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Week 3 notes

by: Evelin Notetaker

Week 3 notes Econ 2305- Microeconomic Principles

Evelin Notetaker
GPA 2.5
Econ 2305
William Alexander

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About this Document

This is the third week material regarding trade and comparative versus absolute advantage.
Econ 2305
William Alexander
Class Notes
Macroeconomics, comparative advantage, absolute advantage
25 ?




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This 2 page Class Notes was uploaded by Evelin Notetaker on Monday September 14, 2015. The Class Notes belongs to Econ 2305- Microeconomic Principles at University of Houston taught by William Alexander in Summer 2015. Since its upload, it has received 59 views. For similar materials see Econ 2305 in Economcs at University of Houston.

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Date Created: 09/14/15
Econ 2305 Macroeconomics Week 3 Chapters 3 History of Thought Mercantilism I Country beliefs to maximize exports and minimize imports I Can be negative losing out import trades that can help country Labor theory value I David Ricardo I Will account only labor value not cost raw materials etc Trade Macroeconomics view in the circular ow based on foreign sector Microeconomics analysis on techniques used Benefit from trade is specialization I Specialization is more cost effective I This can be shown with a PPF graph Comparative advantage goes into the idea of opportunity cost I Based on which option of specialization had less opportunity cost Absolute advantage productivity one person firm to another I Adam Smith I Cost advantage least costs I Does not account for opportunity cost I Producer requires less input Physical capital resource advantage One with absolute advantage can still have comparative advantage In order for both parties to gain from trade price has to be between both opportunity costs Trade Barriers I Tariffs tax imports Fund idea of nationalism buy domestic goods compete prices I Non tariff Export subsidies and import quotas


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