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Interdependenceand
theGainsfromTradeChapter3Copyright?2019byHarcourt,Inc.
Allrightsreserved.
Requestsforpermissiontomakecopiesofanypartofthe
workshouldbemailedto:PermissionsDepartment,HarcourtCollegePublishers,
6277SeaHarborDrive,Orlando,Florida32887-6777.
Interdependenceand
theGains1InterdependenceandTrade
Consideryourtypicalday:YouwakeuptoanalarmclockmadeinKorea.Youpouryourselfsomeorangejuicemadefrom orangesgrowninFlorida.Youputonsomeclothesmadeofcottongrownin GeorgiaandsewninfactoriesinThailand.YouwatchthemorningnewsbroadcastfromNew YorkonyourTVmadeinJapan.Youdrivetoclassinacarmadeofparts manufacturedinahalf-dozendifferentcountries.
…andyouhaven’tbeenupformorethantwohoursyet!Harcourt,Inc.itemsandderiveditemscopyright?2019byHarcourt,Inc.InterdependenceandTradeCons2InterdependenceandTradeRemember,economicsisthestudyofhowsocietiesproduceanddistributegoodsinanattempttosatisfythewantsandneedsofitsmembers.InterdependenceandTradeRemem3Howdowesatisfyourwantsandneedsinaglobaleconomy?Wecanbeeconomicallyself-sufficient.Wecanspecializeand tradewithothers, leadingtoeconomicinterdependence.Howdowesatisfyourwantsan4InterdependenceandTradeAgeneralobservation...Individualsandnationsrelyonspecializedproductionandexchangeasawaytoaddressproblemscausedbyscarcity.InterdependenceandTradeAgen5InterdependenceandTradeBut,thisgivesrisetotwoquestions:Whyisinterdependencethenorm?Whatdeterminesproductionandtrade?InterdependenceandTradeBut,6Whyisinterdependencethenorm?Interdependenceoccursbecausepeoplearebetteroffwhentheyspecializeandtradewithothers.Whyisinterdependencethenor7What
determinesthepatternofproductionandtrade?Patternsofproductionandtradearebasedupondifferencesinopportunitycosts.Whatdeterminesthepatternof8Imagine...onlytwogoods:potatoesandmeatonlytwopeople:apotatofarmerandacattlerancherWhatshouldeachproduce?Whyshouldtheytrade?AParablefortheModernEconomyImagine...AParableforthe9TheProductionOpportunitiesoftheFarmerandtheRancherHarcourt,Inc.itemsandderiveditemscopyright?2019byHarcourt,Inc.TheProductionOpportunitieso10Self-SufficiencyByignoringeachother:Eachconsumeswhattheyeachproduce.Theproductionpossibilitiesfrontierisalsothe
consumptionpossibilitiesfrontier.Withouttrade,economicgainsarediminished.Self-SufficiencyByignoringea11ProductionPossibilitiesFrontiersPotatoes(pounds)Meat(pounds)4212(a)TheFarmer’sProductionPossibilitiesFrontier0AProductionPossibilitiesFront12ProductionPossibilitiesFrontiersPotatoes(pounds)Meat(pounds)540202.5(b)TheRancher’sProductionPossibilitiesFrontier0BProductionPossibilitiesFront13TheFarmerandtheRancherSpecializeandTradeEachwouldbebetteroffiftheyspecialized
inproducing
theproducttheyaremoresuitedtoproduce,andthen
trade
witheachother.Thefarmershouldproducepotatoes.Theranchershouldproducemeat.TheFarmerandtheRancherSpe14TheGainsfromTrade:
ASummaryHarcourt,Inc.itemsandderiveditemscopyright?2019byHarcourt,Inc.TheGainsfromTrade:
ASumma15TheGainsfromTrade:
ASummaryHarcourt,Inc.itemsandderiveditemscopyright?2019byHarcourt,Inc.TheGainsfromTrade:
ASumma16TradeExpandstheSetofConsumptionPossibilitiesPotatoes(pounds)Meat(pounds)4221(a)HowTradeIncreasestheFarmer’sConsumption0A33A*Farmer’sconsumptionwithouttradeFarmer’sconsumptionwithtradeTradeExpandstheSetofConsu17TradeExpandstheSetofConsumptionPossibilitiesPotatoes(pounds)Meat(pounds)52.54020(b)HowTradeIncreasesTheRancher’sConsumption0B213B*Rancher’sconsumptionwithouttradeRancher’sconsumptionwithtradeTradeExpandstheSetofConsu18TheGainsfromTrade:
ASummaryHarcourt,Inc.itemsandderiveditemscopyright?2019byHarcourt,Inc.TheGainsfromTrade:
ASumma19ThePrincipleof
ComparativeAdvantageWhoshouldproducewhat?Howmuchshouldbetradedforeach product?Whocanproducepotatoesatalowercost--thefarmerortherancher?Differencesinthecostsofproductiondeterminethefollowing:ThePrincipleof
Comparative20DifferencesinCostsofProductionThenumberofhoursrequiredtoproduceaunitofoutput.(forexample,onepoundofpotatoes)Theopportunitycostofsacrificingonegoodforanother.Twowaystomeasuredifferencesincostsofproduction:DifferencesinCostsofProduc21AbsoluteAdvantageDescribestheproductivityofoneperson,firm,ornationcomparedtothatofanother.Theproducerthatrequiresasmallerquantityofinputstoproduceagoodissaidtohaveanabsoluteadvantageinproducingthatgood.AbsoluteAdvantageDescribesth22ComparativeAdvantageComparesproducersofagoodaccordingtotheiropportunitycost.
Theproducerwhohasthesmalleropportunitycostofproducingagoodissaidtohaveacomparativeadvantageinproducingthatgood.ComparativeAdvantageCompares23SpecializationandTradeWhohastheabsoluteadvantage?Thefarmerortherancher?
Whohasthecomparativeadvantage?Thefarmerortherancher?SpecializationandTradeWhoha24AbsoluteAdvantageTheRancherneedsonly8hourstoproduceapoundofpotatoes,whereastheFarmerneeds10hours.TheRancherneedsonly1hourtoproduceapoundofmeat,whereastheFarmerneeds20hours.TheRancherhasanabsoluteadvantageintheproductionofbothmeatandpotatoes.Harcourt,Inc.itemsandderiveditemscopyright?2019byHarcourt,Inc.AbsoluteAdvantageTheRancher25TheOpportunityCost
ofMeatandPotatoesHarcourt,Inc.itemsandderiveditemscopyright?2019byHarcourt,Inc.TheOpportunityCost
ofMeat26ComparativeAdvantageTheRancher’sopportunitycostofapoundofpotatoesis8poundsofmeat,whereastheFarmer’sopportunitycostofapoundofpotatoesis1/2poundofmeat.
TheRancher’sopportunitycostofapoundofmeatisonly1/8poundofpotatoes,whiletheFarmer’sopportunitycostofapoundofmeatis2poundsofpotatoes...Harcourt,Inc.itemsandderiveditemscopyright?2019byHarcourt,Inc.ComparativeAdvantageTheRanch27ComparativeAdvantage…so,theRancherhasacomparativeadvantageintheproductionofmeatbuttheFarmerhasacomparativeadvantageintheproductionofpotatoes.Harcourt,Inc.itemsandderiveditemscopyright?2019byHarcourt,Inc.ComparativeAdvantage…so,the28ThePrincipleof
ComparativeAdvantageComparativeadvantageanddifferencesinopportunitycostsarethebasisforspecializedproductionandtrade.Wheneverpotentialtradingpartieshavedifferencesinopportunitycosts,theycaneachbenefitfromtrade.ThePrincipleof
Comparative29BenefitsofTradeTradecanbenefiteveryoneinasocietybecauseitallowspeopletospecializeinactivitiesinwhichtheyhaveacomparativeadvantage.BenefitsofTradeTradecanben30AdamSmithandTradeInhis1776bookAnInquiryintotheNatureandCausesoftheWealthofNations,
AdamSmith
performedadetailedanalysisoftradeandeconomicinterdependence,whicheconomistsstilladheretotoday.Harcourt,Inc.itemsandderiveditemscopyright?2019byHarcourt,Inc.AdamSmithandTradeInhis17731DavidRicardoandTradeInhis1816bookPrinciplesofPoliticalEconomyandTaxation,
DavidRicardo
developedtheprincipleofcomparativeadvantageasweknowittoday.Harcourt,Inc.itemsandderiveditemscopyright?2019byHarcourt,Inc.DavidRicardoandTradeInhis32ShouldTigerWoodsMowHisOwnLawn????Harcourt,Inc.itemsandderiveditemscopyright?2019byHarcourt,Inc.ShouldTigerWoodsMowHisOwn33SummaryInterdependenceandtradeallowpeopletoenjoyagreaterquantityandvarietyofgoodsandservices.SummaryInterdependenceandtra34SummaryThepersonwhocanproduceagoodwithasmallerquantityofinputshasanabsoluteadvantage.Thepersonwithasmalleropportunitycosthasacomparativeadvantage.SummaryThepersonwhocanprod35SummaryThegainsfromtradearebasedoncomparativeadvantage,notabsoluteadvantage.Comparativeadvantageappliestocountriesaswellastopeople.SummaryThegainsfromtradear36GraphicalReviewHarcourt,Inc.itemsandderiveditemscopyright?2019byHarcourt,Inc.GraphicalReviewHarcourt,Inc.37ProductionPossibilitiesFrontiersPotatoes(pounds)Meat(pounds)4212(a)TheFarmer’sProductionPossibilitiesFrontier0AProductionPossibilitiesFront38ProductionPossibilitiesFrontiersPotatoes(pounds)Meat(pounds)540202.5(b)TheRancher’sProductionPossibilitiesFrontier0BProductionPossibilitiesFront39TradeExpandstheSetofConsumptionPossibilitiesPotatoes(pounds)Meat(pounds)4221(a)HowTradeIncreasestheFarmer’sConsumption0A33A*Farmer’sconsumptionwithouttradeFarmer’sconsumptionwithtradeTradeExpandstheSetofConsu40TradeExpandstheSetofConsumptionPossibilitiesPotatoes(pounds)Meat(pounds)52.54020(b)HowTradeIncreasesTheRancher’sConsumption0B213B*Rancher’sconsumptionwithouttradeRancher’sconsumptionwithtradeTradeExpandstheSetofConsu41docin/sanshengshiyuandoc88/sanshenglu
更多精品資源請訪問docin/sanshengshiyuan更多精品42Interdependenceand
theGainsfromTradeChapter3Copyright?2019byHarcourt,Inc.
Allrightsreserved.
Requestsforpermissiontomakecopiesofanypartofthe
workshouldbemailedto:PermissionsDepartment,HarcourtCollegePublishers,
6277SeaHarborDrive,Orlando,Florida32887-6777.
Interdependenceand
theGains43InterdependenceandTrade
Consideryourtypicalday:YouwakeuptoanalarmclockmadeinKorea.Youpouryourselfsomeorangejuicemadefrom orangesgrowninFlorida.Youputonsomeclothesmadeofcottongrownin GeorgiaandsewninfactoriesinThailand.YouwatchthemorningnewsbroadcastfromNew YorkonyourTVmadeinJapan.Youdrivetoclassinacarmadeofparts manufacturedinahalf-dozendifferentcountries.
…andyouhaven’tbeenupformorethantwohoursyet!Harcourt,Inc.itemsandderiveditemscopyright?2019byHarcourt,Inc.InterdependenceandTradeCons44InterdependenceandTradeRemember,economicsisthestudyofhowsocietiesproduceanddistributegoodsinanattempttosatisfythewantsandneedsofitsmembers.InterdependenceandTradeRemem45Howdowesatisfyourwantsandneedsinaglobaleconomy?Wecanbeeconomicallyself-sufficient.Wecanspecializeand tradewithothers, leadingtoeconomicinterdependence.Howdowesatisfyourwantsan46InterdependenceandTradeAgeneralobservation...Individualsandnationsrelyonspecializedproductionandexchangeasawaytoaddressproblemscausedbyscarcity.InterdependenceandTradeAgen47InterdependenceandTradeBut,thisgivesrisetotwoquestions:Whyisinterdependencethenorm?Whatdeterminesproductionandtrade?InterdependenceandTradeBut,48Whyisinterdependencethenorm?Interdependenceoccursbecausepeoplearebetteroffwhentheyspecializeandtradewithothers.Whyisinterdependencethenor49What
determinesthepatternofproductionandtrade?Patternsofproductionandtradearebasedupondifferencesinopportunitycosts.Whatdeterminesthepatternof50Imagine...onlytwogoods:potatoesandmeatonlytwopeople:apotatofarmerandacattlerancherWhatshouldeachproduce?Whyshouldtheytrade?AParablefortheModernEconomyImagine...AParableforthe51TheProductionOpportunitiesoftheFarmerandtheRancherHarcourt,Inc.itemsandderiveditemscopyright?2019byHarcourt,Inc.TheProductionOpportunitieso52Self-SufficiencyByignoringeachother:Eachconsumeswhattheyeachproduce.Theproductionpossibilitiesfrontierisalsothe
consumptionpossibilitiesfrontier.Withouttrade,economicgainsarediminished.Self-SufficiencyByignoringea53ProductionPossibilitiesFrontiersPotatoes(pounds)Meat(pounds)4212(a)TheFarmer’sProductionPossibilitiesFrontier0AProductionPossibilitiesFront54ProductionPossibilitiesFrontiersPotatoes(pounds)Meat(pounds)540202.5(b)TheRancher’sProductionPossibilitiesFrontier0BProductionPossibilitiesFront55TheFarmerandtheRancherSpecializeandTradeEachwouldbebetteroffiftheyspecialized
inproducing
theproducttheyaremoresuitedtoproduce,andthen
trade
witheachother.Thefarmershouldproducepotatoes.Theranchershouldproducemeat.TheFarmerandtheRancherSpe56TheGainsfromTrade:
ASummaryHarcourt,Inc.itemsandderiveditemscopyright?2019byHarcourt,Inc.TheGainsfromTrade:
ASumma57TheGainsfromTrade:
ASummaryHarcourt,Inc.itemsandderiveditemscopyright?2019byHarcourt,Inc.TheGainsfromTrade:
ASumma58TradeExpandstheSetofConsumptionPossibilitiesPotatoes(pounds)Meat(pounds)4221(a)HowTradeIncreasestheFarmer’sConsumption0A33A*Farmer’sconsumptionwithouttradeFarmer’sconsumptionwithtradeTradeExpandstheSetofConsu59TradeExpandstheSetofConsumptionPossibilitiesPotatoes(pounds)Meat(pounds)52.54020(b)HowTradeIncreasesTheRancher’sConsumption0B213B*Rancher’sconsumptionwithouttradeRancher’sconsumptionwithtradeTradeExpandstheSetofConsu60TheGainsfromTrade:
ASummaryHarcourt,Inc.itemsandderiveditemscopyright?2019byHarcourt,Inc.TheGainsfromTrade:
ASumma61ThePrincipleof
ComparativeAdvantageWhoshouldproducewhat?Howmuchshouldbetradedforeach product?Whocanproducepotatoesatalowercost--thefarmerortherancher?Differencesinthecostsofproductiondeterminethefollowing:ThePrincipleof
Comparative62DifferencesinCostsofProductionThenumberofhoursrequiredtoproduceaunitofoutput.(forexample,onepoundofpotatoes)Theopportunitycostofsacrificingonegoodforanother.Twowaystomeasuredifferencesincostsofproduction:DifferencesinCostsofProduc63AbsoluteAdvantageDescribestheproductivityofoneperson,firm,ornationcomparedtothatofanother.Theproducerthatrequiresasmallerquantityofinputstoproduceagoodissaidtohaveanabsoluteadvantageinproducingthatgood.AbsoluteAdvantageDescribesth64ComparativeAdvantageComparesproducersofagoodaccordingtotheiropportunitycost.
Theproducerwhohasthesmalleropportunitycostofproducingagoodissaidtohaveacomparativeadvantageinproducingthatgood.ComparativeAdvantageCompares65SpecializationandTradeWhohastheabsoluteadvantage?Thefarmerortherancher?
Whohasthecomparativeadvantage?Thefarmerortherancher?SpecializationandTradeWhoha66AbsoluteAdvantageTheRancherneedsonly8hourstoproduceapoundofpotatoes,whereastheFarmerneeds10hours.TheRancherneedsonly1hourtoproduceapoundofmeat,whereastheFarmerneeds20hours.TheRancherhasanabsoluteadvantageintheproductionofbothmeatandpotatoes.Harcourt,Inc.itemsandderiveditemscopyright?2019byHarcourt,Inc.AbsoluteAdvantageTheRancher67TheOpportunityCost
ofMeatandPotatoesHarcourt,Inc.itemsandderiveditemscopyright?2019byHarcourt,Inc.TheOpportunityCost
ofMeat68ComparativeAdvantageTheRancher’sopportunitycostofapoundofpotatoesis8poundsofmeat,whereastheFarmer’sopportunitycostofapoundofpotatoesis1/2poundofmeat.
TheRancher’sopportunitycostofapoundofmeatisonly1/8poundofpotatoes,whiletheFarmer’sopportunitycostofapoundofmeatis2poundsofpotatoes...Harcourt,Inc.itemsandderiveditemscopyright?2019byHarcourt,Inc.ComparativeAdvantageTheRanch69ComparativeAdvantage…so,theRancherhasacomparativeadvantageintheproductionofmeatbuttheFarmerhasacomparativeadvantageintheproductionofpotatoes.Harcourt,Inc.itemsandderiveditemscopyright?2019byHarcourt,Inc.ComparativeAdvantage…so,the70ThePrincipleof
ComparativeAdvantageComparativeadvantageanddifferencesinopportunitycostsarethebasisforspecializedproductionandtrade.Wheneverpotentialtradingpartieshavedifferencesinopportunitycosts,theycaneachbenefitfromtrade.ThePrincipleof
Comparative71BenefitsofTradeTradecanbenefiteveryoneinasocietybecauseitallowspeopletospecializeinactivitiesinwhichtheyhaveacomparativeadvantage.BenefitsofTradeTradecanben72AdamSmithandTradeInhis1776bookAnInquiryintotheNatureandCausesoftheWealthofNations,
AdamSmith
performedadetailedanalysisoftradeandeconomicinterdependence,whicheconomistsstilladheretotoday.Harcourt,Inc.itemsandderiveditemscopyright?2019byHarcourt,Inc.AdamSmithandTradeInhis17773DavidRicardoandTradeInhis1816bookPrinciplesofPoliticalEconomyandTaxation,
DavidRicardo
devel
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