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Managerial App Essay

534 words - 3 pages

Comparative advantage is something that many companies, countries, and people must think about for many different reasons. The idea of comparative advantage is to produce a product or set of products at the cheapest price/time. For example in the book "The Choice" Dave says that by trading drugs for televisions is a "round-about way to wealth" or in other words Japan has a comparative advantage in making televisions, where the United States has a comparative advantage in making drugs compared to Japan. It is more to a country, company, or person to make one product as quickly and efficiently as possible and trade for the other products needed then trying to make everything that the company, country, or person needs.
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M & G is in other words using the other binderies comparative advantage in a specific binding. Another example of M & G's practices is that when they have books that require them to have holes punched along the edge and plastic coil be put in them. If M & G were to do this themselves it may take them twice as long and may cost even more than that compared to their vendor Color Express Printing, Inc., however many of these jobs also are required to be individually wrapped in plastic. Even though M & G and Color Express Printing can both do this M & G completes this task. This is because even though both companies can do the required process M & G can do the process faster than Color Express at about the same price.
Comparative advantage is in everyone's lives. However, many may not think of it that way because all that you ever give for products is currency. In fact the company you work for pays you money so that you can buy products and the companies that make those products receive that money that then may pay the company that you work for in exchange for the product that is made there. Though there are probably a few more steps in between you receiving money from your job and the money coming back to the company that you work for the example should serve the purpose. So in other words everyone practices comparative advantage even if they don't realize it. I know that not all companies trade with the company that you work for, however the money is "a round-about way to wealth" . That is how comparative advantage has affected my normal life as well as places I have worked.

References
1. Roberts, Russell. The Choice. 3rd. Upper Saddle River: Pearson, 2007. Print.

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