Tui University Eco201-Microeconomics Module 1 Case Assignment
1034 words 5 pagesTUI UNIVERSITY
Module 1 Case Assignment
“And for man to look upon himself as a capital good, even if it did not impair his freedom, may seem to debase him... by investing in themselves, people can enlarge the range of choice available to them. It is one way free men can enhance their welfare.” (Theodore William Schultz) Education is the foundation in which people build upon as they grow older in age. From birth to death we are constantly adding to the repertoire of knowledge that one may obtain through the proper channels of learning. As we look at an education we can see that it is an investment, kind of like a bank account. We can put money in the bank and let it sit for long periods of …show more content…
After reviewing the case and point The European Union and the Production Possibilities Curve, one is able to observe that from the overall success of the experiment that the production possibility curve was more on growing side rather than a downside. This was accomplished because the other countries such as France and Germany began to trade with the lower producing countries such as Spain and Portugal. With this being done the countries were able to bring in more income due to the expanded trade and the cut of the trade barriers which kept countries and their consumers limited to the production of their host nation. Now that the markets have been expanded and lower priced items are available countries are able to appeal to more people thus increase their economic growth. Economic growth is displayed as an outward curve according to the article the outward curve was achieved and economic growth is the result of the overall trade barrier depletion.
Diaz Mora the one who was responsible for conducting the study found that comparative to the advantage was a great implementation of Europe’s overall welfare as well as that of its citizens. Mainly affected were the income levels of the nations and the overall effect was that the lower level counties were able