Your paper must be between 4-6 pages. This does not include the title page or the references pages. This paper must be written using APA format, in Times New Roman 12 font with double space. A minimum of 4 research references must be used.
Your research paper must include the following:
- Title page
- Introduction
- Hypothesis
- Research methods
- Research materials
- Results
- Conclusion
- Reference page
1. Adam Smith – Classical Economics: Adam Smith is considered the father of modern economics and a key figure in classical economics. His work, particularly “The Wealth of Nations,” emphasized the role of self-interest and the invisible hand of the market in coordinating economic activity. Smith believed that market -driven by supply and demand would lead to optimal outcomes.
2. David Ricardo – Comparative Advantage: Ricardo contributed to the theory of comparative advantage, which explains the benefits of international trade. The principle of comparative advantage suggests that countries should specialize in producing goods or services in which they have a lower opportunity cost to maximize efficiency and overall welfare.
3. John Nash – Game Theory. Game theory studies, interactive decision-making, where the outcome for each participant or “player” depends on the actions of all. If you are a player in such a game, when choosing your course of action or “strategy” you must take into account the choices of others.
4. Ronald Coase – Coase Theorem: Coase is known for his work on the Coase theorem, which examines how transaction costs affect the allocation of property rights. The Coase theorem suggests that in the absence of transaction costs, efficient outcomes can be achieved through bargaining and voluntary agreements between parties.