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1、Interdependence and the Gains from Trade,1, 2011 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom us
2、e.,A Parable for the Modern Economy,Only two goods Meat Potatoes Only two people Rancher Farmer,2, 2011 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or oth
3、erwise on a password-protected website for classroom use.,A Parable for the Modern Economy,If rancher produces only meat And farmer produces only potatoes Both gain from trade If both rancher and farmer produce both meat and potatoes Both gain from specialization and trade Production possibilities f
4、rontier Various mixes of output that an economy can produce,3, 2011 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected websi
5、te for classroom use.,Figure 1,4, 2011 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.,The Pro
6、duction Possibilities Frontier (a),Panel (a) shows the production opportunities available to the farmer and the rancher.,Figure 1,5, 2011 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a
7、 certain product or service or otherwise on a password-protected website for classroom use.,The Production Possibilities Frontier (b, c),Panel (b) shows the combinations of meat and potatoes that the farmer can produce. Panel (c) shows the combinations of meat and potatoes that the rancher can produ
8、ce. Both production possibilities frontiers are derived assuming that the farmer and rancher each work 8 hours per day. If there is no trade, each persons production possibilities frontier is also his or her consumption possibilities frontier.,(b) The farmers production possibilities frontier,(c) Th
9、e ranchers production possibilities frontier,If there is no trade, the farmer chooses this production and consumption.,If there is no trade, the rancher chooses this production and consumption.,A Parable for the Modern Economy,Specialization and trade Farmer specialize in growing potatoes More time
10、growing potatoes Less time raising cattle Rancher specialize in raising cattle More time raising cattle Less time growing potatoes Trade: 5 oz of meat for 15 oz of potatoes Both gain from specialization and trade,6, 2011 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicate
11、d, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.,Figure 2,7, 2011 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, excep
12、t for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.,How Trade Expands the Set of Consumption Opportunities (c),The proposed trade between the farmer and the rancher offers each of them a combination of meat
13、 and potatoes that would be impossible in the absence of trade. In panel (a), the farmer gets to consume at point A* rather than point A. In panel (b), the rancher gets to consume at point B* rather than point B. Trade allows each to consume more meat and more potatoes.,Figure 2,8, 2011 Cengage Lear
14、ning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.,How Trade Expands the Set of Consumption Opportunities (a,
15、 b),The proposed trade between the farmer and the rancher offers each of them a combination of meat and potatoes that would be impossible in the absence of trade. In panel (a), the farmer gets to consume at point A* rather than point A. In panel (b), the rancher gets to consume at point B* rather th
16、an point B. Trade allows each to consume more meat and more potatoes.,(a) The farmers production and consumption,(b) The ranchers production and consumption,Farmers production and consumption without trade,Ranchers production and consumption without trade,Farmers production with trade,5,17,Farmers consumption with trade,13,18,12,27,Ranchers consumption with trade,Ranchers production with trade,Comparative Advantage,Absolute advantage Produce a good using fewer inputs
