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Interdependenceand
theGainsfromTradeChapter3Copyright©2001byHarcourt,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©2001byHarcourt,Inc.InterdependenceandTradeCons2InterdependenceandTradeRemember,economicsisthestudyofhowsocietiesproduceanddistributegoodsinanattempttosatisfythewantsandneedsofitsmembers.InterdependenceandTradeRemem3Howdowesatisfyourwantsandneedsinaglobaleconomy?Wecanbeeconomicallyself-sufficient.Wecanspecializeand tradewithothers, leadingtoeconomicinterdependence.Howdowesatisfyourwantsan4InterdependenceandTradeAgeneralobservation...Individualsandnationsrelyonspecializedproductionandexchangeasawaytoaddressproblemscausedbyscarcity.InterdependenceandTradeAgen5Whyisinterdependencethenorm?Interdependenceoccursbecausepeoplearebetteroffwhentheyspecializeandtradewithothers.Whyisinterdependencethenor6Imagine...onlytwogoods:potatoesandmeatonlytwopeople:apotatofarmerandacattlerancherAParablefortheModernEconomyImagine...AParableforthe7TheProductionOpportunitiesoftheFarmerandtheRancherHarcourt,Inc.itemsandderiveditemscopyright©2001byHarcourt,Inc.TheProductionOpportunitieso8ProductionPossibilitiesFrontiersPotatoes(ounces)Meat(ounces)328416(a)TheFarmer’sProductionPossibilitiesFrontier0AIfthereisnotrade,thefarmerchoosesthisproductionandconsumptionProductionPossibilitiesFront9ProductionPossibilitiesFrontiersPotatoes(ounces)Meat(ounces)481224(b)TheRancher’sProductionPossibilitiesFrontier0BIfthereisnotrade,therancherchoosesthisproductionandconsumption24ProductionPossibilitiesFront10TheGainsfromTrade:
ASummaryHarcourt,Inc.itemsandderiveditemscopyright©2001byHarcourt,Inc.TheGainsfromTrade:
ASumma11TheGainsfromTrade:
ASummaryHarcourt,Inc.itemsandderiveditemscopyright©2001byHarcourt,Inc.TheGainsfromTrade:
ASumma12HowTradeExpandstheSetofConsumptionOpportunitiesCopyright©2003Southwestern/ThomsonLearningPotatoes(ounces)416517832AA*0Meat(ounces)(a)TheFarmer’sProductionandConsumptionFarmer'sproductionandconsumptionwithouttradeFarmer'sconsumptionwithtradeFarmer'sproductionwithtradeHarcourt,Inc.itemsandderiveditemscopyright©2001byHarcourt,Inc.HowTradeExpandstheSetofC13HowTradeExpandstheSetofConsumptionOpportunitiesPotatoes(ounces)12241327B0Meat(ounces)(b)TheRancher’sProductionandConsumption48241218B*Rancher'sconsumptionwithtradeRancher'sproductionwithtradeRancher'sproductionandconsumptionwithouttradeHarcourt,Inc.itemsandderiveditemscopyright©2001byHarcourt,Inc.HowTradeExpandstheSetofC14TheGainsfromTrade:
ASummaryHarcourt,Inc.itemsandderiveditemscopyright©2001byHarcourt,Inc.TheGainsfromTrade:
ASumma15DifferencesinCostsofProductionThenumberofhoursrequiredtoproduceaunitofoutput.(forexample,onepoundofpotatoes)Theopportunitycostofsacrificingonegoodforanother.Twowaystomeasuredifferencesincostsofproduction:DifferencesinCostsofProduc16AbsoluteAdvantageDescribestheproductivityofoneperson,firm,ornationcomparedtothatofanother.Theproducerthatrequiresasmallerquantityofinputstoproduceagoodissaidtohaveanabsoluteadvantageinproducingthatgood.AbsoluteAdvantageDescribesth17AbsoluteAdvantageTheRancherneedsonly10minutestoproduceapoundofpotatoes,whereastheFarmerneeds15minutes.TheRancherneedsonly20minutestoproduceapoundofmeat,whereastheFarmerneeds60minutes.TheRancherhasanabsoluteadvantageintheproductionofbothmeatandpotatoes.Harcourt,Inc.itemsandderiveditemscopyright©2001byHarcourt,Inc.AbsoluteAdvantageTheRancher18ComparativeAdvantageComparesproducersofagoodaccordingtotheiropportunitycost.
Theproducerwhohasthesmalleropportunitycostofproducingagoodissaidtohaveacomparativeadvantageinproducingthatgood.ComparativeAdvantageCompares19TheOpportunityCostofMeatandPotatoesHarcourt,Inc.itemsandderiveditemscopyright©2001byHarcourt,Inc.TheOpportunityCostofMeata20ComparativeAdvantageandTradeTheRancher’sopportunitycostofanounceofpotatoesis1/2ounceofmeat,whereastheFarmer’sopportunitycostofanounceofpotatoesis1/4anounceofmeat.
TheRancher’sopportunitycostofanounceofmeatisonly2ouncespoundofpotatoes,whiletheFarmer’sopportunitycostofanounceofmeatis4ouncesofpotatoes...Harcourt,Inc.itemsandderiveditemscopyright©2001byHarcourt,Inc.ComparativeAdvantageandTrad21ComparativeAdvantage…so,theRancherhasacomparativeadvantageintheproductionofmeatbuttheFarmerhasacomparativeadvantageintheproductionofpotatoes.Harcourt,Inc.itemsandderiveditemscopyright©2001byHarcourt,Inc.ComparativeAdvantage…so,the22ThePrincipleof
ComparativeAdvantageComparativeadvantageanddifferencesinopportunitycostsarethebasisforspecializedproductionandtrade.Wheneverpotentialtradingpartieshavedifferencesinopportunitycosts,theycaneachbenefitfromtrade.ThePrincipleof
Comparative23BenefitsofTradeTradecanbenefiteveryoneinasocietybecauseitallowspeopletospecializeinactivitiesinwhichtheyhaveacomparativeadvantage.BenefitsofTradeTradecanben24AdamSmithandTradeInhis1776bookAnInquiryintotheNatureandCausesoftheWealthofNations,
AdamSmith
performedadetailedanalysisoftradeandeconomicinterdependence,whicheconomistsstilladheretotoday.Harcourt,Inc.itemsandderiveditemscopyright©2001byHarcourt,Inc.AdamSmithandTradeInhis17725DavidRicardoandTradeInhis1816bookPrinciplesofPoliticalEconomyandTaxation,
DavidRicardo
developedtheprincipleofcomparativeadvantageasweknowittoday.Harcourt,Inc.itemsandderiveditemscopyright©2001byHarcourt,Inc.DavidRicardoandTradeInhis26ShouldTigerWoodsMowHisOwnLawn????Harcourt,Inc.itemsandderiveditemscopyright©2001byHarcourt,Inc.ShouldTigerWoodsMowHisOwn27APPLICATIONSOFCOMPARATIVEADVANTAGE
ShouldtheUnitedStatesTradewithOtherCountries?Eachcountryhasmanycitizenswithdifferentinterests.Internationaltradecanmakesomeindividualsworseoff,evenasitmakesthecountryasawholebetteroff.Imports—goodsproducedabroadandsolddomesticallyExports—goodsproduceddomesticallyandsoldabroadHarcourt,Inc.itemsandderiveditemscopyright©2001byHarcourt,Inc.APPLICATIONSOFCOMPARATIVEAD28SummaryInterdependenceandtradeallowpeopletoenjoyagreaterquantityandvarietyofgoodsandservices.SummaryInterdependenceandtra29SummaryTherearetwowaystocomparetheabilityoftwopeopleproducingagood.Thepersonwhocanproduceagoodwithasmallerquantityofinputshasanabsoluteadvantage.Thepersonwithasmalleropportunitycosthasacomparativeadvantage.Thegainsfromtradearebasedoncomparativeadvantage,notabsoluteadvantage.SummaryTherearetwowaystoc30SummaryTrademakeseveryonebetteroffbecauseitallowspeopletospecializeinthoseactivitiesinwhichtheyhaveacomparativeadvantage.Comparativeadvantageappliestocountriesaswellastopeople.SummaryTrademakeseveryonebe31Interdependenceand
theGainsfromTradeChapter3Copyright©2001byHarcourt,Inc.
Allrightsreserved.
Requestsforpermissiontomakecopiesofanypartofthe
workshouldbemailedto:PermissionsDepartment,HarcourtCollegePublishers,
6277SeaHarborDrive,Orlando,Florida32887-6777.
Interdependenceand
theGains32InterdependenceandTrade
Consideryourtypicalday:YouwakeuptoanalarmclockmadeinKorea.Youpouryourselfsomeorangejuicemadefrom orangesgrowninFlorida.Youputonsomeclothesmadeofcottongrownin GeorgiaandsewninfactoriesinThailand.YouwatchthemorningnewsbroadcastfromNew YorkonyourTVmadeinJapan.Youdrivetoclassinacarmadeofparts manufacturedinahalf-dozendifferentcountries.
…andyouhaven’tbeenupformorethantwohoursyet!Harcourt,Inc.itemsandderiveditemscopyright©2001byHarcourt,Inc.InterdependenceandTradeCons33InterdependenceandTradeRemember,economicsisthestudyofhowsocietiesproduceanddistributegoodsinanattempttosatisfythewantsandneedsofitsmembers.InterdependenceandTradeRemem34Howdowesatisfyourwantsandneedsinaglobaleconomy?Wecanbeeconomicallyself-sufficient.Wecanspecializeand tradewithothers, leadingtoeconomicinterdependence.Howdowesatisfyourwantsan35InterdependenceandTradeAgeneralobservation...Individualsandnationsrelyonspecializedproductionandexchangeasawaytoaddressproblemscausedbyscarcity.InterdependenceandTradeAgen36Whyisinterdependencethenorm?Interdependenceoccursbecausepeoplearebetteroffwhentheyspecializeandtradewithothers.Whyisinterdependencethenor37Imagine...onlytwogoods:potatoesandmeatonlytwopeople:apotatofarmerandacattlerancherAParablefortheModernEconomyImagine...AParableforthe38TheProductionOpportunitiesoftheFarmerandtheRancherHarcourt,Inc.itemsandderiveditemscopyright©2001byHarcourt,Inc.TheProductionOpportunitieso39ProductionPossibilitiesFrontiersPotatoes(ounces)Meat(ounces)328416(a)TheFarmer’sProductionPossibilitiesFrontier0AIfthereisnotrade,thefarmerchoosesthisproductionandconsumptionProductionPossibilitiesFront40ProductionPossibilitiesFrontiersPotatoes(ounces)Meat(ounces)481224(b)TheRancher’sProductionPossibilitiesFrontier0BIfthereisnotrade,therancherchoosesthisproductionandconsumption24ProductionPossibilitiesFront41TheGainsfromTrade:
ASummaryHarcourt,Inc.itemsandderiveditemscopyright©2001byHarcourt,Inc.TheGainsfromTrade:
ASumma42TheGainsfromTrade:
ASummaryHarcourt,Inc.itemsandderiveditemscopyright©2001byHarcourt,Inc.TheGainsfromTrade:
ASumma43HowTradeExpandstheSetofConsumptionOpportunitiesCopyright©2003Southwestern/ThomsonLearningPotatoes(ounces)416517832AA*0Meat(ounces)(a)TheFarmer’sProductionandConsumptionFarmer'sproductionandconsumptionwithouttradeFarmer'sconsumptionwithtradeFarmer'sproductionwithtradeHarcourt,Inc.itemsandderiveditemscopyright©2001byHarcourt,Inc.HowTradeExpandstheSetofC44HowTradeExpandstheSetofConsumptionOpportunitiesPotatoes(ounces)12241327B0Meat(ounces)(b)TheRancher’sProductionandConsumption48241218B*Rancher'sconsumptionwithtradeRancher'sproductionwithtradeRancher'sproductionandconsumptionwithouttradeHarcourt,Inc.itemsandderiveditemscopyright©2001byHarcourt,Inc.HowTradeExpandstheSetofC45TheGainsfromTrade:
ASummaryHarcourt,Inc.itemsandderiveditemscopyright©2001byHarcourt,Inc.TheGainsfromTrade:
ASumma46DifferencesinCostsofProductionThenumberofhoursrequiredtoproduceaunitofoutput.(forexample,onepoundofpotatoes)Theopportunitycostofsacrificingonegoodforanother.Twowaystomeasuredifferencesincostsofproduction:DifferencesinCostsofProduc47AbsoluteAdvantageDescribestheproductivityofoneperson,firm,ornationcomparedtothatofanother.Theproducerthatrequiresasmallerquantityofinputstoproduceagoodissaidtohaveanabsoluteadvantageinproducingthatgood.AbsoluteAdvantageDescribesth48AbsoluteAdvantageTheRancherneedsonly10minutestoproduceapoundofpotatoes,whereastheFarmerneeds15minutes.TheRancherneedsonly20minutestoproduceapoundofmeat,whereastheFarmerneeds60minutes.TheRancherhasanabsoluteadvantageintheproductionofbothmeatandpotatoes.Harcourt,Inc.itemsandderiveditemscopyright©2001byHarcourt,Inc.AbsoluteAdvantageTheRancher49ComparativeAdvantageComparesproducersofagoodaccordingtotheiropportunitycost.
Theproducerwhohasthesmalleropportunitycostofproducingagoodissaidtohaveacomparativeadvantageinproducingthatgood.ComparativeAdvantageCompares50TheOpportunityCostofMeatandPotatoesHarcourt,Inc.itemsandderiveditemscopyright©2001byHarcourt,Inc.TheOpportunityCostofMeata51ComparativeAdvantageandTradeTheRancher’sopportunitycostofanounceofpotatoesis1/2ounceofmeat,whereastheFarmer’sopportunitycostofanounceofpotatoesis1/4anounceofmeat.
TheRancher’sopportunitycostofanounceofmeatisonly2ouncespoundofpotatoes,whiletheFarmer’sopportunitycostofanounceofmeatis4ouncesofpotatoes...Harcourt,Inc.itemsandderiveditemscopyright©2001byHarcourt,Inc.ComparativeAdvantageandTrad52ComparativeAdvantage…so,theRancherhasacomparativeadvantageintheproductionofmeatbuttheFarmerhasacomparativeadvantageintheproductionofpotatoes.Harcourt,Inc.itemsandderiveditemscopyright©2001byHarcourt,Inc.ComparativeAdvantage…so,the53ThePrincipleof
ComparativeAdvantageComparativeadvantageanddifferencesinopportunitycostsarethebasisforspecializedproductionandtrade.Wheneverpotentialtradingpartieshavedifferencesinopportunitycosts,theycaneachbenefitfromtrade.ThePrincipleof
Comparative54BenefitsofTradeTradecanbenefiteveryoneinasocietybecauseitallowspeopletospecializeinactivitiesinwhichtheyhaveacomparativeadvantage.BenefitsofTradeTradecanben55AdamSmithandTradeInhis1776bookAnInquiryintotheNatureandCausesoftheWealthofNations,
AdamSmith
performedadetailedanalysisoftradeandeconomicinterdependence,whicheconomistsstilladheretotoday.Harcourt,Inc.itemsandderiveditemscopyright©2001byHarcourt,Inc.AdamSmithand
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