What are the morals of the discussion in last class? a. The results of lacking an indigenous industrial revolution in China. (i) The industrial structure Relatively speaking, China changed from the most industrialised nation to an agrarian nation by the end of 19th century
Ten Principles of Economics Thinking Like an Economist Interdependence and the Gains from Trade The Market Forces of Supply and Demand Elasticity and Its Application Supply, Demand and Government Policies Consumers, Producers, and the Efficiency of Markets Application: The Costs of Taxation Application: International Trade Externalities Public Goods and Common Resources The Costs of Production Firms in Competitive Markets Monopoly Oligopoly Monopolistic Competition The Economics of Labor Markets