Notes for 2/18-2/20
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This 1 page Class Notes was uploaded by Alex Payton on Friday February 20, 2015. The Class Notes belongs to 101 at a university taught by Spangler in Fall. Since its upload, it has received 207 views.
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Date Created: 02/20/15
February 18th International trade we do trade so people are better off Autarky situation where country doesn39t trade with other countries Trade follows Ricardian model you trade what you39re good at Coffee belt coffee can only be grown close to equator due to temperature producer has comparative advantage HeckscherOlin Model easy for you to make this good then you will specialize in this Who produces laborintensive clothing China and Bangladesh February 20th tariff tax on imported goods EX foreign good costs same or more than domestic good gt encourages buying domestically trade protection policies that limit imports import quota legal limit on quantity of good that can be imported until recently clothing and textiles were strongly protected from import competition In an autarky consumer surplus is the are between the equilibrium point the price at equilibrium point and when demand curve X0 producer surplus is are between equilibrium point price at equilibrium when supply curve X0 1 85 8 transatlantic cable between UK and USA British took control of India Japan forced to trade with USA 1947 India gained independence inequalities in China and India are the biggest challenges for their economies former rich countries will they be able to handle Asia as 1 economy in the future July 27 2048 expected date when India and China will catch USA and UK economies
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