Should we, as Americans, be concerned with the economies and standard of living of other countries? Explain your reasoning using course concepts.Yes, America should be concern with the economies and standard of living of other countries because standard of living is a comparative method used to characterize two separate/different geographic areas. Metrics that include issues such as income, comfort, products and needs that are accessible to people of different socio-economic groups in these areas. One thing for sure is that, no matter how great Americans think they are, it is not possible to be the best at all skills. the United States cannot simply operate on its own. If a different country has a comparative advantage, Americans should be concerned if that same country started to lose their advantage due to a decline in technology and knowledge or increase in political instability or injustice. For instance, due to differences in climate and soil, some countries produce certain things better than the other, like American produces wheat than Brazil while Brazil does better with coffee than America in that case American will import coffee and export wheat this makes trading to move well when you let a country to produce what they best at doing. and knowing the economies is also important like China, doing business there is cheap for USA, so USA import lots of goods from there for cheap and labor is cheap also.I think if the America knows the standard of living of others, Americans will be able to go for help/ donation to assist that country ,as we are always liberal country and if there is war too America will deploy soldiers to that country , like Afghanistan.https://www.econlib.org/library/Topics/College/comparativeadvantage.html_____________________________________________________________________study materialhttps://youtu.be/u5P8AZRBLachttps://youtu.be/ol4NexZ0iIIhttps://youtu.be/5ITyd1Pzek0
Answer & Explanation
Solved by an expert writer
“ This is exactly what I needed and the confidence that I am heading in the right direction to finish the assignment. Thank you so much.”
"Great job, completed quicker than expected. Thank you very much!"
"Very efficient definitely recommend this site for help getting your assignments to help"