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Canada (161,636)
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ECN 104 (388)
Chapter 3

Chapter 3 - Interdependence & the Gains from Trade
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Department
Economics
Course
ECN 104
Professor
Tsogbadral Galaabaatar
Semester
Fall

Description
Chapter 3Interdependence Every day you rely on many people from around the world most of whom youve never met to provide you with the goods and services you enjoyOne of the Ten Principles from Chapter 1Trade can make everyone better offWe now learn why peopleand nationschoose to be interdependentand how they can gain from trade Our ExampleTwo countriesCanada and JapanTwo goodscomputers and wheatOne resourcelabour measured in hours We will look at how much of both goodseach country produces and consumesif the country chooses to be selfsufficientif it trades with the other country Consumption With and Without TradeWithout trade Canadian consumers get 250 computersand 2500 tons wheatJapanese consumers get 120 computers and 600 tons wheatWe will compare consumption without
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