Eco 561 Week 2 Essay

1316 words - 6 pages

Week 2
University of Phoenix
Eco/GM 561

When a country decides on something that they are going to produce this product has to set them apart from other countries. A country bases their product on factors such as how much it costs them to produce it and if it sets them apart from the competition. A comparative advantage is the driving force of production for every country. In this paper we will discuss comparative advantage, abundant factors in the production of certain products, recommendations for the country to specialize in, and industries the country of my choice protects (if any).
For the purpose of this paper I have chosen to explore the Netherlands and their comparative ...view middle of the document...

With that in mind we are back to the comparative advantage The Netherlands has over other countries. An article I read online pertaining to the comparative advantage and the Dutch states that “we have identified three important clusters in the Dutch export patterns, namely the flowers and bulbs cluster, the agriculture and food cluster and the chemical cluster. The strength of these clusters is rather persistent over time. The underlying factors explaining the success of these clusters are primary products and technology. It is interesting to note that these products are distinctive for the Dutch comparative advantage in world trade and that the Netherlands is an important contributor to the world exports in these products. The products that add most value to the total Dutch export magnitude though, do not belong to these three clusters. These are products like electrical machinery and office machines. The fact that the important products out of the Dutch national export- basket are different than the products with which the Netherlands distinguishes itself in terms of comparative advantage in world trade is explained by the role of the Netherlands as a transit port for Europe” (Globalisation and the Dutch Economy, 2007). The point I wanted to make with that quote was that even though a country is thought to be popular for one product might not be their entire comparative advantage. For the Netherlands to be high in comparative advantage in electrical machinery and office machines they have to have a very highly skilled labor force. The technology of the Netherlands goes way back, they have been using windmills for water and farm use for many years.
Based on comparative advantage I would suggest that the Netherlands specialize in the flower industry, cheese and fish industry, and the windmill industry. I made these suggestions because they are known for their flowers. During certain times of the year they have fields of tulips and is a mass producer of bulbs. This will give them the advantage over other countries because there are pictures of the tulip fields and almost all consumers know of their flowers. My suggestion for the flower industry is already in use because they have been specializing in that for awhile. Next I suggested the cheese and fish industry. I suggest this because they are known for their cheese. If you google “dutch cheese” you will get information about their cheese market called “Alkmaar Cheese Market” which is a huge cheese market where people can bid on the cheese of their choice. Fish are also prominent in the Netherlands as they are right by the sea. If you ever get the chance to go to the Netherlands you will be amazed at all the fish carts that are around selling fresh fish. The article I read earlier stated that they already specialize in the food industry but did not specifically...

Other Papers Like Eco 561 Week 2

Eco Week 2 Paper

783 words - 4 pages Supply and Demand Simulation Allison Mullen Microeconomics 365 March 11, 2013 Vilma Vallillee Supply and Demand Simulation Macroeconomics looks at the economy as a whole, concentrating on factors such as interest rates, inflation, and unemployment (Colander, 2010). It also studies economic growth and the government’s role to moderate the harm caused by recessions. During the simulation government intervened and tried to set a price

Eco 365 Week 2 Simulation Essay

1337 words - 6 pages Supply and Demand Simulation ECO 365 Supply and Demand Simulation The Supply and Demand simulation was reviewed on the student website. The Supply and Demand Simulation consist of microeconomics and macroeconomics concepts. The concepts are explained and how they apply to the principle of microeconomics and macroeconomics. The simulations presents shifts in the supply and demand curve, the rationale for the shift is given. Each shift is

Uop Eco/372 Week 2

823 words - 4 pages The following examples of economic activities such as purchasing of groceries, massive layoff of employees, decrease in taxes affects government, households, and businesses. Most of a person’s daily activities affect government, households, and businesses. For example when you are buying groceries you are affecting the government by paying taxes on all the items you are purchasing. The economy can affect people in different ways.   The effects of

Eco 365 Week 2 Paper

1261 words - 6 pages Microeconomics and the Laws of Supply and Demand The Laws of Supply and Demand The laws of supply and demand are detrimental to our economy today. It is what actually drives our market economy. Buyers determine the quantity produced of a particular product based on their demand for that product and the price he or she is willing to pay for it. Supply is then created by producers when and if they are willing to accept the current rate for

Eco 365 Week 2 Individual Assignment

720 words - 3 pages Microeconomics and the Laws of Supply and Demand Megan O’Brien ECO/365 1/19/2015 RIna Bills The simulation on supply and demand relates to the Goodlife Management Company which leases apartments to renters. As the property manager, I was asked to set rental prices in a variety of situations in order to meet the demands of the population in the area while attempting to maximize profits for my company. Microeconomic principles such as the

Eco 212 Week 2 Appendix A

517 words - 3 pages Axia College Material Appendix A Answer the following questions. 1. If the price of a good increases, what happens to the quantity demanded? When Prices increase people tend to buy less. 2. If the price of a good decreases, what happens to the quantity supplied? When prices decrease then so does the supply because they don’t want people to buy at the lower cost. 3. Does a change in price create curve shifts? Explain. Honestly I’m not

Eco 372 Week 2 Fundamentals Of Macroeconomics

1012 words - 5 pages Fundamentals of Macroeconomics Name ECO/372 Date Teacher Fundamentals of Macroeconomics The economy is nothing if not extraordinarily complicated. It is intertwined with everything and almost seems as if Newton’s third law applies to it as well. Even the smallest of matters can have a large implication across the economy. The butterfly effect also comes to mind. This paper will evaluate a few of the common activities that can happen

Eco 372 Week 2 Product Purchases & the Economy

1083 words - 5 pages Product Purchases and the Economy ECO/372 October 12, 2015 Product Purchases and the Economy A new car purchase is one that takes a large amount of consideration and budgeting. The most important economic indicators to consider when investing in an automobile purchase are unemployment rates and interest rates. These indicators will assist a person when deciding whether to purchase new or used. Is the right time now or later

Eco 561 Final Exam

1884 words - 8 pages Author This article covers the topic for the University Of Phoenix ECO 561 Final Exam. The author is working in the field of education from last 5 years. This article covers the basic of ECO 561 Final Exam from UOP. Other topics in the class are as follows: ECO 561 Week 1 DQ 1 ECO 561 Week 1 DQ 2 ECO 561 Week 1 DQ 3 ECO 561 Week 1 DQ 4 ECO 561 Week 1 Individual Assignment Week one Knowledge Check ECO 561 Week 1 Complete ECO 561 Week 2 DQ 1

Eco 561 Final Exam Latest University of Phoenix

1856 words - 8 pages ECO 561 Week 1 DQ 2 ECO 561 Week 1 DQ 3 ECO 561 Week 1 DQ 4 ECO 561 Week 1 Quiz or Knowledge Check (Latest) ECO 561 Week 1 Complete ECO 561 Week 2 DQ 1 ECO 561 Week 2 DQ 2 ECO 561 Week 2 DQ 3 ECO 561 Week 2 Market Equilibration Process Paper ECO 561 Week 2 Quiz or Knowledge Check (Latest) ECO 561 Week 2 Complete ECO 561 Week 3 DQ 1 ECO 561 Week 3 DQ 2 ECO 561 Week 3 Quiz or Knowledge Check (Latest) ECO 561 Week 3 Complete ECO 561

Qnt 561 Week 6 Weekly Learning Assessments - Assignment

317 words - 2 pages QNT 561 Week 6 Weekly Learning Assessments Assignments Chapter 18 Exercise 2 Listed below is the number of movie tickets sold at the Library Cinema-Complex, in thousands, for the period from 2001 to 2013. Compute a five-year weighted moving average using weights of 0.15, 0.1, 0.2, 0.17, and 0.38, respectively. Describe the trend in yield. (Round your answers to 3 decimal places.) 2001 8.41 2002 8.14 2003 7.77 2004 6.59

Related Essays

Eco/561 Week 2 Essay

591 words - 3 pages Market Equilibration Process Paper ECO/561 June 7, 2012 Dr. Jill Trask Market Equilibration Process Paper Market equilibration can be accomplished when market price established through competition so the amount of good bought is equal to the number of goods sold. Supply and demand would be factors to change the market equilibrium. In the oil industry market equilibrium is determined by the cost of oil, competitor’s prices, and

Eco 561 Week 5 Lt Reflection

684 words - 3 pages Week 5 Learning Team C Reflection ECO/561 September 22, 2014 David Mozinski Week 5 Learning Team C Reflection This week’s material discussed more macroeconomics and the global economies. It ran the gamut from basic macroeconomic concepts all the way through understanding the causes and effects of financial crises. The objectives were to accurately project the effects of credit markets on the economy and global economic conditions

Qnt 561 Week 2 Essay

729 words - 3 pages Business Research Methods, Part I QNT/561 Business Research Methods, Part I The development of a research question for Starbucks Coffee Company will raise a serious inquiry regarding the dislikes and likes of its current beverage and food choices. In addition to the conceivable options of dinner and lunch, several results arose for Starbucks. Development and Definition of Our Research Question Starbucks Coffee Company has assumed that

Acc 561 Week 2 Paper

1132 words - 5 pages Small Business Analysis James Dillon ACC/561 March 9, 2015 Tom Myers Small Business Idea My idea for a business is to open a business consulting firm for small business. I want to be able to provide expert insight to business owners on how to run the best and most profitable that they can. This business would start small with a handful of consultants and possibly in the future scale to multiple locations geographically. Sole