Competition in The Global Market Place

5.Explain the principle of comparative advantage. In what areas do you have a comparative advantage over your classmates? How can this be used to improve your current economic position? 6. Discuss the differences between tariffs and quotas. How are they the same, and how are they different? 7. Using a supply and demand diagram, illustrate the effects of the tariffs imposed on imported steel by the United States. How will these tariffs affect American manufacturers and consumers? 18. How can trade agreements such as NAFTA both destroy and create jobs at the same time? Discuss the implications of this phenomenon.   Please Provide (at least) a 1/2 page answer for each question