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Title: Ch. 2 Micro and Macroeconomics: Production Economic Growth and Trade
Description: Ch. 2 Micro and Macroeconomics: Production Economic Growth and Trade
Description: Ch. 2 Micro and Macroeconomics: Production Economic Growth and Trade
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There are costs to trade
o Transport
o Communication
o However costs have been declining because of globalization
o Dimensioning returns: The more a nation specializes the less their
additional gains
Governments often limit trade despite its benefits
o To help certain industries
o In response to a recession
o To remain independent
Title: Ch. 2 Micro and Macroeconomics: Production Economic Growth and Trade
Description: Ch. 2 Micro and Macroeconomics: Production Economic Growth and Trade
Description: Ch. 2 Micro and Macroeconomics: Production Economic Growth and Trade