The exchange model is used to illustrate the gains from trade, the role of opportunity costs, and the properties of relative prices. Production considerations, the concept of comparative advantage, and the resulting factor rewards are introduced. Trade distortions are introduced and studied from the point of view of protectionism and its consequences. Fixed and flexible exchange rates and the concept of balance of payments are also covered. ECO 202 or equivalent.
Emphasis is on the reasons for and the effects of government intervention in the economy.
ECO 202 or equivalent. This course presents an economic approach to the study of regions. The emphasis is on the role of spatial relationships in economic activity. Topics considered include market area analysis, location theory, economic base and input-output analysis as well as regional economic development. The case farm approach is utilized for the application of management techniques.