Folks,
16 Oct, F-1 @ 1900!!!!!
It was a slow start this morning and it seemed that some of you weren't well prepared. In particular asking questions like, "how do I know what they'll trade for?," tells me you hadn't figured out opportunity costs ahead of time. Therefore I gave today a check minus.
Note that everyone was better off than they would have been on their own BUT some countries had larger gains than others.
For next time complete the TRADING GAME REPORT:
1. Provide a hard copy of the EXCEL worksheet for the TRADING GAME. Be sure to print the worksheets so they fit on one page
a. TRADE PREPARATION worksheet
b. TRADING SCORECARD worksheet
2. Evaluate the effectiveness of your top three trades based on the percentage of the difference in the autarky terms of trade captured.
a. Compute results on the TRADING SCORECARD worksheet
b. Explain the significance of these values and how you were able to achieve them.
3. Review the Basic Principles of Economics and discuss how three of these principles relate to the trading game and its outcome. For example, what happened to scarcity? Why could you make/get more than you did before? How could you possible increase the number of man hours available, isn’t time fixed?
Also, read BE 510-522 & 551-555 (THE ROLE OF TRADE)
Due next time: trade game report
Due on monday!!!!! Reflection Paper III
16 Oct, F-1 @ 1900!!!!!
It was a slow start this morning and it seemed that some of you weren't well prepared. In particular asking questions like, "how do I know what they'll trade for?," tells me you hadn't figured out opportunity costs ahead of time. Therefore I gave today a check minus.
Note that everyone was better off than they would have been on their own BUT some countries had larger gains than others.
For next time complete the TRADING GAME REPORT:
1. Provide a hard copy of the EXCEL worksheet for the TRADING GAME. Be sure to print the worksheets so they fit on one page
a. TRADE PREPARATION worksheet
b. TRADING SCORECARD worksheet
2. Evaluate the effectiveness of your top three trades based on the percentage of the difference in the autarky terms of trade captured.
a. Compute results on the TRADING SCORECARD worksheet
b. Explain the significance of these values and how you were able to achieve them.
3. Review the Basic Principles of Economics and discuss how three of these principles relate to the trading game and its outcome. For example, what happened to scarcity? Why could you make/get more than you did before? How could you possible increase the number of man hours available, isn’t time fixed?
Also, read BE 510-522 & 551-555 (THE ROLE OF TRADE)
Due next time: trade game report
Due on monday!!!!! Reflection Paper III
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