ECON 1BB3 Lecture Notes - Lecture 19: Absolute Advantage, Autarky, Loanable Funds

• School: McMaster University
• Department: Economics
• Course: ECON 1BB3
• Professor: Bridget O' Shaughnessy

Document Summary

D) an increase in the overall level of technology. Also suppose that each contry completely sp . : ben and jerry are producing at point a they specialize b)1 pound of ice cream. Econ clinic kthn 306a mon thusday 10 -1 for ben 1 pound of cones jerry. & true price and quantity traded of goods/services such as sales and distributions of drugs or prostitutions are unknown because they are illegal: produced and a given period of time. Key words when determining how housing fits into gdp. Gdp only includes goods that are produced in a given period of time. Measures production at a specific interval of time which is every year. In sept 2008, you buy a house of k then it is sold in 2010 for k. Resale value of the house/ its capital gain are not taken into account for gdp. 2 effects: investment- increased in 2008 gdp calculation only, consumption is affected all years from 2008 on.