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Week 1 Lecture Notes

by: Elizabeth Gruber

Week 1 Lecture Notes ECON1002

Elizabeth Gruber
GPA 3.7
Introductory Macroeconomic Analysis and Policy
Dr. Jim

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About this Document

Topics covered in lectures 1 and 2: Supply and Demand Curves, Law of Diminishing Marginal Utility
Introductory Macroeconomic Analysis and Policy
Dr. Jim
Class Notes
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Popular in Introductory Macroeconomic Analysis and Policy

Popular in Economcs

This 2 page Class Notes was uploaded by Elizabeth Gruber on Tuesday July 28, 2015. The Class Notes belongs to ECON1002 at George Washington University taught by Dr. Jim in Fall 2015. Since its upload, it has received 105 views. For similar materials see Introductory Macroeconomic Analysis and Policy in Economcs at George Washington University.


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Date Created: 07/28/15
112 Introduction Ch 1 International economics different from regional economics because of borders and exchange rates two types of transactions money subfield international finance international macro exchange of goods and services subfield international trade international micro no money factors Foreign Direct Investment FDI immigration increase globalization gt increased interest in international economics Terms Autarky state of economic isolation North Korea Cuba come close to being classified as autarkies but not completely Free trade state with no regulations Singapore close to but not completely Trade liberalization movement from an autarky to free trade Trade protectionism movement from free trade to an autarky Why Trade differences in prices because of differences in technologyproductivity differences in resources 121 World Trade Overview Ch 2 World Trade about 13 of trade international destination is outside of its originating country US trades mostly with large economies Gravity Model there is a high trade volume between large countries and between neighboring countries based on Newton s Law of Universal Gravitation equation Tu A x Yi x YjDj Tu value of trade between country i and country A constant Yi GDP of country i Yj GDP of country D distance between country i and j two main factors economy size GDP proximity Why is this accurate for a country to be a successful exporter it wants to have diverse economy for a country to be a successful importer it wants to have lots of money to be able to purchase goods from other countries trade is becoming increasingly important What do we trade manufactures services fuels and mining products oil agricultural products most manufactured goods do not come from the developed world changing developingcountry exports export focused economy most successful development model most labor intensive products are produced in Asia 60 US GDP comes from nontradable industries things that are not exported


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