ECO 561 Week 5 Comparative And Absolute Advantage Team Assignment
Develop a 1,750-word analysis of the international economy in which you do the following:
- Analyze measures of economic growth, and comparative and absolute advantage in international trade for the following countries:
- Saudi Arabia
- Democratic Republic of Congo
- Research each country, using such resources as the CIA World Fact Book, World Bank data, and World Trade Organization. Research its economic, political, and cultural development.
- Compare the following using tables or graphs, for most recent year available and for 2009 (the trough of the last economic cycle):
- Country GDP per Capita
- Country GDP as a % of World GDP
- Country exports per capita
- Country exports as a % of GDP
- Country exports as a % of World exports.
- Country imports per capita
- Country imports as a % of GDP
- Country imports as a % of World imports (world imports = world exports)
- Discuss reasons why the economic growth of the four countries varies so markedly. How does trade influence the strength of the economy worldwide?
- Determine the stage in the lifecycle for each country's economy.
- 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 have prevented a country from achieving either
Cite a minimum of three peer reviewed sources.
Format the assignment consistent with APA guidelines.
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