Biography
What was his fathers occupation
what is a successful stockbroker
what is the theory of value?
What is 'the value of commodity, or the quantity of labour which it will exchange, depends on the relative quantity of labour which is necessary for its production'
what goes on the vertical axis of the graph?
outputs of land (wheat)
what was Ricarrrdo's example for comparative advantage
what is Portugal produces wine, England produces cloth
What were the corn laws
what is tariffs that were set on imported grain by the British government
When did David Ricarrrdo join the British Parliament?
what is 1819
What is a problem with the theory of value?
What is it only focuses on supply and not demand
What does the area under the output curve represent?
total amount of output
How does absolute advantage fail justify trade?
What is failure to represent countries that do not have the absolute advantage in any product
What supply and demand graph illustrates tariffs
what is price floors
What was the main inspiration behind his interest in Economics?
What is Adam Smith's "Wealth of Nations"
Why did Ricarrrdo come up with the theory of value?
What is to explain why things are worth what they are worth
what is the total wages - total output
rent
How has comparative advantage justified trade agreements
what is the mutual benefit of trade based on opportunity cost
why is protectionism criticized
what is it increases revenue for the government and can hurt famers and consumers
Supporting Ricarrdo's views; which committee recommended the cancelation of the bank of restriction act?
what is Bullion Committee
what unintended consequences did the theory of value produce and why did it happen?
what is Socialism and Marxism. Ricarrrdo was unable to articulate his thoughts and that left his work to be misinterpreted
what 2 things did Ricarrrdo assume when making his model
If Canada can produce a computer in 4 hrs and a keyboard in 3 hrs and Italy can produce a computer in 8 hrs and a Keyboard in 5 hrs. Who should produce a computer?
What is Canada
What is a modern comparison to corn laws
what is Trump's trade war with China where tariffs were applied on Chinese Goods