Principles of Economics 6e by N. Gregory Mankiw - SM Chapter 03

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1、Chapter3/InterdependenceandtheGainsfromTrade❖493INTERDEPENDENCEANDTHEGAINSFROMTRADEWHAT’SNEWINTHESIXTHEDITION:Therearenomajorchangestothischapter.LEARNINGOBJECTIVES:Bytheendofthischapter,studentsshouldunderstand:Øhoweveryonecanbenefitwhenpeopletradewithoneano

2、ther.Øthemeaningofabsoluteadvantageandcomparativeadvantage.Øhowcomparativeadvantageexplainsthegainsfromtrade.Øhowtoapplythetheoryofcomparativeadvantagetoeverydaylifeandnationalpolicy.CONTEXTANDPURPOSE:Chapter3isthethirdchapterinthethree-chaptersectionthatserv

3、esastheintroductionofthetext.Chapter1introducedtenfundamentalprinciplesofeconomics.Chapter2developedhoweconomistsapproachproblems.Thischaptershowshowpeopleandcountriesgainfromtrade(whichisoneofthetenprinciplesdiscussedinChapter1).ThepurposeofChapter3istodemon

4、stratehoweveryonecangainfromtrade.Tradeallowspeopletospecializeintheproductionofgoodsforwhichtheyhaveacomparativeadvantageandthentradeforgoodsthatotherpeopleproduce.Becauseofspecialization,totaloutputrises,andthroughtradeweareallabletoshareinthebounty.Thisisa

5、strueforcountriesasitisforindividuals.Becauseeveryonecangainfromtrade,restrictionsontradetendtoreducewelfare.KEYPOINTS:·Eachpersonconsumesgoodsandservicesproducedbymanyotherpeoplebothinourcountryandaroundtheworld.Interdependenceandtradearedesirablebecausethey

6、alloweveryonetoenjoyagreaterquantityandvarietyofgoodsandservices.©2012CengageLearning.AllRightsReserved.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.Chapter3/InterdependenceandtheGainsfromTrade❖49·Therearetwowaystoco

7、mparetheabilityoftwopeopleinproducingagood.Thepersonwhocanproducethegoodwithasmallerquantityofinputsissaidtohaveanabsoluteadvantageinproducingthegood.Thepersonwhohasthesmalleropportunitycostofproducingthegoodissaidtohaveacomparativeadvantage.Thegainsfromtrade

8、arebasedoncomparativeadvantage,notabsoluteadvantage.·Trademakeseveryonebetteroffbecauseitallowspeopletospecializeinthoseactivitiesinwhichtheyhaveacomparativeadvantage.·Theprincipleofcompa