Economics lesson 9

Directions: Answer each question below by writing a strong paragraph that includes supporting information from the lesson. Please cite your outside resources.

A strong paragraph includes a minimum of three to five details from the lesson and is written in Academic English form. For more information on Academic English form, refer to the documents in the Orientation.

List and explain two household chores you do that relate to the Law of Comparative Advantage.

Hints:

Think of 'responsibilities' instead of chores? From this point of view you might be able to relate a task you do that relates to the Law of Comparative Advantage. Maybe turn it around. Is there something you do for your family that another member could do more efficiently than you do? Do you take care of the responsibility anyway (even though you don't do it as quickly or as well) because the other family member spends their time doing something that earns more money?

Here is an example from my life: I clean the two family cars. My husband can clean them much better (he really shines the hubcaps), but he is better off teaching a class. Why? Because he earns more money teaching the class while cleaning the cars does not produce income. Compared to him, it is more productive for me to clean the cars.

1. Your household chore:

Explanation:

2. Your household chore:

Explanation:

3. Explain absolute advantage. Give an example.

4. Do you have an absolute or comparative advantage in doing something over someone else? Explain.

5. Explain why countries engage in commercial trade. Provide an example.