Comparative advantage business and finance homework help
Use information in the textbook, our class discussion, and your knowledge of business to write a blog entry of 300-450 words (3 paragraphs) addressing the following:
Go to the following website – https://www.nobelprize.org/educational/economic-sciences/trade/ Click “Play the Trade Ruler Game.” Follow the instructions and play at least two complete rounds of the game. Try changing your island choices at least once so you have different experiences. (Note – The game seems to run best in Google Chrome.) Then respond to the following:
1) Briefly describe your experience. Which island did you choose to be ruler of and who did you decide to trade with? Why did you make those choices? What was your trading strategy? Did it work? (paragraph 1).
2) Summarize the insights provided by this game into global trade. Incorporate at least four of the following terms into your discussion. I am not looking for definitions of the concepts. Demonstrate you understand their meaning by incorporating them accurately into your explanation (paragraph 2):
- Comparative advantage
- Absolute advantage
- Free trade
- Economies of scale
- Factor endowments
- Trade surplus (positive balance of trade)
- Zero-sum or positive-sum game
- Specialization of production
- Factor proportions
3) Based on your game experience, class discussions, and your knowledge and insights, is global trade beneficial? Why or why not? (paragraph 3)
Part one is your primary blog (3 good paragraphs). Create a thread with your last name in the title followed by your topic. For example: “D’Antonio â€“ global expansion.” Then, write your post. Do not attach it as a Word doc. Create your post and copy it directly into the box provided by BB. Once you have created your primary thread, you will be able to see your classmates’ threads. Until you submit your primary thread, you cannot see your classmates’ threads. You will also not be able to go back and modify your primary thread after reading your classmates’ threads. Your primary blog is worth up to 20 points.
Part two are your comments. Once you have created a thread, you will be able to see your classmates’ threads. Read and comment on at least two. Your comments should be substantive. That is, they should be at least 100 words, and they should provide actual content that adds to or questions the other persons’ blogs in a meaningful way. Comments are worth up to 5 points each (10 total).
This blog area closes March 4 @ 11:59PM. Comments posted after that time will not be given credit. The blog exercise is worth a total of 30 points – 20 points for the primary blog, and 5 points each for the two comments.
Grading for the primary blog is based off the following rubric:
Content (up to 15 points): Students responded to the question appropriately, demonstrated an understanding of the material, accurately included course vocabulary and terminology, included example(s) to better illustrate concepts and made a compelling argument.
Structure and Grammar (up to 5 points): Blog is written clearly in standard written English. Grammar, spelling and punctuation errors are minimized. Organization is clear and logical with good sentence structure and flow.
Anything that is not your original work must be appropriately cited in APA format. Although outside research beyond what is required in the prompt is not a requirement of this post, copying and pasting without attribution is never allowed. If you use any outside resources, you must cite them.