The North American Free Trade Agreement Essay Example | Topics and Well Written Essays - 500 words

The North American Free Trade Agreement - Essay Example This means that at optimal labor utilization it can either produce, say 600 pounds of corn or 300 pounds of nuts. Meanwhile, Mexico is able to substitute the production of same products at the exchange ratio of . As such, it may choose to produce either 200 pounds of corn or 150 pounds of nuts. (Samuelson & Nordhaus, 2000) Upon opening up or liberalizing trade between the two nations, their initial production possibility curves, represented by the solid line, pivot. In case of the US, it could still produce 600 pounds of corn. However, with trading with Mexico, it may now end up with relatively more nuts using Mexico's price ratio. Similarly, Mexico ends up with the same quantity of nuts but this time it may end up with more corn as it traded with Mexico at the latter's price ratio. The above example exhibits the benefits derived by countries, particularly exporters and consumers, when countries open up to trade or undergo trade liberalization. According to the Foreign Agricultural Service (2005), sales of corn to Mexico and Canada increased by 175% with exponential increase in export value between 1993 and 2004. In this case, farmers are able to find overseas markets for their harvest, thus, enhancing their earnings potential.

Entrepreneurship choose one of two questions to write ) Essay

Entrepreneurship choose one of two questions to write ) - Essay Example They also take risks and engage other individuals in implementing ideas. The individuals who develop such ideas posses appropriate characteristics and behaviours for the development and success of a business. These qualities range from creativity, persistent, risk-taking, influence, time management and leadership qualities. An entrepreneur is responsible for the success of the business and any failures result to business closure or a reduction in profits. Various theories and laws define entrepreneurship in the economic world (Bygrave and Zacharakis, 2010). The resonant alternative entrepreneurship theories explain its various aspects including uniqueness, personality, and creativity. The alternative theories are also useful in explaining various elements that facilitate effective business development. The alternate arguments for entrepreneurship describe entrepreneurs and their involvement in business development. The theories focus on either individual entrepreneurs or recognition of opportunities. Most of the alternative assumptions reflect essential entrepreneurial phenomena such as the entrepreneur, the decision-making process and the nature of business opportunities (Alvarez, 2005). The alternative approach to entrepreneurship is an excellent avenue to establishing various elements regarding innovation and contemporary entrepreneurship. They are further useful in explaining the development of successful entrepreneurship characteristics. The alternative theories explain how the uniqueness of entrepreneurs influences their success in implementing business ideas. The applications and the impact of these theories reflect on the individual characteristics of entrepreneurs. The entrepreneurship alternative theories include the discovery and the creative theories (Bygrave and Zacharakis, 2010). The discovery theory entails discovery, existence and exploitation of opportunities, and individual influence. The theory comprises of three different