Michael Jordan Family Tree

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8 Finland Portugal Budget $100 $100 Costof production: Cell phone/piece $1 $20 Cost of production:Wine/gallon $5 $10 Maximum consumption underno-trade condition (other combinations are possible) 50 cellphones 10 gallons 4 cell phones 2 gallons Trade (Other combinations are possible. This oneis preferred but not optimal. Maximumspecialization yields maximum utility) Make: 60 cell phones 8gallons of wine Sell: 5 phones $15/piece = $75 Buy: 6.25 gallons @ $12 Endresult: 55 cell phones (+5) 14.25 gallons (+4.25) Make: 10 gallons of wine Sell: 6.25 gallons @ $12 = $75 Buy: 5 cell phones @ $15 Endresult: 5 cell phones (+1) 3.75 gallons (+1.25) Real-Life Explanation Michael Jordan has a clogged toilet. He is considering whether he should fix the problem…show more content…
26 Basic factors (spark initial production)-geography, climate, natural resources, large workforce; e.g., tile was more available and less expensive than wood, ceramic tile industry started in Italy Advanced factors (sustain competitive advantage)-Result of investing in education and innovation: skill of workforce segments, technological infrastructure, market knowledge-e.g., a network of professional schools, community colleges and apprenticeship programs ensured Italy’s leadership 1/11/2016 14 FACTOR CONDITIONS 27 Notes: Both Basic and Advanced factor conditions are changeable. E.g., today’s climate of South Wales (Great Britain) resembles that of … Burgundy (France) 200 years ago. the UK is becoming a serious player in wine industryE.g., with China having tremendous investment in education and research, number of scholarly publications authored by professors form Chinese universities doubles every year! China likely to gain a competitive edge in high-tech within 10
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