Advantage
Definition of comparative advantage.
What is the producer with the least opportunity cost?
Definition of OOO ad IOU.
What is Output: Other goes Over and Input: Other goes Under?
Definition of Terms of Trade.
What is the agreed upon conditions that would benefit both countries?
The college Mr. P went to.
What is Taylor University?
If Sheila can produce 3 books and can produce 2 pencils, what is her opportunity cost of producing books?
2/3 pencils
Why is it important to establish if the problem is an input or output question?
Input is resources or time and Output is production, thus we need to know where to put the other, under or above, to correctly find which has the comparative advantage.
Kelly produces 2 dogs and 1 cat. While Diana produces 4 dogs and 3 cats. Diana trades 1 cat for 1.25 dog from Diana. Is this trade beneficial for both?
Yes
The job Mr. P had over the summer.
What is a furniture factory?
If Reggie produces 40 markers and 3 boxes of Uno. And Tim produces 30 markers and 5 boxes of Uno. Who should specialize in making boxes of Uno?
Who is Tim?
If Paul gives 2 haircuts or 1 perm per hour and Peter gives 3 haircuts or 2 perms per hour. Who has the comparative advantage in Haircuts?
Peter has the comparative advantage.
Katie produces 55 candy bars and 30 muffins. Daryl produces 35 candy bars and 35 muffins. Katie trades 1 muffin for 4 candy bars from Daryl, is this beneficial for both?
NO
Mr. P's wife's name.
Who is Alysia?
If Eric produces 30 snowballs and 6 oranges and Jalon produces 75 snowballs and 15 oranges, who has the comparative advantage in producing oranges?
Neither
If Cristy takes 30 minutes to wash dishes and 1 hour to vacuum the house. And Donny takes 15 minutes to wash dishes and 45 minutes to vacuum. How should they should specialize?
Cristy should wash vacuum and Donny should do dishes.
If Lisa produces 4 macbooks and 2 iphones, but Scott produces 3 macbooks and 6 iphones, what terms of trade benefit both countries?
Since Lisa has the comparative advantage in producing macbooks and Scott has the comparative advantage in producing iphones.
Terms of trade are: Lisa trades 1 macbook for 1 of Scott's iphones.
This is the middle name of Tim Petroelje.
Who is Braydon?