. They receive advice from David Ricardo to instead use the comparative advantage theory against their opponents. This theory suggests producing the good where a tribe has a relatively lower opportunity cost compared to the alternative good forgone. Tribe 2 agrees this is a better plan that

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    Tribe 1 discusses using the absolute advantage trade theory to outwit their opponents in the game. They explain that this theory suggests specializing in goods where a tribe is most efficient to produce and importing goods where it is not efficient. However, one member argues that both tribes would benefit from trade this way and it would not help them outwit, outplay or outlast their opponents. Tribe 2 overhears Tribe 1's plan and dismisses it as outdated. They receive advice from David Ricardo to instead use the comparative advantage theory against their opponents. This theory suggests producing the good where a tribe has a relatively lower opportunity cost compared to the alternative good forgone. Tribe 2 agrees this is a better plan that

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    13 vues1 page

    Absolute and Comparative

    Transféré par

    micoleq903385
    Tribe 1 discusses using the absolute advantage trade theory to outwit their opponents in the game. They explain that this theory suggests specializing in goods where a tribe is most efficient to produce and importing goods where it is not efficient. However, one member argues that both tribes would benefit from trade this way and it would not help them outwit, outplay or outlast their opponents. Tribe 2 overhears Tribe 1's plan and dismisses it as outdated. They receive advice from David Ricardo to instead use the comparative advantage theory against their opponents. This theory suggests producing the good where a tribe has a relatively lower opportunity cost compared to the alternative good forgone. Tribe 2 agrees this is a better plan that

    Droits d'auteur :

    Attribution Non-Commercial (BY-NC)
    Téléchargez comme DOC, PDF, TXT ou lisez en ligne sur Scribd
    Signaler comme contenu inapproprié
    sur 1

    SORRY SABAW, BADUY TO HAHAHA

    TRIBE 1

    P1: Outwit, outplay, outlast. It’s the name of the game. But how do we beat them?
    P2: Hmmm… Are you thinking what I’m thinking?
    P3: 39 days of hunger, suffering, and pain and you still believe my brain’s working? Get
    real!
    P2: Well, you know my grandfather Adam Smith? The man’s such a genius he created
    this, this sort of a theory. It’s a trade theory.
    P3: Cool. Still no idea.
    P1: I think I know what you are trying to suggest! It’s the absolute advantage trade
    theory!
    P2: You are such a geek but you are correct!
    P3: What’s… what’s an absolute… an absolute what?
    P1: The absolute advantage theory of trade suggests that a tribe will specialize in the
    production of goods where it is most efficient, meaning where it has the least cost.
    P2: And they import goods where it is not efficient.
    P3: Sounds like one of our sessions in Intecon with Dr. Tullao! I think I know what you
    are talking about! But don’t you think both tribes will just benefit from this trade? For
    short, we won’t outwit, nor outplay, nor outlast them.
    P1: When you use your brain, you make sense.

    TRIBE 2

    P1: Just heard our opponent’s plan. They plan to use the absolute advantage theory
    against us.
    P2: That idea is so like 3 centuries ago! They won’t win with that!
    P3: I think Tito David Ricardo’s suggestion would make better sense. Just swam in the
    deep blue sea and saw this bottle with a letter inside it.
    P1: Ooohhh.
    P3: He says, “Kid, use the comparative advantage theory against your opponents. Outwit
    them by producing the good where you have lower relative cost.”
    P2: Which means that even if we don’t have absolute advantage over all products, we can
    still outplay them by producing fish nets where we have relatively lower opportunity cost
    in terms of the foregone alternative good that could be produced.
    P1: That’s a good plan! I’m sure we will win!

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