Channel: Jacob Clifford

Category: Education

Tags: topic 2.9microeconomicstrademicroquotatariffinternationaldemandsupplyap

Description: Hey econ students. This video covers Micro Topic 2.9 and shows trade, tariffs, and quotas using supply and demand. Be sure to be able to draw and calculate consumer surplus, producer surplus, and deadweight loss. Remember that the international trade is different than a price ceiling. The result is not a shortage. Instead, we are importing the different between the quantity demanded and the domestic quantity supplied. This causes consumer surplus to get bigger and producer surplus to get smaller. If you need more practice, be sure to check out my Ultimate Review Packet. You can start using it for free right now: acdcecon.com/review-packet Here is the Wall Street Journal video with more info about Malcolm McLean youtu.be/0MUkgDIQdcM