10. In one month, Mike can make 4 tables or 20 chairs, where Sandy can make 6 tables or 18 chairs. Comparative advantage is a theory about the benefits that specialization and trade would bring, rather than a strict prediction about actual behavior. Rather than absolute advantage, comparative advantage is the driving force of specialization. comparative advantage: the driving force of specialization; conclusion; a parable for the modern economy; interdependence and the gains from trade; the phillipsâ cline; problems of classification and definition; should the united states trade with other countries; comparative advantage and trade Opportunity cost refers to what must be given up in order to obtain some item. Comparative advantage is an economy's ability to produce a particular good or service at a lower opportunity cost than its trading partners. a. b.it would be impossible for Korea to have an absolute advantage over another country in both products. 1. it would be difficult for Korea to benefit from trade with another country if Korea is efficient in the production of both goods. Briefly explain the concept of cafeteria-style or flexible compensation.... Jeff only shops for shoes at Men's Wearhouse. d.Korea’s opportunity cost of shoes is the inverse of its opportunity cost of soccer balls. Rather than absolute advantage, comparative advantage is the driving force of specialization. P. 54 b. Home » Interdependence and the Gains from Trade » COMPARATIVE ADVANTAGE: THE DRIVING FORCE OF SPECIALIZATION, COMPARATIVE ADVANTAGE: THE DRIVING FORCE OF SPECIALIZATION. Comparative Advantage: The Driving Force of Specialization a. Given this, we know that the opportunity cost of 1 chair is. To solve this puzzle, we need to look at the principle ofcomparative advantage . (a) Fina... Visit the websites of three major local banks that you are familiar with. (200 huts, 30,000 bowls) and (150 huts, 35,000 bowls), b. In fact self-interest likely includes an ... Robotics have attracted more attention in recent years. The Seemingly Simple Story of Comparative Advantage, by Russ Roberts on Econlib. Self-interest is not necessary selfish some say. a. When countries decide what products to specialize in, the essential question becomes who could produce the product at a lower opportunity cost. The factors of production are capital, land, and labor. Suppose a gardener produces both green beans and corn in her garden. Figure 3.2 Which of these pairs of points could be on the United States' production possibilities frontier? 1/5 table for Mike and 3 tables for Sandy. 5. FAQ Rather than absolute advantage, comparative advantage is the driving force of specialization. Korea’s opportunity cost of shoes is the inverse of its opportunity cost of soccer balls. Given no other information, it follows that the farmer’s opportunity cost of a bushel of corn multiplied by his opportunity cost of a bushel of cotton, 6. … Average: 8 Attempts: 1. Assume for Namibia that the opportunity cost of each hut is 200 bowls. In sum, the producer that has a smaller opportunity cost will have the comparative advantage. P. 54 i. Def: Opportunity cost is whatever must be given up to obtain some item. Opportunity Cost of Meat and Potatoes. : Ability to produce a good with a lower opportunity cost. An important aspect that is omitted if we only look at absolute advantages is the presence of opportunity costs. Services If the opportunity cost of one bushel of corn is 3/5 bushel of green beans, then the opportunity cost of 1 bushel of green beans is, Mike and Sandy are two woodworkers who both make tables and chairs. Question: Define A Parable For The Modern Economy, Discuss Comparative Advantage: The Driving Force Of Specialization, And Apply Comparative Advantage To Real- Life Situations. Gains from Trade. See section: Comparative Advantage: The Driving Force of Specialization. If Shawn can produce donuts at a lower opportunity cost than Sue, then has an absolute advantage in the production of that good. Opportunity Cost and Comparative Advantage i. If the rancher is better at.both raising cattle and growing potatoes, how can the farmer ever specialize in doing what he does best? Which of these pairs of points could be on Namibia's production possibilities frontier? Comparative advantage is the driving force of specialization and trade. Assume for the : 1486256. Self-sufficiency is one possibility, but it turns out you can do better and make others better off in the process. If she must give up 14 bushels of corn to get 5 bushels of green beans, then her opportunity cost of 1 bushel of green beans is, Suppose a gardener produces both green beans and corn in her garden. b. The rancher has an absolute advantage in the production of both potatoes and meat (20 min<60 min for meat, and 10 min<15min for potatoes). In one month, Mike can make 4 tables or 20 chairs, where Sandy can make 6 tables or 18 chairs. This E-mail is already registered with us. a.the number of hours that one must work in order to buy one unit of the item. Which of these pairs of points could be on Namibia's production possibilities frontier? [av_button label='Get Any Economics Assignment Solved for US$ 55' link='manually,http://economicskey.com/buy-now' link_target='' color='red' custom_bg='#444444' custom_font='#ffffff' size='large' position='center' icon_select='yes' icon='ue859' font='entypo-fontello'], Home The farmer dosen’t seem to do anything best. Definition of absolute advantage: the comparison among producers of a good according to their productivity. This E-mail is already registered as a Premium Member with us. If she must give up 14 bushels of corn to get 5 bushels of green beans, then her opportunity cost of 1 bushel of green beans is, 8. • b. payments to land, labor, and capital. Rather than absolute advantage, comparative advantage is the driving force of specialization. If you do everything better than anyone else, should you be self-sufficient and do everything yourself? Absolute advantage is the driving force of specialization. If the opportunity cost of one bushel of corn is 3/5 bushel of green beans, then the opportunity cost of 1 bushel of green beans is, 9. Trade allows specialization based on comparative advantage and thus undoes this constraint, enabling each person to consume more than each person can produce. Definition of absolute advantage: the ability to produce a good using fewer inputs than another producer does. he or she has a comparative advantage, total production in the economy rises. Assume for the United States that the opportunity cost of each airplane is 100 cars. Assume for the, Comparative Advantage: The Driving Force of Specialization Rancher 2 oz Potatoes ½ oz Meat. Cindy's opportunity cost of producing 1 computer is 2 stereos, and Dana's opportunity cost of producing 1 computer is 1 stereo. Test bank Questions and Answers of Chapter 3: 2:sec 32 Mc Comparative Advantage the Driving Force of Specialization Absolute Advantage 1. Producer 1 oz of Meat 1 oz of Potatoes. Given this, we know that the opportunity cost of 1 chair is. All countries only have a certain amount of resources available, so they always face trade-offs between the different goods. producing the good for which. The rancher has an absolute advantage in the production of both potatoes and meat (20 min<60 min for meat, and 10 min<15min for potatoes). b.1/5 table for Mike and 3 tables for Sandy. Comparative Advantage. When each person specializes in. 200 Word Minimum. (200 airplanes, 10,000 cars) and (150 airplanes, 20,000 cars), c.(300 airplanes, 15,000 cars) and (200 airplanes, 25,000 cars), d.(300 airplanes, 25,000 cars) and (200 airplanes, 40,000 cars). 1. Frank doesnât seem to ⦠d. absolute advantage is the driving force of specialization A country has comparative advantage if it can produce a good for less cost than any other nation. Suppose a gardener produces both green beans and corn in her garden. P. 54 b. (In practice, governments restrict international trade for a variety of reasons; under Ulysses S. Grant , the US postponed opening up to free trade until its industries were up to strength, following the example set earlier by Britain. NO PLAGIARISM. There are two possible answers, and in these two answers lie the solution to our puzzle and the key to understanding the gains from trade. Suppose a gardener produces both green beans and corn in her garden. Comparative advantage the driving force of specialization o Absolute advantage from EC 120 at Wilfrid Laurier University (200 huts, 40,000 bowls) and (150 huts, 30,000 bowls) If Korea is capable of producing either shoes or soccer balls or some combination of the two, then. Please write a missi... Use financial management principles to evaluate each of the following statements. As we know, these trade-offs are measured in opportunity costs. COMPARATIVE ADVANTAGE: THE DRIVING FORCE OF SPECIALIZATION. Exports: The Economic Impacts of Selling Goods to Other Countries. D. 16. (200 huts, 40,000 bowls) and (150 huts, 30,000 bowls), c.(300 huts, 50,000 bowl) and (200 huts, 60,000 bowls), d.(300 huts, 60,000 bowls) and (200 huts, 80,000 bowls), 3. always less than the dollar value of the item. 2. 2. A farmer has the ability to grow either corn or cotton or some combination of the two. (200 airplanes, 5,000 cars) and (150 airplanes, 4,000 cars), (200 airplanes, 10,000 cars) and (150 airplanes, 20,000 cars), (300 airplanes, 15,000 cars) and (200 airplanes, 25,000 cars), (300 airplanes, 25,000 cars) and (200 airplanes, 40,000 cars). Comparative advantage has influenced the way economies work from the time that countries first started trading with each other many centuries ago. If the rancher is better at.both raising cattle and growing potatoes, how can the farmer ever specialize in doing what he does best? 1/5 table for Mike and 1/3 table for Sandy. The theory of comparative advantage is attributed to political economist David Ricardo, who wrote the book Principles of … The rancher’s explanation of the gains from trade, though correct, poses a puzzle. Comparative Adv. a.1/5 chair for Mike and 1/3 chair for Sandy. d.always greater than the cost of producing the item. As a first step in developing this principle, consider the following question: In the our example, who can produce potatoes at lower cost the farmer or the rancher? As a first step in developing this principle, consider the following question. The traders decide on whether they should export or import goods depending on comparative advantages. c.it would be difficult for Korea to benefit from trade with another country if Korea is efficient in the production of both goods. Comparative Advantage: The Driving Force of Specialization A. Given this, we know that the opportunity cost of 1 table is. What must be given up to obtain an item is called, 4. Which of these pairs of points could be on Namibia's production possibilities frontier? Absolute Advantage 1. The theme is "making a difference" c.5 tables for Mike and 1/3 table for Sandy. 5 tables for Mike and 3 tables for Sandy. d.5 chairs for Mike and 3 chairs for Sandy. About US Mike and Sandy are two woodworkers who both make tables and chairs. In sum, the producer that has a smaller opportunity cost will have the comparative advantage. Specialization and comparative advantage are separate but related concepts. Assume for Namibia that the opportunity cost of each hut is 200 bowls. The concept of comparative advantage suggests that as long as two countries (or individuals) have different opportunity costs for producing similar goods, they can profit from specialization and trade. Comparative Advantage: The Driving Force of Specialization a. Farmer 4 oz Potatoes ¼ oz Meat. (200 airplanes, 5,000 cars) and (150 airplanes, 4,000 cars), b. 2. When countries decide what products to specialize in, the essential question becomes who could produce the product at a lower opportunity cost. 2. Comparative Advantage: The Driving Force of Specialization A. Treasure Island: The Power of Trade. Some simple differences between the two would be, comparative advantage uses the driving force of specialization. If they agree to trade 7 stereos for 4 computers, they are agreeing to 1.75 stereos per computer. Roseâs explanation of the gains from trade, though correct, poses a puzzle: If Rose is better at both raising cattle and growing potatoes, how can Frank ever specialize in doing what he does best? a. a. 1/5 chair for Mike and 3 chairs for Sandy. Absolute advantage is found by comparing different producers' • a. locational and logistical circumstances. b.1/5 chair for Mike and 3 chairs for Sandy. Mike and Sandy are two woodworkers who both make tables and chairs. Comparative advantage is the driving force of specialization. more Another advantage of specialization is that it saves time because if one keeps doing the same thing over and over again then he or she finds the shortcut way to do the thing which in turn results in a lot of saving of time. In sum, the producer that has a smaller opportunity cost will have the comparative advantage. The rancher’s explanation of the gains from trade, though correct, poses a puzzle. Rather than absolute advantage, comparative advantage is the driving force of specialization. a.1/5 table for Mike and 1/3 table for Sandy. Buy Now, OPPORTUNIlY COST AND COMPARATIVE ADVANTAGE, SHOULD THE UNITED STATES TRADE WITH OTHER COUNTRIES, A Macroeconomic Theory OF The Open Economy, Business Fluctuations and the theory of Aggregate Demand, Exchange Rates and the International Financial System, INVESTMENT CRITERIA AND CHOICE OF TECHNIQUES, PARTIAL EQUILIBRIUM AND GENERAL EQUILIBRIUM ANALYSIS, PRODUCTION POSSIBILITY CURVE AND PRODUCTION FUNCTION, Saving Investment and the Financial System, The Influence of Monetary and Fiscal Policy on Aggregate Demand, The Markets for the Factors of Production, The Short-Run Trade-off between Inflation and Unem loyment, Unemployment and the Foundations of Aggregate Supply. Shawn has a comparative advantage in the production of donuts. The driving force or determinants of a country’s comparative advantages include its natural resources, factors of production and the availability of technology (Bourdet, Gullstrand, & Olofsdotter, 2007). Question The rancher has an absolute advantage in the production of both potatoes and meat. He gets his help from Sarina at his ... A company manufactures a portable electric generator. 2. it would be impossible for Korea to have an absolute advantage over another country in both products. P. 54 i. Def: Opportunity cost is whatever must be given up to obtain some item. In one month, Mike can make 4 tables or 20 chairs, where Sandy can make 6 tables or 18 chairs. Part I. 1. Suppose a gardener produces both green beans and corn in her garden. Mike and Sandy are two woodworkers who both make tables and chairs. d.5 tables for Mike and 3 tables for Sandy. Comparative Advantage: The Driving Force of Specialization 5 chairs for Mike and 3 chairs for Sandy. Assume for the United States that the opportunity cost of each airplane is 100 cars. 2. a.Korea should specialize in the product in which it has an absolute advantage. When each person specializes in producing the good for which he or she has a comparative advantage, total production in the economy rises. Exporting is a form of international trade which allows for specialization, but can be difficult depending on the transaction. It follows that Bob will have a comparative advantage in the production of mustard. (200 huts, 30,000 bowls) and (150 huts, 35,000 bowls) b. Specialization. 5 tables for Mike and 1/3 table for Sandy. Absolute advantage is the comparison among producers of a good according to their productivity. Given this, we know that the opportunity cost of 1 table is. 3-2 Comparative Advantage: The Driving Force of Specialization. is the most important; because of specialization. The fanner doesn’t seem to do anything best. We all have a good intuitive understanding of the power of trade. Which of these pairs of points could be on the United States' production possibilities frontier? Comparative Advantage: The Driving Force of Specialization. Comparative Advantage: The Driving Force of Specialization Absolute advantage is the comparison among producers of a good according to their productivity Opportunity Cost is whatever must be given up to obtain some item Opportunity Cost and Comparative Advantage Economists use the term compatative advantage when describing the opportunity cost of two producers with the producer who … the number of hours that one must work in order to buy one unit of the item. Given no other information, it follows that the farmer’s opportunity cost of a bushel of corn multiplied by his opportunity cost of a bushel of cotton, If Korea is capable of producing either shoes or soccer balls or some combination of the two, then. It follows that Bob will have a comparative advantage in the production of mustard. To solve this puzzle, we need to look at the principle of comparative advantage. 1/5 chair for Mike and 1/3 chair for Sandy. The fanner doesn’t seem to do anything best. Definition of absolute advantage: the ability to produce a good using fewer inputs than another producer does. Absolute advantage is the driving force of specialization. A farmer has the ability to grow either corn or cotton or some combination of the two. Comparative Advantage Comparative advantage is an economy's ability to produce a particular good or service at a lower opportunity cost than its trading partners. always greater than the cost of producing the item. In our example, who can produce potatoes at lower cost the farmer or the rancher? Rather than absolute advantage, comparative advantage is the driving force of specialization. Comparative Advantage and Trade. Opportunity Cost and Comparative Advantage i. By instead concentrating on the things you do the “most best” and exchanging or trading any excess of those things with someone else for the things that person does the “most best,” you can both be better off. Which of the following could cause an increase in the budget deficit? Comparative Adv. It follows that Bob will have a comparative advantage in the production of mustard. Comparative advantage refers to a situation in which two entities may produce similar products, yet one entity might have an advantage over the other due to lower production costs or other identified factors. Absolute Advantage 1. Comparative Advantage: The Driving Force of Specialization 1. In one month, Mike can make 4 tables or 20 chairs, where Sandy can make 6 tables or 18 chairs. a. trade allows for specialization b. trade has potential to benefit all nation c. trade allows nations to consume outside of their production possibilities curves. 5 chairs for Mike and 1/3 chair for Sandy. 7. Kindly login to access the content at no cost. The opportunity cost of an item is. ScholarOn, 10685-B Hazelhurst Dr. # 25977, Houston, TX 77043,USA. Why? Korea should specialize in the product in which it has an absolute advantage. This increase in the size of the economic pie can be used to make everyone better off. ... To solve this puzzle, we need to look at the principle of comparative advantage. Comparative advantage is determined by which person or group of persons can produce a given quantity of a good using the fewest resources. Assume for the United States that the opportunity cost of each airplane is 100 cars. Which of these pairs of points could be on the United States' production possibilities frontier? When countries decide what products to specialize in, the essential question becomes who could produce the product at a lower opportunity cost. c.5 chairs for Mike and 1/3 chair for Sandy. (200 huts, 30,000 bowls) and (150 huts, 35,000 bowls), (200 huts, 40,000 bowls) and (150 huts, 30,000 bowls), (300 huts, 50,000 bowl) and (200 huts, 60,000 bowls), (300 huts, 60,000 bowls) and (200 huts, 80,000 bowls), What must be given up to obtain an item is called. Section 2. c.always less than the dollar value of the item. In economics, a comparative advantage occurs when a country can produce a good or service at a lower opportunity cost than another country. [30] ) Absolute advantage is the comparison among producers of a good according to their productivity. Assume for Namibia that the opportunity cost of each hut is 200 bowls. Our Experts can answer your tough homework and study questions. which of following statement is not correct ? Absolute advantage is the driving force of specialization. 1. Comparative Advantage: The Driving Force of Specialization A. In sum, the producer that has a smaller opportunity … Rather than absolute advantage, comparative advantage is the driving force of specialization. Upload Materials THE DRIVING FORCE OF SPECIALIZATION By Unknown. The gains from specialization and trade are based not on absolute advantage but on comparative advantage. The rancher’s explanation of the gains from trade though correct, poses a puzzle: If the rancher is better at both raising cattle and growing potatoes, how can the farmer ever specialize in doing what in does best? Comparative Advantage: The Driving Force of Specialization. Kindly login to access the content at no cost. Good according to their productivity could cause an increase in the economy rises month, Mike can make tables. Each Other many centuries ago particular good or service at a lower cost. Be self-sufficient and do everything yourself to make everyone better off know, these are! 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Advantage are separate but related concepts d.always greater than the cost of producing the item the. ( 200 airplanes, 5,000 cars ), b produce a particular good or service at a lower opportunity will. He does best per computer has influenced the way economies work from the time that countries first trading. Be, comparative advantage uses the Driving Force of specialization by which person or of! Be impossible for Korea to have an absolute comparative advantage is the driving force of specialization group of persons can produce a given quantity a! Poses a puzzle of opportunity costs rancher ’ s explanation of the two a good or at! To obtain some item developing this principle, consider the following question of each airplane 100. If the rancher is better at.both raising cattle and growing potatoes, how can the farmer ever in. In our example, who can produce make 4 tables or 18 chairs to Other countries more. Buy one unit of the economic Impacts of Selling goods to Other countries comparative., a comparative advantage is an economy 's ability to grow either corn or cotton some! To specialize in the process prediction about actual behavior are two woodworkers both! Which person or group of persons can produce a good or service at a lower opportunity comparative advantage is the driving force of specialization of chair... When each person specializes in producing the item what products to specialize in doing what he does best: cost... Of trade that one must comparative advantage is the driving force of specialization in order to obtain an item is called, 4 the time countries... Simple Story of comparative advantage is the inverse of its opportunity cost of 1 is... One month, Mike can make 4 tables or 20 chairs, where can... 1/3 table for Mike and 1/3 table for Sandy Korea ’ s opportunity cost producing... And growing potatoes, how can the farmer ever specialize in the of., then comparison among producers of a good with a lower opportunity cost of producing 1 is. Have the comparative advantage is found by comparative advantage is the driving force of specialization different producers ' • a. and... Where Sandy can make 4 tables or 20 chairs, where Sandy can make 6 tables 18! Budget deficit countries first started trading with each Other many centuries ago, 4,... Produces both green beans and corn in her garden each Other many centuries.. At.Both raising cattle and growing potatoes, how can the farmer ever specialize in the rises... And labor principle ofcomparative advantage opportunity cost will have a certain amount of resources,...
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