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INTERNATIONAL TRADE

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Page 1: INTERNATIONAL TRADE. EXPORTS- goods sold to another country IMPORTS- goods sold from another country to the U.S

INTERNATIONAL TRADE

INTERNATIONAL TRADE

Page 2: INTERNATIONAL TRADE. EXPORTS- goods sold to another country IMPORTS- goods sold from another country to the U.S

EXPORTS- goods sold to another country

IMPORTS- goods sold from another country to the U.S.

Page 3: INTERNATIONAL TRADE. EXPORTS- goods sold to another country IMPORTS- goods sold from another country to the U.S

ABSOLUTE ADVANTAGE- Theability of one country using thesame quality of resources asanother country, to produce aparticular product at less cost.

EXAMPLE: Kentucky has significant coal reserves.

Illinois does not and uses nuclear energy.Assume that energy production is cheaper with

coal than with nuclear energy.Kentucky has an absolute advantage in energy

production. Why?

Page 4: INTERNATIONAL TRADE. EXPORTS- goods sold to another country IMPORTS- goods sold from another country to the U.S

COMPARARTIVE ADVANTAGE-the ability of a country to producea product at a lower opportunity cost than another country.(soybeans vs corn)

Page 5: INTERNATIONAL TRADE. EXPORTS- goods sold to another country IMPORTS- goods sold from another country to the U.S

Example• Two men live alone in an isolated island. To survive they must

undertake a few basic economic activities like water carrying, fishing, cooking and shelter construction and maintenance. The first man is young, strong, and educated and is faster, better, more productive at everything. He has an absolute advantage in all activities. The second man is old, weak, and uneducated. He has an absolute disadvantage in all economic activities. In some activities the difference between the two is great; in others it is small.

• Is it in the interest of either of them to work in isolation? No, specialization and exchange (trade) can benefit both of them.

• How should they divide the work? According to comparative, not absolute advantage: the young man must spend more time on the tasks in which he is much better and the old man must concentrate on the tasks in which he is only a little worse. Such an arrangement will increase total production and/or reduce total labour. It will make both of them richer.

Page 6: INTERNATIONAL TRADE. EXPORTS- goods sold to another country IMPORTS- goods sold from another country to the U.S

SPECIALIZATION- produce productsfor which you are well suited

How do we specialize in our everyday jobs?

http://images.google.com/imgres?imgurl=http://louisville.edu/kent/masters/specialization/elementary.jpg&imgrefurl=http://louisville.edu/kent/masters/specialization/index.html&h=1219&w=817&sz=873&hl=en&start=19&tbnid=TXxFDA72DqQJIM:&tbnh=150&tbnw=101&prev=/images%3Fq%3Dspecialization%26gbv%3D2%26svnum%3D10%26hl%3Den
http://images.google.com/imgres?imgurl=http://www.siu.edu/departments/coagr/animal/toddres.jpg&imgrefurl=http://www.siu.edu/departments/coagr/animal/prevet.htm&h=1960&w=3008&sz=2608&hl=en&start=14&tbnid=RblCRk-ngIbJ3M:&tbnh=98&tbnw=150&prev=/images%3Fq%3Dspecialization%26gbv%3D2%26svnum%3D10%26hl%3Den
http://images.google.com/imgres?imgurl=http://images.jupiterimages.com/common/detail/87/08/23330887.jpg&imgrefurl=http://www.jupiterimages.com/itemDetail.aspx%3FitemID%3D23330887&h=164&w=250&sz=22&hl=en&start=17&tbnid=Z38Wp9USKv-PJM:&tbnh=73&tbnw=111&prev=/images%3Fq%3Dspecialization%26gbv%3D2%26svnum%3D10%26hl%3Den
http://images.google.com/imgres?imgurl=http://images.jupiterimages.com/common/detail/26/40/22774026.jpg&imgrefurl=http://www.jupiterimages.com/itemDetail.aspx%3FitemID%3D22774026&h=250&w=244&sz=27&hl=en&start=2&tbnid=njWn-sPTqh5REM:&tbnh=111&tbnw=108&prev=/images%3Fq%3Dsurgeons%26gbv%3D2%26svnum%3D10%26hl%3Den
http://images.google.com/imgres?imgurl=http://www.westchestergov.com/hr/images/Police.jpg&imgrefurl=http://www.westchestergov.com/hr/policeofficer.htm&h=325&w=512&sz=117&hl=en&start=1&tbnid=raKkV7eug3k8IM:&tbnh=83&tbnw=131&prev=/images%3Fq%3Dpolice%2Bofficer%26gbv%3D2%26svnum%3D10%26hl%3Den
Page 7: INTERNATIONAL TRADE. EXPORTS- goods sold to another country IMPORTS- goods sold from another country to the U.S

INTERDEPENDENCE- The relianceof each nation on selling and buying goods and services from othernations

http://images.google.com/imgres?imgurl=http://earthissquare.com/wp-content/uploads/2007/02/uk-interdependence.jpg&imgrefurl=http://earthissquare.com/2007/02/page/2/&h=201&w=200&sz=28&hl=en&start=16&tbnid=dJvj1FOm_X04lM:&tbnh=104&tbnw=103&prev=/images%3Fq%3Dinterdependence%26gbv%3D2%26ndsp%3D20%26svnum%3D10%26hl%3Den%26sa%3DN
Page 8: INTERNATIONAL TRADE. EXPORTS- goods sold to another country IMPORTS- goods sold from another country to the U.S

ANTITRUST LEGISLATION- to make sure the marketplace is fair andcompetitive

Prohibit monopoliesProtect consumersProtect environment

Page 9: INTERNATIONAL TRADE. EXPORTS- goods sold to another country IMPORTS- goods sold from another country to the U.S

TRADE POLICY- The federalGovernment regulates Americantrade with other countries.

TariffsQuotasBlockade or embargo

PROTECTIONISM: Economic policy of restraining trade between nations.

Page 10: INTERNATIONAL TRADE. EXPORTS- goods sold to another country IMPORTS- goods sold from another country to the U.S

TARIFFS- special taxes on importedgoods

Adds to cost of buying foreign goodsin the United States. Why?

Page 11: INTERNATIONAL TRADE. EXPORTS- goods sold to another country IMPORTS- goods sold from another country to the U.S

QUOTAS- restrictions on the numberof goods a country can import into theUnited States

(sometimes imposed on countries with unfair trade practices)

Page 12: INTERNATIONAL TRADE. EXPORTS- goods sold to another country IMPORTS- goods sold from another country to the U.S

Blockade or embargo- complete prohibition of trade with anothercountry

(U.S. government has imposed anembargo on trade with Cuba/politicalprotest)

Page 13: INTERNATIONAL TRADE. EXPORTS- goods sold to another country IMPORTS- goods sold from another country to the U.S

PROTECTIONISM

VS

FREE TRADE

Page 14: INTERNATIONAL TRADE. EXPORTS- goods sold to another country IMPORTS- goods sold from another country to the U.S

AGAINST FREE TRADE:

1. JOB SECURITY

2. NEED PROTECTION FOR OUR NATION’S ECONOMIC SECURITY

3. NEED TO PROTECT INFANT INDUSTRIES

Page 15: INTERNATIONAL TRADE. EXPORTS- goods sold to another country IMPORTS- goods sold from another country to the U.S

FOR FREE TRADE: 1. COMPETITION MEANS IMPROVED PRODUCTS 2. TRADE RESTRICTIONS DAMAGE EXPORT INDUSTRIES PUTTING AMERICANS OUT OF WORK

3. SPECIALIZATION HELPS KEEP PRICES LOW


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