Instructions: Countries and economies across the globe have the ability to produce products and goods. Some...

Instructions: Countries and economies across the globe have the ability to produce products and goods. Some products are unique to a specific economic market and thus they are able to trade those goods with other markets that want or need that product, resource, or good. Though countries will also trade goods for products that country could easily produce themselves. With this understanding please address the following questions in a written essay.

Why does the U.S. trade goods that they can produce themselves with other countries?

Wouldn’t the U.S. be better off producing the goods themselves?

In your opinion, has the U.S. outsourced too much?

How do you know this to be true?

For this assignment please create your response in a written essay. Make sure to use well developed paragraphs to fully explore and explain your opinions and ideas. Your essay should include at a minimum 250 words.

Expert Solution

Rahul Sunny answered 2 years ago

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Two large countries, the US and China, produce only two goods, manufactured goods and financial services,...

Two large countries, the US and China, produce only two goods, manufactured goods and financial services, using two factors of production, skilled and unskilled labour. The production of financial services is relatively skill-labour intensive and manufacturing is unskilled-labour intensive. The US is relatively well endowed with skilled labour, whereas China is relatively well endowed with unskilled labour. Assume that each society‘s preferences over the two goods are identical. (a) Draw the production possibilities frontier (PPF) for the US. Carefully explain...

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Instructions: Countries and economies across the globe have the ability to produce products and goods. Some...

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