Answer:
Comparing the opportunity cost and possible gains for both Juan and Wanda helps to determine which party should produce Pancakes and who should produce Bacon.
In other words, it reveals where their comparative advantages lie.
The party with the lowest opportunity cost in a particular product has the highest Comparative Advantage.
Explanation:
If for instance, the ratios give off Juan as having the highest opportunity cost in the production of Pancakes, when compared with Bacon and Wanda has the highest opportunity cost in the production of Bacon when compared to pancakes then Juan should focus on producing Bacon and Wanda Pancakes whilst they trade with each other for the other product where their comparative advantage is lowest.
Cheers!
A. In a business cycle there are ups and downs. When there is a peak or a high business is booming and employment is high, unemployment is down and inflation is high.
B. We have to bear in mind that there are four kinds of unemployment: structural, frictional, cyclical and seasonal. Structural unemployment is caused by the type of production and rules of an economy that govern whose abilities are valued in the market so it is not so realated to the business cycle. frictional unemployment is linked with changing jobs ( workers are moving or searching for better opportunities) so this is not so related to the business cycle. Cyclical unemployment is related to the change in the GDP (Gross Domestic Product) so<u> it is related to the business cycle</u>, Seasonal employment is associated with changes in the season so it is no so related to the business cycle.
C. A rise in literacy rates among the working classes
The availability of printed material during the Song Dynasty most likely resulted in a<span> rise in literacy rates among the working classes. the Song Dynasty was one of the most prosperous dynasties of the Chinese Empire and, accordingly to history, it had the potential for an industrial revolution.</span>
