Macroeconomics 8/27

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Department
Economics
Course
ECONOM 1015
Professor
myounglee
Semester
Fall

Description
8/27/13 Absolute advantage: -who uses a smaller quantity of inputs to produce a g/s -who produces a bigger output with same quantity of input comparing the cost/productivity of one person, firm, or nation to that of another Autarky: only consume what you produce 8/29/13 autarky: PPF-->CPF specialization and trade: ▯ -on the basis of CA (comparative advantage) ▯ ▯ -total production increases ▯ ▯ -expand CPF ▯ ▯ -Gains from trade productivity: amount of Y produced from each hour of a worker’s time ▯ -explains country’s standard of living Main sources: -physical K or human K accumulating ▯ -machines increase, increase technology medical equipment, skills of doctors, ▯ engineers, etc -technological changes: ▯ -development of new output (Y), discovery of new resources and of better ways ▯ of producing Y Types of economic growth 1. extensive growth -obtaining MORE/new resources ▯ -the louisiana territory and alaska purchases ▯ -increase in K, increase in labor hours 2. in
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