General Equilibrium and the Gains from Trading

Ali M. El-Agraa
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Ali M. El-Agraa: University of Leeds

Chapter 4 in International Trade, 1989, pp 54-62 from Palgrave Macmillan

Abstract: Abstract Chapter 2 demonstrated how the consumption preferences or planned demand for two broad categories of commodities (Food and Clothing) for the whole of a society can be represented on a community indifference map. In Chapter 3 the total supply of these two commodities for the same society was depicted by means of a production possibility frontier — PPF. Since practically everything in economics is determined by supply and demand forces, it is now possible to use these two concepts to determine how a society reaches an optimum situation.

Keywords: International Trade; General Equilibrium; Relative Price; Relative Prex; Demand Pattern (search for similar items in EconPapers)
Date: 1989
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-10206-8_4

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DOI: 10.1007/978-1-349-10206-8_4

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