Comparative Advantage and the Gains from International Trade 管理经济学 技术方案.pptVIP

? 2006 Prentice Hall Business Publishing Economics R. Glenn Hubbard, Anthony Patrick O’Brien—1st ed. CHAPTER 8: Comparative Advantage and the Gains from International Trade c h a p t e r e i g h t Prepared by: Fernando Yvonn Quijano Comparative Advantage and the Gains from International Trade After studying this chapter, you should be able to: Discuss the increasing importance of international trade to the United States. Understand the difference between comparative advantage and absolute advantage. Explain how countries gain from international trade. Discuss the sources of comparative advantage. Analyze the economic effects of government policies that restrict international trade. Evaluate the arguments for and against government policies that restrict international trade. Sugar Quota Drives U.S. Candy Manufacturers Overseas LEARNING OBJECTIVES 1 2 3 4 5 6 In this chapter, we will explore who wins and who loses from international trade and review the political debate over whether international trade should be restricted. An Overview of International Trade Tariff A tax imposed by a government on imports. Imports Goods and services bought domestically but produced in other countries. Exports Goods and services produced domestically but sold to other countries. LEARNING OBJECTIVE 1 An Overview of International Trade The Importance of Trade to the U.S. Economy 8 - 1 International Trade Is of Increasing Importance to the United States An Overview of International Trade U.S. International Trade in a World Context 8 - 2 The Eight Leading Exporting Countries Comparative Advantage: The Basis of All Trade LEARNING OBJECTIVE 2 A Brief Review of Comparative Advantage Comparative advantage The ability of an individual, business, or country to produce a good or service at the lowest opportunity cost. Opportunity Cost The highest-valued alternative that must be given up to engage in an activity. Comparative Advantage: The Basis of All Trade Co