Economics and Trade
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Efficient task assignment
Assigning tasks based on comparative advantage
Diminishing returns to input
At least one input is fixed
Opportunity cost
The cost of producing one good in terms of another
Cap and trade policy
Buying and selling rights to emit vehicle emissions
Shift in labor demand curve
Change in demand for firm's product
Preventing negative externalities
County government funding public schools
Currency depreciation
Desire for the dollar to decrease in value
Effect of wage cut on labor supply
Downward-sloping portion of supply curve
Emissions taxes and permits
Efficient methods of pollution reduction
Labor demand curve for programmers
Employers looking to hire programmers
Trade cost
Extra cost of buying or selling abroad
Domestic quantity supplied with trade
Greater than domestic quantity demanded
Climate comparative advantage
Hawaii's climate for tropical fruit cultivation
Bargaining costs of externality
High costs prevent negotiations
Factor and output markets
Hiring employees and painting houses
Income and substitution effects
Income effect dominates for reduced hours
Decline in telephone operators
Increase in automated answering services
Labor supply with wage increase
Increase in quantity supplied
Substitution effect of wage increase
Increase in work hours
Work and leisure
Inverse relationship
Economies of scale
Lower production costs with larger order volumes
Marginal revenue product
MPL times price
External benefits of garden supplies
Market prices below marginal social benefit
Externality definition
Not a price change
Negative externality example
Ornamental pond breeding mosquitoes
Consumption with trade
People consume more with international trade
Marginal social cost of pollution
Private cost plus external cost of pollution
Tariff or quota effect
Raise prices, decrease consumption of protected goods
Substitution effect definition
Response to change in relative prices
Job creation argument
Restricting imports leads to greater domestic production
Effect of tariff on lumber
Rise in price, fall in consumer surplus, rise in producer surplus
Solution to externality problem
Side payment
Source of comparative advantage
Specialized skills
South Korea's comparative advantage
Specialized skills in cellular technology
Pharmacist wages decrease
Supply curve shifts left
Income tax rate decrease
Uncertain effect on labor supply