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15 cards from this deck
Producing with less resources & at lower cost
Producing at a lower opportunity cost
Ratio of export prices to import prices
Index of export pricesIndex of import prices×100\frac{\text{Index of export prices}}{\text{Index of import prices}} \times 100Index of import pricesIndex of export prices×100
Increased interconnectivity via trade, migration, finance, tech
PED exports + PED imports >1> 1>1 for current account improvement
Current account worsens first, then improves after depreciation
Access to larger markets & economies of scale
Reduced costs & barriers to international trade
More output with same inputs = lower costs
Makes exports cheaper & imports more expensive
Opportunity cost, not overall efficiency
Buy more imports for given quantity of exports
Export more to purchase same amount of imports
Sum of elasticities must be >1> 1>1
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