|Learning Objectives: Estimate the welfare effects of trade intervention|
The best way to understand economic interdependence is the classic pamphlet I, Pencil.
This guy attempted to make a sandwich from scratch. It cost $1500 and took 3 months. It’s remarkable how cheap and plentiful sandwiches are, due to an extended global supply chain and division of labou.
This video shows the history of globalisation through some important maps:
Here we use basic demand and supply analysis to look at the welfare effects of trade intervention:
|These resources form part of my Managerial Economics course map. You can watch the full YouTube playlist here. This page ties into Chapter 10 of ‘Economics: A Complete Guide for Business‘.|