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310 lecture 3

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Gale Pooley
Gale Pooley
TechnologieBusiness
1  sur  83
International Economics Lecture 3 Trade-offs, Comparative Advantage, and the Market System
Yabut
Intent Result
Fell Pushed Jumped Result the same
Slope Percentage Change Relationships Cause and Effect Areas
Notation % Percent Change % Percentage Change
% Percentage Change New - Old Old
% Percentage Change New - Old Old 7-5 5
% Percentage Change New - Old Old 7-5 = 5
% Percentage Change New - Old Old 7-5 = 2 5 5
% Percentage Change New - Old Old 7-5 = 2 = 5 5
% Percentage Change New - Old Old 7 - 5 = 2 = .4 5 5
% Percentage Change New - Old Old 7 - 5 = 2 = .4 = 5 5
% Percentage Change New - Old Old 7 - 5 = 2 = .4 = 40% 5 5
Last year the price was $6. This year the price is $9. What is the percentage change? New - Old Old
Last year the price was $6. This year the price is $9. What is the percentage change? New - Old Old 9-6 6
Last year the price was $6. This year the price is $9. What is the percentage change? New - Old Old 9-6 = 6
Last year the price was $6. This year the price is $9. What is the percentage change? New - Old Old 9-6 = 3 6 6
Last year the price was $6. This year the price is $9. What is the percentage change? New - Old Old 9-6 = 3 = 6 6
Last year the price was $6. This year the price is $9. What is the percentage change? New - Old Old 9 - 6 = 3 = .5 6 6
Last year the price was $6. This year the price is $9. What is the percentage change? New - Old Old 9 - 6 = 3 = .5 = 6 6
Last year the price was $6. This year the price is $9. What is the percentage change? New - Old Old 9 - 6 = 3 = .5 = 50% 6 6
Y X
Price Y X Quantity
$ Price Y X Quantity Q
$ Q
$ Q
$ Q
$ Q
$ Q
$ Q
Opportunity Cost
Opportunity Cost The highest valued alternative
Absolute Advantage Produce more with the same resources Comparative Advantage Produce at a lower opportunity cost
David Ricardo (1772 - 1823) Principles of Political Economy and Taxation Comparative Advantage
The basis for trade is comparative advantage, not absolute advantage.
No Trade 2 Hooks and 2 Fish 10 Hours - 5 Hours per Fish Total Adam Eve Hours Make a 3 2 5 Hook Catch 4 1 5 a Fish Total 7 3 10 Hours
With Trade 2 Hooks and 2 Fish 8 Hours - 4 Hours Per Fish Total Adam Eve Hours Make a 2 hooks 6 Hook 6 hours Catch 2 fish 2 a Fish 2 hours Total 6 2 8 Hours
Saudi Idaho
Saudi Arabia Idaho Dates Potatoes Dates Potatoes 24 0 6 0 20 1 5 5 16 2 4 10 12 3 3 15 8 4 2 20 4 5 1 25 0 6 0 30 Ratios Ratios 24 to 6 6 to 30 4 Dates for 1 Potato 1/5 Dates for 1 Potato 6 to 24 30 to 6 1/4 Potato for 1 Date 5 Potatoes for 1 Date
Dates Should Idaho and Saudi Trade? 27 24 21 18 15 12 9 6 3 0 0 3 6 9 12 15 18 21 24 27 30 Potatoes
Dates Should Idaho and Saudi Trade? 27 Dates Potatoes 24 24 0 20 1 21 16 2 12 3 8 4 18 4 5 0 6 15 12 9 6 3 0 0 3 6 9 12 15 18 21 24 27 30 Potatoes
Dates Should Idaho and Saudi Trade? 27 Dates Potatoes 24 24 0 20 1 21 16 2 12 3 8 4 18 4 5 0 6 15 Saudi PPF 12 9 6 3 0 0 3 6 9 12 15 18 21 24 27 30 Potatoes
Dates Should Idaho and Saudi Trade? 27 Dates Potatoes 24 24 0 20 1 21 16 2 12 3 8 4 18 4 5 0 6 15 Saudi PPF 12 Dates Potatoes 6 0 5 5 9 4 10 3 15 6 2 20 1 25 3 0 30 0 0 3 6 9 12 15 18 21 24 27 30 Potatoes
Dates Should Idaho and Saudi Trade? 27 Dates Potatoes 24 24 0 20 1 21 16 2 12 3 8 4 18 4 5 0 6 15 Saudi PPF 12 Dates Potatoes 6 0 5 5 9 4 10 3 15 6 2 20 Idaho PPF 1 25 3 0 30 0 0 3 6 9 12 15 18 21 24 27 30 Potatoes
Dates Should Idaho and Saudi Trade? 27 Dates Potatoes 24 24 0 20 1 21 16 2 12 3 8 4 18 4 5 0 6 15 Saudi PPF 12 Dates Potatoes 6 0 5 5 9 4 10 3 15 6 2 20 Idaho PPF 1 25 3 0 30 0 0 3 6 9 12 15 18 21 24 27 30 Potatoes
Dates Should Idaho and Saudi Trade? 27 Dates Potatoes 24 24 0 20 1 21 16 2 12 3 8 4 18 4 5 0 6 15 Saudi PPF 12 Dates Potatoes 6 0 5 5 9 4 10 3 15 6 2 20 Idaho PPF 1 25 3 0 30 0 0 3 6 9 12 15 18 21 24 27 30 Potatoes
Dates Should Idaho and Saudi Trade? 27 Dates Potatoes 24 24 0 20 1 21 16 2 12 3 8 4 18 4 5 0 6 15 Saudi PPF 12 Dates Potatoes 6 0 5 5 9 4 10 3 15 6 2 20 Idaho PPF 1 25 3 0 30 0 0 3 6 9 12 15 18 21 24 27 30 Potatoes
Dates Should Idaho and Saudi Trade? 27 Dates Potatoes 24 24 0 20 1 21 16 2 12 3 8 4 18 4 5 0 6 15 Saudi PPF 12 Dates Potatoes 6 0 5 5 9 4 10 3 15 6 2 20 Idaho PPF 1 25 3 0 30 0 0 3 6 9 12 15 18 21 24 27 30 Potatoes
Internal Dates Potatoes Price Idaho 5 Potatoes 1/5 Date Saudi 1/4 Potato 4 Dates
Internal Dates Potatoes Price Idaho 5 Potatoes 1/5 Date Saudi 1/4 Potato 4 Dates
Internal Dates Potatoes Price Idaho 5 Potatoes 1/5 Date Saudi 1/4 Potato 4 Dates
No Trade Dates Potatoes Idaho 3 15 Saudi 12 3 Total 15 18
Specialize Dates Potatoes Idaho 0 30 Saudi 24 0 Total 24 30
Analysis Dates Potatoes No Trade 15 18 Totals Specialize 24 30 Totals Gain +9 +12
Trade Dates Potatoes Idaho 3 to 12 = +9 15 California 12 3 to 15 = +12 Total 24 30
Dates Should Idaho and Saudi Trade? 27 24 21 18 15 12 9 6 3 0 0 3 6 9 12 15 18 21 24 27 30 Potatoes
Dates Should Idaho and Saudi Trade? 27 24 21 18 15 Saudi PPF 12 9 6 3 0 0 3 6 9 12 15 18 21 24 27 30 Potatoes
Dates Should Idaho and Saudi Trade? 27 24 21 18 15 Saudi PPF 12 9 6 Idaho PPF 3 0 0 3 6 9 12 15 18 21 24 27 30 Potatoes
Dates Should Idaho and Saudi Trade? 27 24 21 18 15 Saudi PPF 12 9 6 Idaho PPF 3 0 0 3 6 9 12 15 18 21 24 27 30 Potatoes
Dates Should Idaho and Saudi Trade? 27 24 21 18 15 Saudi PPF 12 9 6 Idaho PPF 3 0 0 3 6 9 12 15 18 21 24 27 30 Potatoes
Dates Should Idaho and Saudi Trade? 27 24 21 18 15 Saudi Trade PPF PPF 12 9 6 Idaho PPF 3 0 0 3 6 9 12 15 18 21 24 27 30 Potatoes
Dates Should Idaho and Saudi Trade? 27 24 21 18 15 Saudi Trade PPF PPF 12 9 6 Idaho PPF 3 0 0 3 6 9 12 15 18 21 24 27 30 Potatoes
Dates Should Idaho and Saudi Trade? 27 Idaho 24 gains 9 Dates 21 18 15 Saudi Trade PPF PPF 12 9 6 Idaho PPF 3 0 0 3 6 9 12 15 18 21 24 27 30 Potatoes
Dates Should Idaho and Saudi Trade? 27 Idaho 24 gains 9 Dates 21 18 15 Saudi Trade California PPF PPF gains 12 12 potatoes 9 6 Idaho PPF 3 0 0 3 6 9 12 15 18 21 24 27 30 Potatoes
Markets Where Buyers and Sellers Trade
The Market System Trust Private Property Rights Rule of Law
Why are some rich and others poor?
310 lecture 3
310 lecture 3

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310 lecture 3

  • 1. International Economics Lecture 3 Trade-offs, Comparative Advantage, and the Market System
  • 4.
  • 5.
  • 6.
  • 7. Fell Pushed Jumped Result the same
  • 8. Slope Percentage Change Relationships Cause and Effect Areas
  • 9. Notation % Percent Change % Percentage Change
  • 10. % Percentage Change New - Old Old
  • 11. % Percentage Change New - Old Old 7-5 5
  • 12. % Percentage Change New - Old Old 7-5 = 5
  • 13. % Percentage Change New - Old Old 7-5 = 2 5 5
  • 14. % Percentage Change New - Old Old 7-5 = 2 = 5 5
  • 15. % Percentage Change New - Old Old 7 - 5 = 2 = .4 5 5
  • 16. % Percentage Change New - Old Old 7 - 5 = 2 = .4 = 5 5
  • 17. % Percentage Change New - Old Old 7 - 5 = 2 = .4 = 40% 5 5
  • 18. Last year the price was $6. This year the price is $9. What is the percentage change? New - Old Old
  • 19. Last year the price was $6. This year the price is $9. What is the percentage change? New - Old Old 9-6 6
  • 20. Last year the price was $6. This year the price is $9. What is the percentage change? New - Old Old 9-6 = 6
  • 21. Last year the price was $6. This year the price is $9. What is the percentage change? New - Old Old 9-6 = 3 6 6
  • 22. Last year the price was $6. This year the price is $9. What is the percentage change? New - Old Old 9-6 = 3 = 6 6
  • 23. Last year the price was $6. This year the price is $9. What is the percentage change? New - Old Old 9 - 6 = 3 = .5 6 6
  • 24. Last year the price was $6. This year the price is $9. What is the percentage change? New - Old Old 9 - 6 = 3 = .5 = 6 6
  • 25. Last year the price was $6. This year the price is $9. What is the percentage change? New - Old Old 9 - 6 = 3 = .5 = 50% 6 6
  • 26.
  • 27.
  • 28.
  • 29.
  • 30.
  • 31.
  • 32.
  • 33.
  • 34.
  • 35. Y X
  • 36. Price Y X Quantity
  • 37. $ Price Y X Quantity Q
  • 38. $ Q
  • 39. $ Q
  • 40. $ Q
  • 41. $ Q
  • 42. $ Q
  • 43. $ Q
  • 45. Opportunity Cost The highest valued alternative
  • 46. Absolute Advantage Produce more with the same resources Comparative Advantage Produce at a lower opportunity cost
  • 47. David Ricardo (1772 - 1823) Principles of Political Economy and Taxation Comparative Advantage
  • 48. The basis for trade is comparative advantage, not absolute advantage.
  • 49.
  • 50. No Trade 2 Hooks and 2 Fish 10 Hours - 5 Hours per Fish Total Adam Eve Hours Make a 3 2 5 Hook Catch 4 1 5 a Fish Total 7 3 10 Hours
  • 51. With Trade 2 Hooks and 2 Fish 8 Hours - 4 Hours Per Fish Total Adam Eve Hours Make a 2 hooks 6 Hook 6 hours Catch 2 fish 2 a Fish 2 hours Total 6 2 8 Hours
  • 52. Saudi Idaho
  • 53. Saudi Arabia Idaho Dates Potatoes Dates Potatoes 24 0 6 0 20 1 5 5 16 2 4 10 12 3 3 15 8 4 2 20 4 5 1 25 0 6 0 30 Ratios Ratios 24 to 6 6 to 30 4 Dates for 1 Potato 1/5 Dates for 1 Potato 6 to 24 30 to 6 1/4 Potato for 1 Date 5 Potatoes for 1 Date
  • 54. Dates Should Idaho and Saudi Trade? 27 24 21 18 15 12 9 6 3 0 0 3 6 9 12 15 18 21 24 27 30 Potatoes
  • 55. Dates Should Idaho and Saudi Trade? 27 Dates Potatoes 24 24 0 20 1 21 16 2 12 3 8 4 18 4 5 0 6 15 12 9 6 3 0 0 3 6 9 12 15 18 21 24 27 30 Potatoes
  • 56. Dates Should Idaho and Saudi Trade? 27 Dates Potatoes 24 24 0 20 1 21 16 2 12 3 8 4 18 4 5 0 6 15 Saudi PPF 12 9 6 3 0 0 3 6 9 12 15 18 21 24 27 30 Potatoes
  • 57. Dates Should Idaho and Saudi Trade? 27 Dates Potatoes 24 24 0 20 1 21 16 2 12 3 8 4 18 4 5 0 6 15 Saudi PPF 12 Dates Potatoes 6 0 5 5 9 4 10 3 15 6 2 20 1 25 3 0 30 0 0 3 6 9 12 15 18 21 24 27 30 Potatoes
  • 58. Dates Should Idaho and Saudi Trade? 27 Dates Potatoes 24 24 0 20 1 21 16 2 12 3 8 4 18 4 5 0 6 15 Saudi PPF 12 Dates Potatoes 6 0 5 5 9 4 10 3 15 6 2 20 Idaho PPF 1 25 3 0 30 0 0 3 6 9 12 15 18 21 24 27 30 Potatoes
  • 59. Dates Should Idaho and Saudi Trade? 27 Dates Potatoes 24 24 0 20 1 21 16 2 12 3 8 4 18 4 5 0 6 15 Saudi PPF 12 Dates Potatoes 6 0 5 5 9 4 10 3 15 6 2 20 Idaho PPF 1 25 3 0 30 0 0 3 6 9 12 15 18 21 24 27 30 Potatoes
  • 60. Dates Should Idaho and Saudi Trade? 27 Dates Potatoes 24 24 0 20 1 21 16 2 12 3 8 4 18 4 5 0 6 15 Saudi PPF 12 Dates Potatoes 6 0 5 5 9 4 10 3 15 6 2 20 Idaho PPF 1 25 3 0 30 0 0 3 6 9 12 15 18 21 24 27 30 Potatoes
  • 61. Dates Should Idaho and Saudi Trade? 27 Dates Potatoes 24 24 0 20 1 21 16 2 12 3 8 4 18 4 5 0 6 15 Saudi PPF 12 Dates Potatoes 6 0 5 5 9 4 10 3 15 6 2 20 Idaho PPF 1 25 3 0 30 0 0 3 6 9 12 15 18 21 24 27 30 Potatoes
  • 62. Dates Should Idaho and Saudi Trade? 27 Dates Potatoes 24 24 0 20 1 21 16 2 12 3 8 4 18 4 5 0 6 15 Saudi PPF 12 Dates Potatoes 6 0 5 5 9 4 10 3 15 6 2 20 Idaho PPF 1 25 3 0 30 0 0 3 6 9 12 15 18 21 24 27 30 Potatoes
  • 63. Internal Dates Potatoes Price Idaho 5 Potatoes 1/5 Date Saudi 1/4 Potato 4 Dates
  • 64. Internal Dates Potatoes Price Idaho 5 Potatoes 1/5 Date Saudi 1/4 Potato 4 Dates
  • 65. Internal Dates Potatoes Price Idaho 5 Potatoes 1/5 Date Saudi 1/4 Potato 4 Dates
  • 66. No Trade Dates Potatoes Idaho 3 15 Saudi 12 3 Total 15 18
  • 67. Specialize Dates Potatoes Idaho 0 30 Saudi 24 0 Total 24 30
  • 68. Analysis Dates Potatoes No Trade 15 18 Totals Specialize 24 30 Totals Gain +9 +12
  • 69. Trade Dates Potatoes Idaho 3 to 12 = +9 15 California 12 3 to 15 = +12 Total 24 30
  • 70. Dates Should Idaho and Saudi Trade? 27 24 21 18 15 12 9 6 3 0 0 3 6 9 12 15 18 21 24 27 30 Potatoes
  • 71. Dates Should Idaho and Saudi Trade? 27 24 21 18 15 Saudi PPF 12 9 6 3 0 0 3 6 9 12 15 18 21 24 27 30 Potatoes
  • 72. Dates Should Idaho and Saudi Trade? 27 24 21 18 15 Saudi PPF 12 9 6 Idaho PPF 3 0 0 3 6 9 12 15 18 21 24 27 30 Potatoes
  • 73. Dates Should Idaho and Saudi Trade? 27 24 21 18 15 Saudi PPF 12 9 6 Idaho PPF 3 0 0 3 6 9 12 15 18 21 24 27 30 Potatoes
  • 74. Dates Should Idaho and Saudi Trade? 27 24 21 18 15 Saudi PPF 12 9 6 Idaho PPF 3 0 0 3 6 9 12 15 18 21 24 27 30 Potatoes
  • 75. Dates Should Idaho and Saudi Trade? 27 24 21 18 15 Saudi Trade PPF PPF 12 9 6 Idaho PPF 3 0 0 3 6 9 12 15 18 21 24 27 30 Potatoes
  • 76. Dates Should Idaho and Saudi Trade? 27 24 21 18 15 Saudi Trade PPF PPF 12 9 6 Idaho PPF 3 0 0 3 6 9 12 15 18 21 24 27 30 Potatoes
  • 77. Dates Should Idaho and Saudi Trade? 27 Idaho 24 gains 9 Dates 21 18 15 Saudi Trade PPF PPF 12 9 6 Idaho PPF 3 0 0 3 6 9 12 15 18 21 24 27 30 Potatoes
  • 78. Dates Should Idaho and Saudi Trade? 27 Idaho 24 gains 9 Dates 21 18 15 Saudi Trade California PPF PPF gains 12 12 potatoes 9 6 Idaho PPF 3 0 0 3 6 9 12 15 18 21 24 27 30 Potatoes
  • 79. Markets Where Buyers and Sellers Trade
  • 80. The Market System Trust Private Property Rights Rule of Law
  • 81. Why are some rich and others poor?

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