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Month: October 2020

Business Blog

Living Economics: The Three Main Benefits of Trade

While the benefits (and costs) of trade are numerous, economists tend to prioritize three key “gains” that the economy receives from domestic and global trade. Read more to learn about specialization, absolute advantage, and comparative advantage Continue reading Living Economics: The Three Main Benefits of Trade

deceptivelyblondeOctober 27, 2020Leave a comment
Business, Business Blog

Living Economics: Production Possibility Frontier (PPF)

The PPF is a model or graph demonstrating the trade-off involved in shifting production between two products where all resources are already in use. This article incorporates clear charts and examples to demonstrate how the PPF works. Continue reading Living Economics: Production Possibility Frontier (PPF)

deceptivelyblondeOctober 19, 2020October 30, 20201 Comment
Business Blog

Living Economics: The Expanded Circular Flow Diagram

The circular flow diagram is perhaps overly simplified and becomes increasingly complex as other parties and transactions form. The inclusion of foreign, governmental, and monetary institutions adds to the complexity of the system. Continue reading Living Economics: The Expanded Circular Flow Diagram

deceptivelyblondeOctober 15, 2020March 24, 2022Leave a comment
Business, Business Blog

Living Economics: The Resource Management System

The Resource Management cycle is divided into four stages (Create, Gather, Trade, Divide), each with the possibility for disruptions to arise and each having its own issues and concerns. Continue reading Living Economics: The Resource Management System

deceptivelyblondeOctober 8, 2020October 15, 20201 Comment
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