31.1: Introduction to International Trade

Reasons for Trade

Countries benefit when they specialize in producing goods for which they have a comparative advantage and hire in trade wind for other goods .
learning objectives

  • Discuss the reasons that international trade may take place

International deal is the exchange of capital, goods, and services across external borders or territories. Trading-partners reap reciprocal gains when each state specializes in goods for which it holds a relative advantage and then engages in trade for other products. In other words, each nation should produce goods for which its domestic opportunity costs are lower than the domestic opportunity costs of other nations and exchange those goods for products that have higher domestic opportunity costs compared to other nations.

cma-cgm-balzac.jpg
International Trade : Countries benefit from producing goods in which they have comparative advantage and trade them for goods in which other countries have the comparative advantage .
In summation to comparative advantage, other reasons for trade include :

  • Differences in factor endowments: Countries have different amounts of land, labor, and capital. Saudi Arabia may have a lot of oil, but perhaps not enough lumber. It will thus have to trade for lumber. Japan may be able to produce technological goods of superior quality, but it may lack many natural resources. It may trade with Indonesia for inputs.
  • Gains from specialization: Countries may gain economies of scale from specialization, experiencing long run average cost declines as output increases.
  • Political benefits: Countries can leverage trade to forge closer cultural and political bonds. International connections also help promote diplomatic (rather than military) solutions to international problems.
  • Efficiency gains: Domestic firms will be forced to become more efficient in order to be competitive in the global market.
  • Benefits of increased competition: A greater degree of competition leads to lower prices for consumers, greater responsiveness to consumer wants and needs, and a wider variety of products.

To summarize, external barter benefits by and large all incumbents and generates substantial value for the ball-shaped economy .

Understanding Production Possibilities

The production possibility frontier shows the combinations of output signal that could be produced using available inputs .
learning objectives

  • Explain the benefits of trade and exchange using the production possibilities frontier (PPF)

In economics, the production hypothesis frontier ( PPF ) is a graph that shows the combinations of two commodities that could be produced using the lapp full come of the factors of production. It shows the maximum possible production flat of one commodity for any output level of another, given the existing levels of the factors of production and the submit of engineering .
PPFs are normally drawn as extending outbound around the origin, but can besides be represented as a straight course. An economy that is operating on the PPF is productively effective, meaning that it would be impossible to produce more of one dependable without decreasing the output of the other good. For model, if an economy that produces merely guns and butter is operating on the PPF, the production of guns would need to be sacrificed in holy order to produce more butter. If product is efficient, the economy can choose between combinations ( i.e., points ) on the PPF : boron if guns are of matter to, C if more butter is needed, or D if an adequate mix of butter and guns is required .
ssibilities-frontier-curve.png
Production Possibilities Frontier : If production is efficient, the economy can choose between combinations on the PPF. Point X, however, is unattaible with existent resources and technology if trade does not occur .
If the economy is operating below the curve, it is operating inefficiently, because resources could be reallocated in order to produce more of one or both goods without decreasing the quantity of either. Points outside the curve are unachievable with exist resources and engineering if craft does not occur with an outside manufacturer .
The PPF will shift outwards if more inputs ( such as capital or parturiency ) become available or if technological progress makes it potential to produce more output with the same flat of inputs. An outward shift means that more of one or both outputs can be produced without sacrificing the output signal of either good. conversely, the PPF will shift inbound if the tug push shrinks, the supply of natural materials is depleted, or a lifelike disaster decreases the stock of physical capital .
Without trade, each area consumes only what it produces. In this exemplify, the production possibilities frontier is besides the consumption possibilities frontier. Trade enables consumption outside the production hypothesis frontier. The world PPF is made up by combining countries ’ PPFs. When countries ’ autarkic productions are added ( when there is no deal ), the sum quantity of each good produced and consumed is less than the universe ’ mho PPF under rid craft ( when nations specialize according to their comparative advantage ). This shows that in a complimentary deal organization, the absolute measure of goods available for consumption is higher than the quantity available under autarky .

Defining Absolute Advantage

A nation has an absolute advantage in the production of a full when it can produce it more efficiently than other countries .
learning objectives

  • Relate absolute advantage, productivity, and marginal cost

Absolute advantage refers to the ability of a area to produce a dear more efficiently than early countries. In other words, a country that has an absolute advantage can produce a good with lower borderline price ( fewer materials, cheaper materials, in less time, with fewer workers, with cheaper workers, and so forth ). absolute advantage differs from comparative advantage, which refers to the ability of a state to produce specific goods at a lower opportunity cost .
A area with an absolute advantage can sell the good for less than a area that does not have the absolute advantage. For case, the canadian economy, which is ample in moo cost farming, has an absolute advantage in agricultural product relative to some other countries. China and other asian economies export low-cost manufacture goods, which take advantage of their much lower unit department of labor costs .
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China and Consumer Electronics : many consumer electronics are manufactured in China. China can produce such goods more efficiently, which gives it an absolute advantage relative to many countries .
Imagine that Economy A can produce 5 widgets per hour with 3 workers. economy B can produce 10 widgets per hour with 3 workers. Assuming that the workers of both economies are paid equally, Economy B has an absolute advantage over Economy A in producing widgets per hour. This is because Economy B can produce doubly arsenic many widgets as Economy B with the lapp act of workers .
solute-advantage-example-1.png
Absolute Advantage : Party B has an absolute advantage in producing widgets. It can produce more widgets with the same total of resources than Party A .
If there is no deal, then each area will consume what it produces. Adam Smith said that countries should specialize in the goods and services in which they have an absolute advantage. When countries specialize and deal, they can move beyond their production possibilities frontiers, and are frankincense able to consume more goods as a consequence .

Defining Comparative Advantage

A nation has a comparative advantage over another when it can produce a good or service at a lower opportunity cost .
learning objectives

  • Analyze the relationship between opportunity cost and comparative advantage

Comparative Advantage

In economics, comparative advantage refers to the ability of a party to produce a finical good or serve at a lower fringy and opportunity monetary value over another. even if one area is more effective in the production of all goods ( has an absolute advantage in all goods ) than another, both countries will placid gain by trading with each other. More specifically, countries should import goods if the opportunity cost of spell is lower than the cost of producing them locally .
specialization according to comparative advantage results in a more effective allotment of world resources. Larger outputs of both products become available to both nations. The consequence of external specialization and trade is equivalent to a nation having more and/or better resources or discovering better production techniques .

Determining Comparative Advantage

imagine that there are two nations, Chiplandia and Entertainia, that presently produce their own calculator chips and candle players. Chiplandia uses less clock time to produce both products, while Entertainia uses more time to produce both products. Chiplandia enjoys and absolute advantage, an ability to produce an token with fewer resources. however, the accompanying table shows that Chiplandia has a comparative advantage in calculator chip production, while Entertainia has a relative advantage in the production of cadmium players. The nations can benefit from specialization and trade, which would make the allocation of resources more effective across both countries .
comparative-advantage.jpg

Comparative Advantage : Chiplandia has a comparative advantage in producing computer chips, while Entertainia has a relative advantage in producing candle players. Both nations can benefit from trade .
For another exercise, if the opportunity cost of producing one more unit of measurement of coffee bean in Brazil is 2/3 units of pale yellow, while the opportunity cost of producing one more unit of coffee in the United States is 1/3 wheat, then the U.S. should produce coffee, while Brazil should produce pale yellow ( assuming Brazil has the lower opportunity monetary value of producing wheat ) .

Comparative vs Competitive Advantage

It is crucial to distinguish between relative advantage and competitive advantage. Though they sound similar, they are different concepts. Unlike comparative advantage, competitive advantage refers to a distinguishing impute of a company or a product. It may or may not have anything to do with opportunity cost or efficiency. For model, having well brand recognition or relationships with suppliers is a competitive advantage, but not a comparative advantage. In the context of international craft, we more often discus comparative advantage .

Absolute Advantage Versus Comparative Advantage

Absolute advantage refers to differences in productivity of nations, while comparative advantage refers to differences in opportunity costs .
learning objectives

  • Differentiate between absolute advantage and comparative advantage

Absolute advantage compares the productiveness of different producers or economies. The manufacturer that requires a smaller quantity inputs to produce a good is said to have an absolute advantage in producing that estimable .
The company design shows the come of end product Country A and Country B can produce in a given period of clock time. Country A uses less time than Country B to make either food or dress. Country A makes 6 units of food while Country B makes one whole, and Country A makes three units of invest while Country B makes two. In other words, Country A has an absolute advantage in making both food and clothe .
absolute-advantage.jpg
Absolute Advantage : state A has an absolute advantage in making both food and dress, but a comparative advantage lone in food .
comparative advantage refers to the ability of a party to produce a particular good or service at a lower opportunity cost than another. even if one nation has an absolute advantage in producing all goods, different countries could silent have different relative advantages. If one country has a comparative advantage over another, both parties can benefit from deal because each party will receive a full at a price that is lower than its own opportunity cost of producing that good. comparative advantage drives countries to specialize in the output of the goods for which they have the lowest opportunity cost, which leads to increased productivity .
For example, consider again Country A and Country B in. The opportunity price of producing 1 unit of clothing is 2 units of food in Country A, but alone 0.5 units of food in Country B. Since the opportunity cost of producing dress is lower in Country B than in Country A, Country B has a comparative advantage in invest .
therefore, even though Country A has an absolute advantage in both food and clothes, it will specialize in food while Country B specializes clothe. The countries will then trade, and each will gain .
Absolute advantage is crucial, but comparative advantage is what determines what a area will specialize in .

Benefits of Specialization

Specialization leads to greater economic efficiency and consumer benefits .
learning objectives

  • Discuss the effects of specialization on production

Whenever a state has a comparative advantage in production it can benefit from specialization and trade. however, specialization can have both incontrovertible and negative effects on a nation ’ s economy. The effects of specialization ( and trade ) include :

  • Greater efficiency: Countries specialize in areas that they are naturally good at and also benefit from increasing returns to scale for the production of these goods. They benefit from economies of scale, which means that the average cost of producing the good falls (to a certain point) because more goods are being produced. Similarly, countries can benefit from increased learning. They simply are more skilled at making the product because they have specialized in it. These effects both contribute to increased overall efficiency for countries. Countries become better at making the product they specialize in.
  • Consumer benefits: Specialization means that the opportunity cost of production is lower, which means that globally more goods are produced and prices are lower. Consumers benefit from these lower prices and greater quantity of goods.
  • Opportunities for competitive sectors: Firms gain access to the whole world market, which allows them to grow bigger and to benefit further from economies of scale.
  • Gains from trade: Suppose that Britain and Portugal each produce wine and cloth. Britain has a comparative advantage in cloth and Portugal in wine. By specializing and then trading, Britain can get a unit of wine for only 100 units of labor by trading cloth for labor instead of taking 110 units of labor to produce the wine itself (assuming the price of Cloth to Wine is 1). Similarly, Portugal can specialize in wine and get a unit of cloth for only 80 units of labor by trading, instead of the 90 units of labor it would take to produce the cloth domestically. Each country will continue to trade until the price equals the opportunity cost, at which point it will decide to just produce the other good domestically instead of trading. Thus (in this example with no trade costs) both countries benefit from specializing and then trading.

Of course, there are besides some potential downsides to specialization :

  • Threats to uncompetitive sectors: Some parts of the economy may not be able to compete with cheaper or better imports. For example, firms in United States may see demand for their products fall due to cheaper imports from China. This may lead to structural unemployment.
  • Risk of over-specialization: Global demand may shift, so that there is no longer demand for the good or service produced by a country. For example, the global demand for rubber has fallen due the the availability of synthetic substitutes. Countries may experience high levels of persistent structural unemployment and low GPD because demand for their products has fallen.
  • Strategic vulnerability: Relying on another country for vital resources makes a country dependent on that country. Political or economic changes in the second country may impact the supply of goods or services available to the first.

As a whole, economists by and large support specialization and trade wind between nations .

Relationship Between Specialization and Trade

comparative advantage is the driving force of specialization and deal .
learning objectives

  • Discuss how countries determine which goods to produce and trade

specialization refers to the tendency of countries to specialize in certain products which they trade for other goods, rather than producing all consumption goods on their own. Countries produce a excess of the product in which they specialize and trade it for a different excess good of another country. The traders decide on whether they should export or import goods depending on comparative advantages .
imagine that there are two countries and both countries produce only two products. They can both choose to be self-sufficient, because they have the ability to produce both products. however, specializing in the product for which they have a comparative advantage and then trade would allow both countries to consume more than they would on their own .
One might assume that the area that is most efficient at the production of a good would choose to specialize in that good, but this international relations and security network ’ thyroxine constantly the subject. Rather than absolute advantage, comparative advantage is the driving power of specialization. When countries decide what products to specialize in, the essential question becomes who could produce the product at a lower opportunity price. Opportunity cost refers to what must be given up in order to obtain some item. It requires calculating what one could have gotten if one produced another intersection alternatively of one whole of the given product .
For exemplar, the opportunity cost to Bob of 1 bottle of catsup is 1/2 bottle of mustard. This means that in the same total of time that Bob could produce one bottle of catsup, he could have produced 1/2 bottle of mustard. Tom could have produced 1/3 bottle of mustard during the fourth dimension that he was making one bottle of catsup. Tom will have the relative advantage in producing catsup because he has to give up less mustard for the lapp sum of catsup. In sum, the manufacturer that has a smaller opportunity price will have the comparative advantage. It follows that Bob will have a comparative advantage in the production of mustard .
comparative-advantage-2-1.jpg
Comparative Advantage : Tom has the comparative advantage in producing catsup, while Bob has the comparative advantage in producing mustard .
There is one sheath in which countries are not well off trade : when both face the lapp opportunity costs of production. This doesn ’ t mean that both countries have the like production function – one could distillery be absolutely more fat than the early – but neither has a comparative advantage over the early. In this event, specialization and trade will result in precisely the lapp charge of consumption as producing all goods domestically .

Key Points

  • International trade is the exchange of capital, goods, and services across international borders or territories.
  • Each nation should produce goods for which its domestic opportunity costs are lower than the domestic opportunity costs of other nations and exchange those goods for products that have higher domestic opportunity costs compared to other nations.
  • Benefits of trade include lower prices and better products for consumers, improved political ties among nations, and efficiency gains for domestic producers.
  • The production possibilities curve shows the maximum possible production level of one commodity for any production level of another, given the existing levels of the factors of production and the state of technology.
  • Points outside the production possibilities curve are unattainable with existing resources and technology if trade does not occur with an external producer.
  • Without trade, each country consumes only what it produces. However, because of specialization and trade, the absolute quantity of goods available for consumption is higher than the quantity that would be available under national economic self-sufficiency.
  • A country that has an absolute advantage can produce a good at lower marginal cost.
  • A country with an absolute advantage can sell the good for less than the country that does not have the absolute advantage.
  • Absolute advantage differs from comparative advantage, which refers to the ability to produce specific goods at a lower opportunity cost.
  • Even if one country has an absolute advantage in the production of all goods, it can still benefit from trade.
  • Countries should import goods if the opportunity cost of importing is lower than the cost of producing them locally.
  • Specialization according to comparative advantage results in a more efficient allocation of world resources. A larger quantity of outputs becomes available to the trading nations.
  • Competitive advantage is distinct from comparative advantage because it has to do with distinguishing attributes which are not necessarily related to a lower opportunity cost.
  • The producer that requires a smaller quantity inputs to produce a good is said to have an absolute advantage in producing that good.
  • Comparative advantage refers to the ability of a party to produce a particular good or service at a lower opportunity cost than another.
  • The existence of a comparative advantage allows both parties to benefit from trading, because each party will receive a good at a price that is lower than its opportunity cost of producing that good.
  • Whenever countries have different opportunity costs in production they can benefit from specialization and trade.
  • Benefits of specialization include greater economic efficiency, consumer benefits, and opportunities for growth for competitive sectors.
  • The disadvantages of specialization include threats to uncompetitive sectors, the risk of over-specialization, and strategic vulnerability.
  • Nations decide whether they should export or import goods based on comparative advantages.
  • Generally, nations can consume more by specializing in a good and trading it for other goods.
  • When countries decide which country will specialize in which product, the essential question becomes who could produce the product at a lower opportunity cost.

Key Terms

  • comparative advantage: The ability of a party to produce a particular good or service at a lower marginal and opportunity cost over another.
  • Production possibilities frontier: A graph that shows the combinations of two commodities that could be produced using the same total amount of each of the factors of production.
  • Autarky: National economic self-sufficiency.
  • Absolute advantage: The capability to produce more of a given product using less of a given resource than a competing entity.
  • Opportunity cost: The cost of an opportunity forgone (and the loss of the benefits that could be received from that opportunity); the most valuable forgone alternative.
  • competitive advantage: Something that places a company or a person above the competition

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source : https://enrolldetroit.org
Category : Education

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