1) Think about a tradeoff associated with taking college classes and pursuing a
ID: 1133381 • Letter: 1
Question
1) Think about a tradeoff associated with taking college classes and pursuing a degree What kinds of things do you trade off to take classes and do homework? 2) What are the main differences between microeconomics and macroeconomics? What are some examples of these differences? 3) The concept of free trade and comparative advantage are especially relevant today. Think of something the United States produces better than anyone else and think of a product another country produces better than anyone else. Do you think other countries should produce their own versions of those products or is it better to trade in this instance? 4) Do you think supply and demand should dictate prices or should there be something else that influences that? Why?Explanation / Answer
a) tradeoff is going on b/w the college classes and degrees but to get degree we have to take all the classes which means u should attend all the classes and do homework which will help in getting your college degree easily otherwise there may be some problems in getting Ur degree.
b) The main difference b/w microeconomic and macroeconomic is that we study micro for individual units such as agricultural sector,household,iindustry etc.
Whereas we study macro as a aggregate/whole economy such as inflation, budget, etc
Meaning of "I" in MICRO stands for Individual
Meaning of "A" in MACRO stands for aggregate
c) I think they should trade with each other whichever is the good they are producing.they should trade with every country so that it will help them in export and import of other goods that are needed by the own country.
d) ofcourse supply and demand plays very important role in the market to determine the prices but there are also some other factors which may be constant in deciding the prices of goods.
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