ECN 204 Lecture Notes - Lecture 2: Ryerson University, Absolute Advantage, Comparative Advantage
Document Summary
Readings: chapter 3 (please read the related topics from other introductory level of microeconomics textbooks for your own benefits). You have to make your own note from lecture. In this chapter, look for the answers to these questions: Interdependence: every day you rely on many people from around the world, most of whom you"ve never met, to provide you with the goods and services you enjoy. Trade can make everyone better off: we now learn why people and nations choose to be interdependent, and how they can gain from trade. Production possibilities in canada: canada has 50,000 hours of labour available for production, per month, producing one computer requires 100 hours of labour, producing one ton of wheat requires 10 hours of labour. A c t i v e l e a r n i n g 1. Use the following information to draw japan"s ppf.
