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1、Chapter 2Competing in global marketsTopic 1 Why the country trade with each otherAbsolute advantage theoryComparative advantage theoryLet play one game.Absolute advantage theoryHow can you trade with each other?Harcourt, Inc. items and derived items copyright 2001 by Harcourt, Inc.Comparative advant
2、age theoryHow can you trade with each other?Harcourt, Inc. items and derived items copyright 2001 by Harcourt, Inc.The Farmer and the Rancher Specialize and Trade Each would be better off if they specialized in producing the product they are more suited to produce, and then trade with each other.uTh
3、e farmer should produce potatoes. uThe rancher should produce meat.Without trade.Potatoes (pounds)Meat (pounds)4212(a) The Farmers Production Possibilities Frontier0AWithout trade.Potatoes (pounds)Meat (pounds)540202.5(b) The Ranchers Production Possibilities Frontier0BThe Gains from Trade: A Summar
4、yHarcourt, Inc. items and derived items copyright 2001 by Harcourt, Inc.The Gains from Trade: A SummaryHarcourt, Inc. items and derived items copyright 2001 by Harcourt, Inc.After trade.Potatoes (pounds)Meat (pounds)4221(a) How Trade Increases the Farmers Consumption0A33A*Farmers consumption without
5、 tradeFarmers consumption with tradeAfter trade.Potatoes (pounds)Meat (pounds)52.54020(b) How Trade Increases The Ranchers Consumption0B213B*Ranchers consumption without tradeRanchers consumption with tradeWhy both get benifit from trade?uWho has the absolute advantage?The farmer or the rancher?uWho
6、 has the comparative advantage?The farmer or the rancher?Opportunity Cost is what you must give up if you want to get sth.Absolute advantage theoryHarcourt, Inc. items and derived items copyright 2001 by Harcourt, Inc.The Opportunity Cost of Meat and Potatoes1 lb of meat1lb of patatoesfarmer2 lb pot
7、atoes1/2 lb meatrancher1/8 lb potatoes8 lb meatHarcourt, Inc. items and derived items copyright 2001 by Harcourt, Inc.Comparative Advantageso, the Rancher has a comparative advantage in the production of meat But the Farmer has a comparative advantage in the production of potatoes.Harcourt, Inc. ite
8、ms and derived items copyright 2001 by Harcourt, Inc.The Principle of Comparative AdvantageuWhenever parties have differences in opportunity costs, they can each benefit from trade.How do you trade with each other?pencil/hourpen/hourA21B33what is range of exchange at which trade can occur? Answer.A
9、produce and export pencil, B produce and export penTrade can occur at any price between 1 and 2 pencil per pen. If 1 pen cant exchange for 1 pencil, B will choose to produce pencil itself. If A must spend more than 2 pencil to get 1 pen, A will choose to produce pen itself.Topic 2: Some conceptsBala
10、nce of tradeBalance of tradeA nations ratio of exports to importsTrade deficitTrade deficitAn unfavorable balance of trade(逆差); occurs when the value of a countrys imports exceeds that of its exports.Foreign exchange reservesThe money from exports - the money from imports + money flows.TourismTouris
11、mForeign aidForeign aidForeign investmentForeign investmentD DumpingumpingSelling products in a foreign country at lower prices than those charged in the producing country.Trade protectionismTariffImport quotaEmbargo(禁运)General agreement on tariffs and trade (GATT)World trade organization (WTO) Will
12、 your life be affected by tariffs?How to find the good channels of import?purchasing agent on internet代购mail order 邮购bulk purchasing团购How to find the channels of export?practice(20 Points)Set up one purchasing agent on internet, and tell us:Who are your customers?What are your products and brand? Lu
13、xury.How to promote?How to get the cheaper and high quality goods?practice(20 Points)Set up one export agent on internet, and tell us:Who are your customers?What are your products and brand? You can choose one special local product.How to promote?How to get the cheaper and high quality goods?Topic 3: Forces affecting trading in the global market physical and environmental legal and regulatory Economic and financial Sociocultural climatereligion:islamTechnical barriersRMB appreciationTopicsWhy the country trade with each otherSome conceptsForces affecting trading in the global market
