ECO 561 Week 5 Team Assignment: Macroeconomic factors such as stages of productivity, price ratios, unemployment rates and more, show the economy’s performance that allows one to understand economic functions and to analyze the relationship between different economies. Inflation, national income, unemployment, and international trade are some of the factors that affect the relations between economies. Team decided to measure economic growth and do comparative and absolute advantage research on the United States, Canada, and Italy.
International trade exists by way of a variety of profit systems in different countries. A country that produces goods and services at lower costs compared to another country …..an absolute advantage. But this is not a mutual benefit. Whereas a country that provides a good or services at a lower opportunity……………Continued (11 Pages with References)