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Macro 19.pdf
- 4. Quiz Master
- 11. $300 $300
- 12. The Balance of Trade and Trade De fi cits
- 13. All Exports = All Imports
- 14. Countries don’t buy and sell Individuals do
- 15. Why trade? Value creation Make it or trade for it
- 16. Trade can only take us so far We must have production
- 17. Poverty is the rule Prosperity is the exception
- 18. Poverty has no causes Poverty is default
- 20. Automation A machine to do one task
- 21. Trading 480 minutes for 28,800 seconds from many others Produce one thing Consume many
- 22. Improvement creates potential Competition makes reality
- 23. Restricting trade Reduces competition Reduces productivity
- 24. Foreigners take dollars because they value dollars Follow the Dollars
- 25. Why do people want dollars? Buy American Products Invest in America Trade for other currencies Hold and hope
- 26. Chart a Tariff Local Supplier Foreign Supplier Foreigner Supplier with Tariff
- 27. $0 $2 $4 $6 $8 $10 $12 $14 $16 $18 $20 0 1 2 3 4 5 6 7 8 9 10 Demand Quantity Consumer Surplus Producer Surplus ($10 x 5) ÷ 2 = $25 ($10 x 5) ÷ 2 = $25 Total Surplus $50
- 28. Consumer Surplus $0 $2 $4 $6 $8 $10 $12 $14 $16 $18 $20 0 1 2 3 4 5 6 7 8 9 10 Demand Quantity ($14 x 7) ÷ 2 = $49 ($6 x 3) ÷ 2 = $9 Total Surplus = $58 Producer
- 29. Surplus Producer