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You are here: HomeArticleMathematics & Economics
Pages:
2 pages/≈550 words
Sources:
1 Source
Level:
MLA
Subject:
Mathematics & Economics
Type:
Article
Language:
English (U.S.)
Document:
MS Word
Date:
Total cost:
$ 9.72
Topic:

Application of Economic Principles: Opportunity Cost and Trade (Article Sample)

Instructions:

THE ASSIGNMENT WAS TO analyze A news article using the two economic principles of opportunity cost and trade. THIS PAPER DISCUSSES HOW THESE TWO ECONOMIC PRINCIPLES affect our daily lives.
It requires making choices or calculated decisions on the limited available resources and amount of time to result in the best outcomes that can maximize individual satisfaction.

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Application of Economic Principles: Opportunity Cost and Trade
Microeconomics is a branch of economy that studies how businesses and individuals can best use the limited resources available to them. On the other hand, macroeconomics studies the bigger aggregate economy and both (microeconomics and macroeconomics) make up the main economic branches. So how do economic principles affect our daily lives? It requires making choices or calculated decisions on the limited available resources and amount of time to result in the best outcomes that can maximize individual satisfaction. In this light, Zimmerman of the Wall Street Journal News argues that the Trans-Pacific Partnership (TPP) is necessary to the interests of the U.S and without it, America will lose out. Furthermore, the newly President-elect Donald Trump has opposed the TPP, and this will most likely harm the strategic and economic interests of the country. In a nutshell, the news article by Zimmerman argues that the stakes for the economy of the U.S are higher and American products and companies are at risk of being shut out in Asia as Chinese and Japanese firms are becoming dominant regionally unless the Trump administration reconsiders joining the TPP. From this perspective, this paper will analyze this news article using the two economic principles of opportunity cost and trade.
Principle 2: Opportunity Cost
Opportunity cost identifies the need to attain what you want or goals by giving up what you necessary do not want. From a formal definition, it is the cost of the best choice that is available to someone out of other many options available. There is a strategic importance of the U.S-Japan alliance under the Trans-Pacific Partnership agreement. The U.S does not have other com...
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