Original Post Unit 1

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Columbia Southern University *

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ECO 2302

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Economics

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Jan 9, 2024

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docx

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Uploaded by UltraNarwhal2971

Introduction Hello Professor and classmates. My name is Nguyen Pham. Nice to e-meet you all. I am grateful for another class. The group discussion assignment and live lectures are my favorite parts since I get to see and hear from other classmates. I am currently living in California. I split my time between the sunny Central Valley and the “ridiculously expensive” Bay Area. I work for a local Government agency where I lead an initiative called Cannabis Equity Business Academy. I help entrepreneurs who have been negatively impacted by the “war on drugs” start their cannabis businesses. My future goal is to open a fitness center that is equipped for people with disabilities such as blindness, deafness, wheelchair users, etc. I would like to retire in Texas with my family. Many of my family members live in Dallas, Houston, and Austin. Topic Discussion: Comparative Advantage I’ll start with the definition of Comparative Advantage. It refers to the ability to produce a good or service at a lower cost comparing to the competitors (Hayes et al., 2023). Comparative Advantage shifts from Nation A to Nation B because Nation B can produce goods and services at a lower cost. The factors can be that Nation B has cheaper raw materials, natural resources, and cheaper labor cost. In contrast, Nation A may have higher cost-of-living affecting the rise of labor cost. Another factor can be that Nation B has more advanced technology. Conclusion To prevent an advantage from shifting from Nation A to Nation B, Nation A should consider policies and measures to help local manufactures and to ensure local workforce is well- trained and equipped with advanced technological skills. Nation A should invest in education and training for local workforce as well as finding ways to reduce the cost of raw materials.

References Hayes, A. et al (2023). What is Comparative Advantage https://www.investopedia.com/terms/c/comparativeadvantage.asp

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