Economics- Opportunity cost and indifference curves (Essay Sample)
Don't write too hard
Economics- Opportunity cost and indifference curves
Mike and Abdul go to Walt Whitman High School. Mike has 20 comic books and no game, while Abdul has no comic book and 10 games. Mike is boring of reading comic books, and Abdul is boring of playing games. In school, Mike and Abdul reach agreement that they trade some of their stuffs each other. 6 comic books of Mike are traded for 3 games of Abdul. They are now much happier than before, because they both read and play.
Question: Write down 2-3 pages of essay that includes the answers for the following contents.
1) Which economic law is applied for this transaction (trade)?
Bartering is an alternative to trade using money (currency) where there is value for money to measure the value of the transactions. The US dollar remains the world’s major reserve currency, and in international trade people mainly purchase products using the dollar.
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