Cobi Smith edited Market_with_no_international_trade__.md  over 8 years ago

Commit id: 632d1db1e64c57cdba6d8e56ee3ebe49f5dcb745

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gains from economic activity = consumer surplus + producer surplus = surplus  https://en.wikipedia.org/wiki/Autarky  # Small open economy   assumes people can   1. sell any amount at world price  2. buy any amount at world price  Within lecture we're looking at diagram showing gain from exporting, using iron ore as example.