TAILIEUCHUNG - Lecture Economics (18th edition): Chapter 5 - McConnell, Brue, Flynn's

Chapter 5 - The United States in the global economy. In this chapter, you will learn to: . international trade; comparative advantage, specialization, international trade; exchange rates; government intervention with free international trade; trade-related topics. | The United States in the Global Economy Chapter 5 Copyright © 2009 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin Chapter Objectives . international trade Comparative advantage, specialization, international trade Exchange rates Government intervention with free international trade Trade-related topics 5- International Linkages United States Economy Other National Economies Goods & Services Capital & Labor Information & Technology Money 5- World Trade Volume as a percentage of GDP Larger for small countries Larger for countries with restricted resources Dependence on world market Lack key resource Sell surplus goods 5- World Trade Trade deficit Imports exceed exports Borrow from foreigners Sell real assets to foreigners Trade surplus Exports exceed imports Lend to foreigners 5- Rapid Trade Growth Transportation technology Communications technology General decline in tariffs All nations participate 5- Exports of Goods and Services Belgium Netherlands Germany South Korea Canada Italy France New Zealand Spain United Kingdom Japan United States Source: IMF, International Financial Statistics, 2007 12% 91% 75% 47% 45% 35% 29% 27% 27% 26% 25% 18% 5- United States Trade Percentage of GDP, adjusted for inflation, billions of 2000 dollars Source: Bureau of Economic Analysis Percentage of GDP Imports Exports 5- . Imports and Exports Billions of dollars, 2007 Chemicals Consumer Durables Agricultural Products Semiconductors Computers Generating Equipment Automobiles Aircraft Medical Equipment Fuels and Lubricants Petroleum Automobiles Household Appliances Computers Metals Clothing Consumer Electronics Generating Equipment Chemicals Aircraft Exports Imports Source: Department of Commerce Data $ $ 5- . Imports and Exports Goods by area – 2007 Canada European Union Mexico China Japan OPEC countries All other .

• Kinh tế học
• Lecture Microeconomics
• Economic problem
• U
• international trade
• Comparative advantage
• Exchange rates
• Government intervention
• Microeconomics theory
• Microeconomics applications
• Kinh tế vĩ mô
• Scope of microeconomic theory
• Normative analyses
• Demand curves
• Supply curves
• Consumer choice
• Theory of consumer choice
• Consumption choices
• Substitution effects
• Consumer choice theory
• Excise subsidies
• Economic efficiency
• Competitive equilibrium
• Relating output to inputs
• Empirical estimation
• Cost of production
• Shortrun cost
• Profit maximization
• Perfectly competitive markets
• Competitive model
• Excise taxation
• Monopolist’s demand
• Marginal revenue curves
• Product pricing
• Monopoly power
• Monopolistic competition
• Cournot model
• Game theory
• Economics of information
• Noncompetitive market models
• Iterated dominance
• Input demand curve
• Leisure choice
• Wage rates
• Minimum wage
• Hidden costs
• General equilibrium analysis
• Public goods