### Economic Concepts and TheoristsBelow is a matching exercise designed to help you connect key economic concepts with their associated definitions or theorists.#### Concepts List:1. **Trade surplus** 2. **Per Capita GDP** 3. **Autarky** 4. **Absolute Advantage** 5. **Opportunity cost** 6. **Terms of Trade** 7. **Slope of Social Indifference curve** 8. **Factor Proportions theory** 9. **Import restriction policy** 10. **Labor theory of value** #### Definitions and Theorists:A. **Ricardo** B. **Marginal Rate of Substitution** C. **M

International trade theories analyse the patterns of international trade, its origins, and its…

✓ Trade surplus ✓ Per Capita GDP ✓ Autarky ✓ Absolute Advantage ✓ Opportunity cost ✓ Terms of Trade ✓ Slope of Social Indifference curve ✓ Factor Proportions theory ✓ Import restriction policy ✓ Labor theory of value A. Ricardo B. Marginal Rate of Substitution C. M

✓ Trade surplus ✓ Per Capita GDP ✓ Autarky ✓ Absolute Advantage ✓ Opportunity cost ✓ Terms of Trade ✓ Slope of Social Indifference curve ✓ Factor Proportions theory ✓ Import restriction policy ✓ Labor theory of value A. Ricardo B. Marginal Rate of Substitution C. M

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

### Economic Concepts and Theorists

Below is a matching exercise designed to help you connect key economic concepts with their associated definitions or theorists.

#### Concepts List:

1. **Trade surplus**
2. **Per Capita GDP**
3. **Autarky**
4. **Absolute Advantage**
5. **Opportunity cost**
6. **Terms of Trade**
7. **Slope of Social Indifference curve**
8. **Factor Proportions theory**
9. **Import restriction policy**
10. **Labor theory of value**

#### Definitions and Theorists:

A. **Ricardo**
B. **Marginal Rate of Substitution**
C. **M<X**
D. **Real GDP/Population**
E. **Adam Smith**
F. **Px/Pm**
G. **Classical Economists**
H. **Heckscher-Ohlin**
I. **Closed economy**
J. **Mercantilists**

Use this exercise to form the correct connections between the concepts and their relevant definitions or influential figures in economics.

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