Int'l Trade

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  • International Trade
    • Closed economy
      • doesn't take part in int'l trade
      • Average costs likely high
    • Open economies
      • widen production possibilities greatly due to trade
  • also widens consumption possibilities
    • Open economies
      • widen production possibilities greatly due to trade
  • Specialisation and division of labour
    • Comparative advantage
  • Absolute advantage
    • Specialisation and division of labour
      • Comparative advantage
  • Output gains
    • Import controls and protectionism
      • International Trade
        • Closed economy
          • doesn't take part in int'l trade
          • Average costs likely high
    • Case against import controls
      • Import controls and protectionism
      • Case for import controls
        • The pattern of world trade
          • North/North
            • The pattern of world trade
            • South/North

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