Econ 2.5 to 3 pages
Please incorporate these terms in the paper:
We are all linked by international trade, and the volume of that trade has grown dramatically in the last few decades. To understand the benefits of trade, or why we trade in the first place, we need to understand the concepts of comparative and absolute advantage. In this unit, we are going to examine the key concepts to help us understand how the demand and supply model applies to international trade.
- absolute advantage, comparative advantage, and opportunity costs.
- gains of trade created when a country specializes.
- Examine protectionism and its three main forms.
- Analyze protectionism through concepts of demand and supply, noting its effects on equilibrium.
Other questions 10