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Textbook Notes for ECON 219 at McGill University


MCGILLECON 219Sandra SaghirWinter

ECON 219 Lecture Notes - Lecture 10: Diminishing Returns, Tangent, Forego

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When you hire more & more inputs to produce good. Opportunity cot depends on how many units of that factors you"ve used & how much skill a person has.
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MCGILLECON 219Sandra SaghirWinter

ECON 219 Lecture Notes - Lecture 9: Absolute Advantage, Comparative Advantage, Opportunity Cost

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Portugal has an absolute advantage in production of both because they produce both wine and cloth with less amount of labor than it would take to produ
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MCGILLECON 219Sandra SaghirWinter

ECON 219 Lecture 8: Notes

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Low wages are associated with low productivity: compare how productivity of a country was with respect to usa? ( from textbook) The 45 degree line in t
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MCGILLECON 219Sandra SaghirWinter

ECON 219 Lecture Notes - Lecture 7: Absolute Advantage, Opportunity Cost, Gie

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All the possibilities of goods the economy can produce for a fixed amount of resources. There is a fixed amount of labor. When you specialize in one go
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MCGILLECON 219Sandra SaghirWinter

ECON 219 Lecture 5: Notes

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Different trade models: 1) ricardian model -whole concept of comparative & absolute advantages: the heckscher-ohlin model. Explained concept of trading
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MCGILLECON 219Sandra SaghirWinter

ECON 219 Lecture Notes - Lecture 6: Perfect Competition, Real Wages, Absolute Advantage

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Usa is better than europe in food production. As long as they do better in a product they will do better. Europe has a comparative advantage in clothin
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MCGILLECON 219Sandra SaghirWinter

ECON 219 Lecture Notes - Lecture 3: Gross Domestic Product, Free-Trade Area, Carbon Tax

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Concerns relate to what the country should trade in. Tariffs- tax on imports and exports depending on whether you want to increase or lower imports or
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MCGILLECON 219Sandra SaghirWinter

ECON 219 Lecture 4: Notes

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Majority european countries lie on the 45 degree line(with respect to their share with usa)- (refers to fig 2. 2 of presentation) Distance, size(exampl
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MCGILLECON 219Christopher RaganFall

ECON 219 Chapter Notes - Chapter 5: Demand Curve, Efficient-Market Hypothesis, Price Ceiling

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MCGILLECON 219Christopher RaganFall

ECON 219 Chapter Notes - Chapter 1: Mixed Economy, European Cooperation In Science And Technology, The Communist Manifesto

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Self-organizing : chain of events work together/interact without. -> the complexity of the modern economy official control. -> efficiency : resources b
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MCGILLECON 219Christopher RaganFall

ECON 219 Chapter Notes - Chapter 3: Inferior Good, Economic Equilibrium, Perfect Competition

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Econ 219 chapter 3: the demand and supply model is not always the right way to think about price and quantity ex: ipods, coke*, diamond rings**, doctor
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