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Business in a Globalised Economy :Global value chains Assessment

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Added on: 2023-04-06 08:58:56
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  • Subject Code :

    ECON1086

  1. Explain opportunity cost in words àhow would you explain this to someone in year 11 of high school?  [Practice explaining things intuitively, you’ll need this at work]. 
  1. Using the concept of opportunity cost, explain comparative advantage. 
  • What is the opportunity cost of producing steel in each country? 
  • What is the opportunity cost of producing shirts in each country? 
  • Explain the concept of comparative advantage in these countries. 
  • What can you say about patterns of trade between these nations? 
  • Why? àhow would you explain this to someone in year 11 of high school?  [Practice explaining things intuitively, you’ll need this at work]. 
  • Suppose Country B offers to sell Country A two shirts in exchange for 2.5 kilograms of steel. Use this to illustrate the gains from trade.
  1. In Malawi, for every high school graduate there are 10 people that did not complete the sixth grade. If there are two types of goods electronics (high-skill labour intensive) and apparel (low-skill labour intensive), what is likely to be Malawi’s comparative advantage?In answering your question, consider the following:
    • What are endowments?
    • How do endowments determine comparative advantage?
    1. Johnny says that comparative advantage no longer applies because 70% of global trade occurs in the GVC space. Explain GVC and why Johnny is wrong.
    2. GVCs allow countries to focus on a specific type of labour. Explain what the implications of this would be for wages of skilled and unskilled workers in that country.      
  1. Given your answer to the question above, are GVCs good or bad for workers? [Discuss]

Refer to the discussions of Q5 above.

  • Uploaded By : Katthy Wills
  • Posted on : April 06th, 2023
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