ECON 1BB3 Lecture Notes - Lecture 3: Absolute Advantage, Comparative Advantage, Opportunity Cost

• School: McMaster University
• Department: Economics
• Course: ECON 1BB3
• Professor: Bridget O'Shaughnessy

Document Summary

Econ 1bb3 lecture 3: economic decision makers and international trade. If you want to write the first midterm early, submit the quiz today. The free trial for online aplia expires tonight: check a2l if you need help setting up. Do the math review test before friday: math review test available on avenue. Stay up to date on avenue to keep on top of course material. Also contains content to be covered this week. Cross-check aplia and avenue to stay on track of chapters you are responsible for. Mike and sandy are two woodworkers who both make tables and chairs. Hawkeye can either make 80 arrows or 200 hammers. If england and spain trade based on the principle of comparative advantage, who will import what: there"s no way that both england and spain would import either bread or cheese. Labour hours needed to make one unit of: Thor can produce 400 hammers or 100 arrows.