ECO 201 SNHU Week 5 Opportunity Cost & Comparative Advantage Discussion

Question Description

I’m working on a micro economics discussion question and need an explanation to help me understand better.

2-2 Simulation Discussion: Comparative Advantage

NOTE THAT A CUSTOM RUBRIC IS USED FOR THIS DISCUSSION.

A difference in opportunity costs between businesses can lead to acomparative advantage in the production of a good and the decision totrade.

For this discussion, first play the simulation games ComparativeAdvantage (Without Trade) and Comparative Advantage (With Trade) in theMindTap environment. Then, you will share your experiences playing thegames. Your work in this discussion will directly support your successon the course project.

In your initial post, include the image of your simulation report in your response. See the How to Submit a Simulation Report Image document for more information. Then, address the following questions:

  • Imagine you own your own business. How would you evaluate opportunity costs and comparative advantage when making business decisions?
  • Look up a Production Possibilities Frontier (PPF) graph. What role does the production possibility frontier (PPF) model have in making business decisions regarding specialization and trade?

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