Gains from specialization and exchange can be seen in many situations. For example, most people that we pay to do things for us (e.g. grow our food, cut our hair, tutor us, etc.) perform the task for a lower opportunity cost than we would bear if we were to do it ourselves. This is where the gain from trade that benefits both parties comes from, and is why it is rational for you to pay for the service.
To show that you understand how comparative advantage works in the modern economy, please discuss a good or service you recently purchased and address the following prompts:
What is the item or service, and how much did you pay for it?
What is a reasonable estimate of how long it would take you to make the item or perform the service at the same quality level of the one your purchased, if you had been unable to buy it? You need to come up with a number of hours or days or years, or whatever time measurement you want, for how long it would take you. Don’t try to avoid this. If you can’t figure it out, pick another good or service.
Who worked to get the money to pay for the item, and how long did they have to work to get the money? If your money came from the government, see the how the government gets money page.
Based on your answers to 2 and 3 above, was it rational to buy the good? Explain. Make sure you compare the time it would take you to make the good or perform the service (mentioned in part 2) and the amount of time that had to be worked to get the money (mentioned in part 3). It is only rational to buy something if you give up less resources working to earn money to pay, than you would have if you made the good or perform the service yourself. If it turned out to be irrational, why did you buy it?
for example the U – molded line) ¬ For the motivations behind the investigation of its history it tends to be isolated into two expansive times as examined beneath. In the pre present day time it was imperative to China from the soonest days as a fundamental course of exchange with India, the Gulf locale, Middle East lastly Europe. It has been respected by various researchers as a 'convergence of history,' a fundamental ocean line of correspondence. The idea of 'sway' in those occasions would have looked bad as its absolutely behind the times Western idea. Additionally, in the fifteenth century as it turned out to be certain that the ocean spoke to a polluting set of thoughts and impacts and a negligible interruption from the critical needs of guarding the land fringes, the sea journey was minimized. The cutting edge time contains the European time frame, the post European period, the Cold War time frame lastly the post Cold War period. The time started with the appearance of pilgrim controls in the locale like the Portuguese, Spaniards, Dutch, British and French. Various components like questions between them, the selection of Western military practices and the leftover opposition of neighborhood military pioneers postponed the full Europeanization of Asia Pacific as a rule and South China Sea specifically. France, Britain and Netherlands were the principle contenders in this very district however the degree of rivalry was low when contrasted with different locales for example Africa. The neighborhood protégés some of the time produced cases of their own on either the Spratly or the Paracel Islands. These were representative endeavors generally went for emblematic motioning as opposed to continued nearness. Besides both the gatherings of Islands were viewed as navigational perils as opposed to objects of business esteem. So the French didn't challenge Chinese case on the Hainan Islands in 1922. This additionally denotes the beginning of business and military decay which denoted a couple of years after the fact of the second time of the cutting edge period. In short the European time frame denotes the waxing>GET ANSWER