ECON 111 Assignment Two Parts

WO PARTSDefine and explain each of the terms and provide an example of each using a minimum of 60 words- Description of term (in your own words)- Integration of example (60 words minimum)1) Law of Diminishing Returns2) Total Cost 3) Marginal Cost4) Economies of Scale600 words minimum; this does not include title information, references, or an abstract and provide references.Address the following:Using the concepts of absolute and comparative advantage answer the questions:1)Why does the U.S. trade goods with other countries that they can produce themselves?2)Wouldn’t the U.S. be better off producing the goods themselves?3)In your opinion, has the U.S. outsourced too much? Explain why you believe that the U.S. has or has not outsourced too much keeping in mind the reasons why corporations outsource, and the benefits derived from this strategy.