310 lecture 3

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The document discusses the concepts of comparative advantage and gains from trade. It uses an example of Idaho and Saudi Arabia, where Idaho has an absolute advantage in potato production but Saudi Arabia has a comparative advantage in date production due to lower opportunity costs. Through specialization and trade, both countries can gain - Idaho can gain 9 additional dates and Saudi Arabia can gain 12 additional potatoes, demonstrating the principle that all parties can benefit from voluntary trade.

Technology Business

International Economics
Lecture 3

Trade-offs,
Comparative Advantage,
and the Market System

Slope
Percentage Change
Relationships
Cause and Effect
Areas

Notation
%

Percent
Change

% Percentage Change

% 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 = .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 = 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 = 50%
6 6

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 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

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 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 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

The Market System

Trust
Private Property Rights
Rule of Law

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310 lecture 3

1. International Economics Lecture 3 Trade-offs, Comparative Advantage, and the Market System

2. Yabut

3. Intent Result

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

44. Opportunity Cost

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?

310 lecture 3

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