Create
Learn
Share

International Econ Chapter 3 (part two)

rename
cmarquardt94's version from 2016-09-06 17:50

Section

Question Answer
how many factors of production are there in the Ricardian Model?ONE!
how do we summarize the Home/Foreign economy's technology?Their Labor Productivity is expressed in terms of the Unit Labor Requirement
What is the Unit Labor Requirement?The number of hours of labor it takes to produce one unit of a good
The more of a good a worker can produce in an hour means....?the Lower the Unit Labor Requirement (which is Good!)
What is an economy's Total Resources defined as?the Total Labor Supply (L)
memorize