Opportunity cost of everything increase, Public Economics

Earlier than the Civil War, the South graded with the North and with England. It sold cotton and bought manufactured goods and food. Throughout the war, one of Lincoln's first actions was to blockade the ports, which not permitted this trade. The South had to enhance its production of munitions and food.

1. In what did the South have a comparative benefit?

2. Did the Civil War change any opportunity costs in the South? Did the opportunity cost of everything increase? Or did items cost less?

Posted Date: 3/22/2013 3:12:27 AM | Location : United States

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