ECON 1 Study Guide - Fall 2018, Comprehensive Quiz Notes - Competitive Equilibrium, Torah, Economic Equilibrium

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5 Nov 2018
School
Department
Course
Professor
University of California - Santa Barbara
ECON 1
Principles of Economics-Micro
Quiz
Fall 2018
Prof. Ryan Oprea
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David Ricardo
Principle of Political Economy and taxes
Coun Laws Corn grains
every country should specialize in its
comparative advantage
each country could trade its specialties
with others µ
both countries would be better off
example Richardians Isandwiches
everyone can work 20 hours
lbread t1fish lsandwich
sandwich without fish useless
Rich Family Ihour aOT absolute
5hours abread advantage
poor Family 3hfish less productive
2hrs abread
4
Productivity output per hour
Ms Rich 1fish hr 213 bread Ihr
Ms Poor Ya fish Ihr Yz bread Ihr
tr
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t
Trade oHs
Ms Rich bread per fish 43 comparative
fish per bread advantage
in fishing
Ms Poor bread per fish 32
comparative
fish per bread 23advantage in
producing bread
1
Trade Comparative Adv
each specializes in comparative advantage
trade specialty for others specialty
both benefit 1more sandwich for Ms Rich
and Ms Poor
Experiment 1CA is areason for trade
How does trade work in markets
experiment tis atest
Preparation Pt 3of reader
117 number from section web
page
must be on time to receive
credit
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