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1、Interdependence and the Gains from TradeChapter 3Copyright 2001 by Harcourt,Inc.All rights reserved.Requests for permission to make copies of any part of thework should be mailed to:Permissions Department,Harcourt College Publishers,6277 Sea Harbor Drive,Orlando,Florida 32887-6777.Interdependence an

2、d Trade Consider your typical day:uYou wake up to an alarm clock made in Korea.uYou pour yourself some orange juice made from oranges grown in Florida.uYou put on some clothes made of cotton grown in Georgia and sewn in factories in Thailand.uYou watch the morning news broadcast from New York on you

3、r TV made in Japan.uYou drive to class in a car made of parts manufactured in a half-dozen different countries.and you havent been up for more than two hours yet!Harcourt,Inc.items and derived items copyright 2001 by Harcourt,Inc.Interdependence and TradeRemember,economics is the study of how societ

4、ies produce and distribute goods in an attempt to satisfy the wants and needs of its members.How do we satisfy our wants and needs in a global economy?uWe can be economically self-sufficient.uWe can specialize and trade with others,leading to economic interdependence.Interdependence and TradeA gener

5、al observation.Individuals and nations rely on specialized production and exchange as a way to address problems caused by scarcity.Why is interdependence the norm?Interdependence occurs because people are better off when they specialize and trade with others.uImagine.only two goods:potatoes and meat

6、only two people:a potato farmer and a cattle rancherA Parable for the Modern EconomyThe Production Opportunities of the Farmer and the RancherHarcourt,Inc.items and derived items copyright 2001 by Harcourt,Inc.Production Possibilities FrontiersPotatoes(ounces)Meat(ounces)328416(a)The Farmers Product

7、ion Possibilities Frontier0AIf there is no trade,the farmer chooses this production and consumptionProduction Possibilities FrontiersPotatoes(ounces)Meat(ounces)481224(b)The Ranchers Production Possibilities Frontier0BIf there is no trade,the rancher chooses this production and consumption24The Gain

8、s from Trade:A SummaryHarcourt,Inc.items and derived items copyright 2001 by Harcourt,Inc.The Gains from Trade:A SummaryHarcourt,Inc.items and derived items copyright 2001 by Harcourt,Inc.How Trade Expands the Set of Consumption OpportunitiesCopyright2003 Southwestern/Thomson LearningPotatoes(ounces

9、)416517832AA*0Meat(ounces)(a)The Farmer s Production and ConsumptionFarmers production and consumption without tradeFarmers consumption with tradeFarmers production with tradeHarcourt,Inc.items and derived items copyright 2001 by Harcourt,Inc.How Trade Expands the Set of Consumption OpportunitiesPot

10、atoes(ounces)12241327B0Meat(ounces)(b)The Rancher s Production and Consumption48241218B*Ranchers consumption with tradeRanchers production with tradeRanchers production and consumption without tradeHarcourt,Inc.items and derived items copyright 2001 by Harcourt,Inc.The Gains from Trade:A SummaryHarc

11、ourt,Inc.items and derived items copyright 2001 by Harcourt,Inc.Differences in Costs of ProductionuThe number of hours required to produce a unit of output.(for example,one pound of potatoes)uThe opportunity cost of sacrificing one good for another.Two ways to measure differences in costs of product

12、ion:Absolute AdvantageuDescribes the productivity of one person,firm,or nation compared to that of another.uThe producer that requires a smaller quantity of inputs to produce a good is said to have an absolute advantage in producing that good.Absolute AdvantageuThe Rancher needs only 10 minutes to p

13、roduce a pound of potatoes,whereas the Farmer needs 15 minutes.uThe Rancher needs only 20 minutes to produce a pound of meat,whereas the Farmer needs 60 minutes.The Rancher has an absolute advantage in the production of both meat and potatoes.Harcourt,Inc.items and derived items copyright 2001 by Ha

14、rcourt,Inc.Comparative AdvantageuCompares producers of a good according to their opportunity cost.uThe producer who has the smaller opportunity cost of producing a good is said to have a comparative advantage in producing that good.The Opportunity Cost of Meat and PotatoesOpportunity Cost of:1 oz of

15、 Meat1 oz of PotatoesFarmer4 oz potatoes1/4 oz meatRancher2 oz potatoes1/2 oz meatHarcourt,Inc.items and derived items copyright 2001 by Harcourt,Inc.Comparative Advantage and TradeuThe Ranchers opportunity cost of an ounce of potatoes is 1/2 ounce of meat,whereas the Farmers opportunity cost of an

16、ounce of potatoes is 1/4 an ounce of meat.uThe Ranchers opportunity cost of an ounce of meat is only 2 ounces pound of potatoes,while the Farmers opportunity cost of an ounce of meat is 4 ounces of potatoes.Harcourt,Inc.items and derived items copyright 2001 by Harcourt,Inc.Comparative Advantageso,t

17、he Rancher has a comparative advantage in the production of meat but the Farmer has a comparative advantage in the production of potatoes.Harcourt,Inc.items and derived items copyright 2001 by Harcourt,Inc.The Principle of Comparative AdvantageuComparative advantage and differences in opportunity co

18、sts are the basis for specialized production and trade.uWhenever potential trading parties have differences in opportunity costs,they can each benefit from trade.Benefits of TradeTrade can benefit everyone in a society because it allows people to specialize in activities in which they have a compara

19、tive advantage.Adam Smith and TradeIn 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.Harcourt,Inc.items and derived items copyright 2001 by Harcourt,Inc

20、.David Ricardo and TradeIn his 1816 book Principles of Political Economy and Taxation,David Ricardo developed the principle of comparative advantage as we know it today.Harcourt,Inc.items and derived items copyright 2001 by Harcourt,Inc.Should Tiger Woods Mow His Own Lawn?Harcourt,Inc.items and deri

21、ved items copyright 2001 by Harcourt,Inc.APPLICATIONS OF COMPARATIVE ADVANTAGE nShould the United States Trade with Other Countries?nEach country has many citizens with different interests.International trade can make some individuals worse off,even as it makes the country as a whole better off.Impo

22、rtsgoods produced abroad and sold domesticallyExportsgoods produced domestically and sold abroadHarcourt,Inc.items and derived items copyright 2001 by Harcourt,Inc.SummaryuInterdependence and trade allow people to enjoy a greater quantity and variety of goods and services.SummaryuThere are two ways

23、to compare the ability of two people producing a good.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.uThe gains from trade are based on comparative advantage,not absolute advantage.SummaryuTrade makes everyone better off because it allows people to specialize in those activities in which they have a comparative advantage.uComparative advantage applies to countries as well as to people.