Textbook Notes (368,552)
Canada (161,962)
Economics (923)
ECN 204 (282)
Chapter 3

Chapter 3.docx

2 Pages
51 Views
Unlock Document

Department
Economics
Course
ECN 204
Professor
Christos Shiamptanis
Semester
Winter

Description
Chapter 3 Interdependence and the Gain from Trade A Parable for the Modern EconomyBenefit by specializing in what heshe does best and then trading with the other Gains from trading less obvious when one person is better at producing every good Production PossibilitiesProduction possibilities frontier shows the various mixes of output that ecn can produceA meat and potatoes farmer produceB meat and potatoes rancherPrinciples of Economics People face tradeoffsTech allows to switch b one good to the other at constant rateProduction possibilities frontier is a straight lineSelfsufficient rather than trade with each other consumes exactly what heshe producesSpecialization and TradeSpecialize in what we do best Each of us can consume more wout
More Less

Related notes for ECN 204

Log In


OR

Join OneClass

Access over 10 million pages of study
documents for 1.3 million courses.

Sign up

Join to view


OR

By registering, I agree to the Terms and Privacy Policies
Already have an account?
Just a few more details

So we can recommend you notes for your school.

Reset Password

Please enter below the email address you registered with and we will send you a link to reset your password.

Add your courses

Get notes from the top students in your class.


Submit