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Chapter 11 - International trade of goods. After completing this unit, you should be able to: Discuss the extent of U.S. international trade, explain the concepts of comparative advantage and absolute advantage, analyze the costs and benefits of international trade,. | Introduction to Economics: Social Issues and Economic Thinking Wendy A. Stock PowerPoint Prepared by Z. Pan Chapter 11 International Trade of Goods Copyright © 2013 John Wiley & Sons, Inc. / Photo Credit: ©Lee Pettet/iStockphoto 1 Discuss the extent of U.S. international trade Explain the concepts of comparative advantage and absolute advantage Analyze the costs and benefits of international trade Describe the distribution of the costs and benefits from international trade Assess the arguments for and against limiting international trade Describe the costs, benefits, and mechanisms of limiting international trade Describe some of the forms of trade liberalization Copyright © 2013 John Wiley & Sons, Inc. 2 After studying this chapter, you should be able to: 2 Exports – Goods or services produced domestically but sold abroad. Imports – Goods or services produced abroad but sold domestically. Trade surplus – When a country ’s level of exports exceeds its level of imports. Trade deficit – When a country ’s level of imports exceeds its level of exports. Copyright © 2013 John Wiley & Sons, Inc. 3 International trade 3 Copyright © 2013 John Wiley & Sons, Inc. 4 World leading traders 4 Copyright © 2013 John Wiley & Sons, Inc. 5 Top U.S. trade partners 5 Countries trade goods and services for the same reasons that individual consumers and producers trade goods and services, namely because trade generates benefits to the trading partners. Copyright © 2013 John Wiley & Sons, Inc. 6 WHY DO WE TRADE? 6 Copyright © 2013 John Wiley & Sons, Inc. 7 Production possibilities 7 Landia has absolute advantage in the production of both computers and shoes relative to Seavia since Landia can produce more computers and shoes than Seavia. But, what about comparative advantage? Copyright © 2013 John Wiley & Sons, Inc. 8 Absolute advantage 8 Landia Opportunity cost of shoes per day 1S = 3,000/450 = 6.67 computers ( C ), or 1S = 6.67C Opportunity cost of computer per day 1C = 0.15S Seavia . | Introduction to Economics: Social Issues and Economic Thinking Wendy A. Stock PowerPoint Prepared by Z. Pan Chapter 11 International Trade of Goods Copyright © 2013 John Wiley & Sons, Inc. / Photo Credit: ©Lee Pettet/iStockphoto 1 Discuss the extent of U.S. international trade Explain the concepts of comparative advantage and absolute advantage Analyze the costs and benefits of international trade Describe the distribution of the costs and benefits from international trade Assess the arguments for and against limiting international trade Describe the costs, benefits, and mechanisms of limiting international trade Describe some of the forms of trade liberalization Copyright © 2013 John Wiley & Sons, Inc. 2 After studying this chapter, you should be able to: 2 Exports – Goods or services produced domestically but sold abroad. Imports – Goods or services produced abroad but sold domestically. Trade surplus – When a country ’s level of exports exceeds its level of imports. Trade deficit
