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Political Science
Lilach Gilady

January 17 2012 Lecture 2 Trade Odd types of Trade 1 The Salt TradeSalt was a very important trade 2 The Silk Tradeinteractions between the rise of polity and local rulers and ability to collect customs relationship between polity and markets 3 European Maritime Exploration 4 The Opium Wars 183942185660Trade at times was correlated with thwar Fought by China in early 19 century the English discovered tea and a liking for tea so British were in a bind they wanted tea but had nothing to sell to ChinaBasic Concepts of Theories of Trade y Transaction costs cost of trade including transportation but also risk etcrefers to cost of Trade for example taking a vacation during reading week but while looking at travelling costs you have to involve the costs of time looking up the ticket and time you could have studiedthere are costs you are charged so the company can maintain its site y Opportunity Costs amount of some other good that is lost in order to obtain unit of given good y Relative Prices the price of a good in terms of o
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