international economics at Universität Magdeburg

Flashcards and summaries for international economics at the Universität Magdeburg

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Exemplary flashcards for international economics at the Universität Magdeburg on StudySmarter:

Diminishing law

Exemplary flashcards for international economics at the Universität Magdeburg on StudySmarter:

Comparative advantage

Exemplary flashcards for international economics at the Universität Magdeburg on StudySmarter:

Opportunity costs
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Absolute advantage 

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Ricardian model - factors of production

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When does a country benefit from trade?

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Complete
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Incomplete

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Cheese in terms of wine

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Production possibility Frontier

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World in autarky
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Characterize ricardian model

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Exemplary flashcards for international economics at the Universität Magdeburg on StudySmarter:

international economics

Diminishing law
Additional factor of output causes less product -> less efficient

international economics

Comparative advantage
Producing goods at lower opportunity costs

international economics

Opportunity costs
Costs you risk in order to produce something different

international economics

Absolute advantage 
Producing a good in a country where it is cheaper to

international economics

Ricardian model - factors of production
1. aLc
2. aLw
3. aLc*
4. aLw*

international economics

When does a country benefit from trade?
If it has a comparative advantage- export

international economics

Complete
Specializes on 1 

international economics

Incomplete
No specialization
-> 2 goods

international economics

Cheese in terms of wine
C/w

international economics

Production possibility Frontier
Slope of opportunity cost

international economics

World in autarky
1.Perfect competition
2. No profits
3. Labor moves where wage is highest
4. Real wage = marginal physical productivity of labour
5. Nominal wage = marginal value productivity of labour

international economics

Characterize ricardian model
1. Perfect mobility across industries
2. Constant returns to scale (input =output)
3. Perfect competition (p=c)


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