Purpose of Assignment
This assignment will help students master research and other analytical skills and will help students recognize reasons why economic growth varies by country. By using macroeconomic indicators, students will complete analysis and determine comparative and absolute advantage in different product categories for each country's economy.
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Develop a minimum 1,050-word analysis of the international economy in which you do the following:
- As a team, choose three countries from the list below. Research each country, using resources such as the CIA World Fact Book, World Bank data, World Trade Organization (WTO), and the Federal Reserve Bank. Research each of your three chosen country's economic, political, and cultural development:Analyze measures of economic growth and of comparative and absolute advantage in international trade.
- Saudi Arabia
- Democratic Republic of Congo
- Great Britain
- Use tables and/or graphs to compare the following economic statistics/indicators of your three chosen countries for the most recent year available and for 2009 (the trough of the last economic cycle):Discuss reasons why the economic growth of the three countries varies. How does international trade influence the strength of the economy worldwide?
- Country Real GDP
- Country CPI
- Country Real Exports
- Country Real Imports
- Country Unemployment Rate
- Country Industrial Production
- Discuss the following for each country:
- At least two products that have provided the country an absolute advantage in trade (if any).
- At least two products that have provided the country a comparative advantage in trade.
- Factors that might have prevented any of your three chosen countries from achieving absolute and/or comparative advantages.
Cite a minimum of three peer-reviewed sources.
Format the assignment consistent with APA guidelines.