Economics Paper 2 Pages

Question Description

Introduction

In this paper you will select the firm about which you will write. There are no specific requirements for the firm you select, but it is recommended that you follow two general guidelines:

First: select a firm that you have particular interest in. This will add interest to the papers and if you have interest and knowledge in the firm already, you will not need to do much extra research. Though, if you do use outside references (which are not required), you will still need to include references.

Second: please avoid the big, obvious companiesApple, Nike, Facebook, and the like. Your instructor has the final say in accepting your selection. Also, it would be best (and easier for you) to pick a firm that produces its own good or service, rather than a reseller like a grocery store or a retailer. This is just a strong suggestion rather than a prohibition.

There should be no problem applying the concepts from the chapters to almost any firm you would select for most, if not all, papers. In this paper, you will apply what you have learned in Chapter 3 to the firm or business you selected in order to see how the concepts can be applied to a business situation.

Keep in mind that throughout this course, papers are intended to bring real-world situations to the course material that we are covering each week. Part of your grade will depend on the connections you make between your chosen firm (which could include the economic environment of your chosen firm, the markets in which your chosen firm interacts with outside actors, the decisions your chosen firm makes, etc., depending on the particular question) and the material from the text.

Activity Instructions

Be sure to address both parts of the assignment.

Part 1

For the particular firm/business you selected, explain how the firm has a comparative advantage in the goods or services it provides (if your firm sells many different goods and/or services, you can lump related ones together and you also do not have to address every good or service that the firm provides). How do you think they gained this comparative advantage and how does the comparative advantage help them in the markets in which they compete? You may also discuss how the employees have a comparative advantage in producing that product. Compare your firm or employees to firms or employees in a different market. That is, if your firm produces sporting equipment, dont try to establish why your firm has a Comparative Advantage over another sports manufacturer (say Nike), but rather over a firm that isnt in the sporting equipment market.

Part 2

Can you think of other goods or services that the firm is not currently providing but the firm would have a comparative advantage were the firm to choose to produce the good or service? Describe why the firm would have a comparative advantage in that new product. If the firm decided to expand, would you suggest starting production in that good or service (for which the firm has a comparative advantage) or should it choose another good or service? Why or why not?

Writing Requirements (APA format)