Free Trade and Protection

5. the concepts of absolute and comparative advantage, including the sources of comparative advantage

6. the gains from specialisation and trade using the demand and supply model, the Production Possibility Frontier (PPF) model and the concept of opportunity cost

7. the benefits of trade liberalisation

8. types of protection, including tariffs, subsidies, quotas

9. arguments for protection

10. the impact of tariffs and subsidies using the demand and supply model on trade, market efficiency and the macroeconomy