Econ Revision Notes PDF
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Yale University
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Summary
These notes cover key concepts in economics, focusing on concepts like comparative advantage, trading blocs, and free trade. The notes discuss theoretical frameworks and real-world applications of these concepts.
Full Transcript
***[Key Concepts:]*** 1. - - 2. - ***[Theory of Comparative Advantage:]*** - - ***[Examples:]*** 1. - - - - - - 2. - ***[Benefits of Comparative Advantage:]*** 1. 2. 3. ***[Assumptions of the Theory:]*** 1. 2. [ ] ***[Limitations of Comparat...
***[Key Concepts:]*** 1. - - 2. - ***[Theory of Comparative Advantage:]*** - - ***[Examples:]*** 1. - - - - - - 2. - ***[Benefits of Comparative Advantage:]*** 1. 2. 3. ***[Assumptions of the Theory:]*** 1. 2. [ ] ***[Limitations of Comparative Advantage:]*** 1. 2. 3. 4. ***[Application to the Real World:]*** 1. 2. ### **What is a Trading Bloc?** - - ### **Types of Trading Blocs:** 1. - - - 2. - - 3. - - ### **Reasons for Forming Trading Blocs:** 1. 2. 3. 4. ### **Advantages of Trading Blocs:** 1. 2. 3. ### **Disadvantages of Trading Blocs:** 1. - 2. 3. 4. 5. ### **Examples of Trading Blocs:** 1. - - - - 2. - - - **Trade Bloc Evaluation:** 1. 2. 3. 4. - - ### **Features of Free Trade:** 1. 2. 3. 4. ### **Advantages of Free Trade:** 1. - 2. - 3. - 4. - 5. - 6. - 7. - ### **Disadvantages of Free Trade:** 1. - 2. - 3. - 4. - 5. - 6. - ### **Evaluation of Free Trade:** - - - - - - ### **What is Economic Integration?** - - ### **Stages of Economic Integration:** 1. - - 2. - - 3. - - 4. - - 5. - - 6. - - ### **Benefits of Economic Integration:** 1. - 2. - 3. - 4. - 5. - 6. - ### **Costs/Challenges of Economic Integration:** 1. - - 2. - 3. - 4. - 5. - ### **Evaluation of Economic Integration:** - - - - - -
