Презентация Interdependence and the Gains from Trade онлайн

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Слайды и текст к этой презентации:

№1 слайд

Содержание слайда: Interdependence and the Gains from Trade Chapter 3

№2 слайд

Содержание слайда: Interdependence and Trade Consider your typical day: You wake up to an alarm clock made in Korea. You pour yourself some orange juice made from oranges grown in Florida. You put on some clothes made of cotton grown in Georgia and sewn in factories in Thailand. You watch the morning news broadcast from New York on your TV made in Japan. You drive to class in a car made of parts manufactured in a half-dozen different countries. …and you haven’t been up for more than two hours yet!

№3 слайд

Содержание слайда: Interdependence and Trade Remember, economics is the study of how societies produce and distribute goods in an attempt to satisfy the wants and needs of its members.

№4 слайд

Содержание слайда: How do we satisfy our wants and needs in a global economy? We can be economically self-sufficient. We can specialize and trade with others, leading to economic interdependence.

№5 слайд

Содержание слайда: Interdependence and Trade A general observation . . . Individuals and nations rely on specialized production and exchange as a way to address problems caused by scarcity.

№6 слайд

Содержание слайда: Interdependence and Trade But, this gives rise to two questions: Why is interdependence the norm? What determines production and trade?

№7 слайд

Содержание слайда: Why is interdependence the norm? Interdependence occurs because people are better off when they specialize and trade with others.

№8 слайд

Содержание слайда: What determines the pattern of production and trade? Patterns of production and trade are based upon differences in opportunity costs.

№9 слайд

Содержание слайда: A Parable for the Modern Economy Imagine . . . only two goods: potatoes and meat only two people: a potato farmer and a cattle rancher What should each produce? Why should they trade?

№10 слайд

Содержание слайда: The Production Opportunities of the Farmer and the Rancher

№11 слайд

Содержание слайда: Self-Sufficiency By ignoring each other: Each consumes what they each produce. The production possibilities frontier is also the consumption possibilities frontier. Without trade, economic gains are diminished.

№12 слайд

Содержание слайда: Production Possibilities Frontiers

№13 слайд

Содержание слайда: Production Possibilities Frontiers

№14 слайд

Содержание слайда: The Farmer and the Rancher Specialize and Trade Each would be better off if they specialized in producing the product they are more suited to produce, and then trade with each other.

№15 слайд

Содержание слайда: The Gains from Trade: A Summary

№16 слайд

Содержание слайда: The Gains from Trade: A Summary

№17 слайд

Содержание слайда: Trade Expands the Set of Consumption Possibilities

№18 слайд

Содержание слайда: Trade Expands the Set of Consumption Possibilities

№19 слайд

Содержание слайда: The Gains from Trade: A Summary

№20 слайд

Содержание слайда: The Principle of Comparative Advantage Who should produce what? How much should be traded for each product?

№21 слайд

Содержание слайда: Differences in Costs of Production The number of hours required to produce a unit of output. (for example, one pound of potatoes) The opportunity cost of sacrificing one good for another.

№22 слайд

Содержание слайда: Absolute Advantage Describes the productivity of one person, firm, or nation compared to that of another. The producer that requires a smaller quantity of inputs to produce a good is said to have an absolute advantage in producing that good.

№23 слайд

Содержание слайда: Comparative Advantage Compares producers of a good according to their opportunity cost. The producer who has the smaller opportunity cost of producing a good is said to have a comparative advantage in producing that good.

№24 слайд

Содержание слайда: Specialization and Trade Who has the absolute advantage? The farmer or the rancher? Who has the comparative advantage? The farmer or the rancher?

№25 слайд

Содержание слайда: Absolute Advantage The Rancher needs only 8 hours to produce a pound of potatoes, whereas the Farmer needs 10 hours. The Rancher needs only 1 hour to produce a pound of meat, whereas the Farmer needs 20 hours.

№26 слайд

Содержание слайда: The Opportunity Cost of Meat and Potatoes

№27 слайд

Содержание слайда: Comparative Advantage The Rancher’s opportunity cost of a pound of potatoes is 8 pounds of meat, whereas the Farmer’s opportunity cost of a pound of potatoes is 1/2 pound of meat. The Rancher’s opportunity cost of a pound of meat is only 1/8 pound of potatoes, while the Farmer’s opportunity cost of a pound of meat is 2 pounds of potatoes...

№28 слайд

Содержание слайда: Comparative Advantage

№29 слайд

Содержание слайда: The Principle of Comparative Advantage Comparative advantage and differences in opportunity costs are the basis for specialized production and trade. Whenever potential trading parties have differences in opportunity costs, they can each benefit from trade.

№30 слайд

Содержание слайда: Benefits of Trade Trade can benefit everyone in a society because it allows people to specialize in activities in which they have a comparative advantage.

№31 слайд

Содержание слайда: Adam Smith and Trade In his 1776 book An Inquiry into the Nature and Causes of the Wealth of Nations, Adam Smith performed a detailed analysis of trade and economic interdependence, which economists still adhere to today.

№32 слайд

Содержание слайда: David Ricardo and Trade In his 1816 book Principles of Political Economy and Taxation, David Ricardo developed the principle of comparative advantage as we know it today.

№33 слайд

Содержание слайда: Should Tiger Woods Mow His Own Lawn?

№34 слайд

Содержание слайда: Summary Interdependence and trade allow people to enjoy a greater quantity and variety of goods and services.

№35 слайд

Содержание слайда: Summary The person who can produce a good with a smaller quantity of inputs has an absolute advantage. The person with a smaller opportunity cost has a comparative advantage.

№36 слайд

Содержание слайда: Summary The gains from trade are based on comparative advantage, not absolute advantage. Comparative advantage applies to countries as well as to people.

№37 слайд