This Stаtistics Hybrid cоurse meets оne dаy а week during the semester.
The picture аbоve illustrаtes the emergence оf glоbаl value chains as discussed in class. Fully explain the picture above by answering the sub questions below. Make sure to number your responses, so it is easy to match your answer to the correct sub question. Continue your answers on the next page if you need more space. (18 points total) What are the three types of costs associated with GVCs? You can just list them. (3 points) In one small paragraph, explain how goods were produced and consumed during the time period depicted in Part 1 of this picture? How do the costs associated with GVCs explain this arrangement for production and consumption? (5 points) In one small paragraph, explain how goods were produced and consumed during the time period depicted in Part 2 of this picture. What term is used to describe this change in production and consumption (hint: the first _____ )? How do the costs associated with GVCs explain this change in production and consumption? (5 points) In one small paragraph, explain how goods were produced and consumed during the time period depicted in Part 3 of this picture. What term is used to describe this change in production and consumption (hint: the second _____ )? How do the costs associated with GVCs explain this change in production and consumption? (5 points)