ECON 1 Study Guide - Fall 2018, Comprehensive Quiz Notes - Competitive Equilibrium, Torah, Economic Equilibrium
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ECON 1 Full Course Notes
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Coun laws every country should specialize in comparative advantage each with country others trade could taxes its its specialties both countries would be better off example. 20 hours sandwich everyone can l bread t 1 fish sandwich without hour. Ms poor tr useless absolute advantage less productive output per hour hr. 43 comparative advantage in fishing bread per fish 3 fish per bread. Comparative adv each specializes in trade specialty for benefit both and ms poor. 1 more comparative advantage others specialty sandwich for ms rich. Experiment 1 ca is a for reason work in markets trade. Preparation pt 3 of trade tis test reader. 117 number page must credit be from section web on time to receive. Prices define self everyone follows everyone ends interest interest self up in compatitive advantage. Price must be right suppose price of price of become. 1 loaf fish bakers bread not enough fish.
