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Lecture

MICRO-ECONOMICS LECTURE 2
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Department
Economics
Course
EC120
Professor
Ken Jackson
Semester
Fall

Description
EC120 Gains from Trade September 10 2014Lecture 2InterProvincial Barriers to Trade Canada put regulations in place in the early 1900s limiting trade in wineRegulations intended to support provincial prohibition laws Federal regulations removed in 2012 Ontario laws remain in place importing wine from other provinces is prohibited Related Concepts Absolute advantage you are better at producing something better than anotherComparative advantage comparing the producers from the products Better to produce something which has a low opportunity costThe Gains from TradeAssume Canada is producing 50 cars per dayhow much wheat are they producing 2000 tons of wheat Assume the US is producin
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