Three examples of trade offs that we can face in life include getting a job and working for a number of years to earn money or don’t get a job and spend your money to get a better degree. A second example is to spend your money on raising a family or use the money for leisurely expenses. A third example is to retire today or to continue to work for a few more years.
8. If you would split the chores and cooking evenly it would not take less time but if an arrangement like the following example was done it would take less time. Country 1 and country 2 both work 8 hours a day. It takes country 1 an hour to produce one ton of guns and it takes them 15 minutes to produce one ton of butter, without trade they can get 4 tons of guns and 16 tons of butter at maximum production. Country 2 can get a ton of guns every 20 minutes and a ton of butter in every 10 minutes, at maximum production they can get is 12 tons of guns and 24 tons of butter. For specialization and trade to kick in country 1 would have to devote their 8 hours for butter and will get 32 tons of it, country 2 will spend 6 hours for getting guns and 2 hours for getting butter, thus giving them 18 tons of guns and 12 tons of butter. Then country 1 will give 15 tons of butter to country 2 and in return they will get 5 tons of guns. So country 1 will have at the end of the day, 5 tons of guns and 17 tons of butter, which is more than they would get…