Textbook Notes (368,566)
Canada (161,966)
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ECN 104 (387)
Chapter 4

Chapter 4 - The Market Forces of Supply & Demand
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Department
Economics
Course
ECN 104
Professor
Tsogbadral Galaabaatar
Semester
Fall

Description
Chapter 4Comparative Advantage and TradeGains from trade arise from comparative advantage differences in opportunity costs When each country specializes in the goodsin which it has a comparative advantagetotal production in all countries is higherthe worlds economic pie is biggerand all countries can gain from tradeThe same applies to individual producerslike the farmer and the rancher specializingin different goods and trading with each other DemandThe quantity demanded of any good is the amount of the good that buyers are willing and able to purchase Law of demandthe claim that the quantity demanded of a good falls when the price of the good rises other things equal Market Demand versus Individual DemandThe quantity demanded in the market is the sum of the quantities demanded by all buyers at each priced Supp
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