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Click to edit Master title style,Click to edit Master text styles,Second level,Third level,Fourth level,Fifth level,Copyright 2003 Pearson Education,Inc.,Slide 5-,*,Click to edit Master title style,Click to edit Master text styles,Second level,Third level,Fourth level,Fifth level,Copyright 2003 Pearson Education,Inc.,Slide 5-,*,Click to edit Master title style,Click to edit Master text styles,Second level,Third level,Fourth level,Fifth level,Copyright 2003 Pearson Education,Inc.,Slide 5-,*,Click to edit Master title style,Click to edit Master text styles,Second level,Third level,Fourth level,Fifth level,Copyright 2003 Pearson Education,Inc.,Slide 5-,*,Click to edit Master title style,Click to edit Master text styles,Second level,Third level,Fourth level,Fifth level,Copyright 2003 Pearson Education,Inc.,Slide 5-,*,Click to edit Master title style,Click to edit Master text styles,Second level,Third level,Fourth level,Fifth level,Copyright 2003 Pearson Education,Inc.,Slide 5-,*,Click to edit Master title style,Click to edit Master text styles,Second level,Third level,Fourth level,Fifth level,Copyright 2003 Pearson Education,Inc.,Slide 5-,*,Click to edit Master title style,Click to edit Master text styles,Second level,Third level,Fourth level,Fifth level,Copyright 2003 Pearson Education,Inc.,Slide 5-,*,Click to edit Master title style,Click to edit Master text styles,Second level,Third level,Fourth level,Fifth level,Copyright 2003 Pearson Education,Inc.,Slide 5-,*,Click to edit Master title style,Click to edit Master text styles,Second level,Third level,Fourth level,Fifth level,Copyright 2003 Pearson Education,Inc.,Slide 5-,*,Click to edit Master title style,Click to edit Master text styles,Second level,Third level,Fourth level,Fifth level,Copyright 2003 Pearson Education,Inc.,Slide 5-,*,Click to edit Master title style,Click to edit Master text styles,Second level,Third level,Fourth level,Fifth level,Copyright 2003 Pearson Education,Inc.,Slide 5-,*,Click to edit Master title style,Click to edit Master text styles,Second level,Third level,Fourth level,Fifth level,Copyright 2003 Pearson Education,Inc.,Slide 5-,*,Chapter 5,The Standard Trade Model,To Accompany,International Economics:Theory and Policy,Sixth Edition,by,Paul R.Krugman and Maurice Obstfeld,Chapter 5To Accompany,Copyright 2003 Pearson Education,Inc.,Slide 5-,2,Chapter Organization,Introduction,A Standard Model of a Trading Economy,International Transfers of Income:Shifting the,RD,Curve,Tariffs and Export Subsidies:Simultaneous Shifts in,RS,and,RD,Summary,Appendix:Representing International Equilibrium with Offer Curves,Chapter OrganizationIntroducti,Copyright 2003 Pearson Education,Inc.,Slide 5-,3,Introduction,Previous trade theories have emphasized specific sources of comparative advantage which give rise to international trade:,Differences in labor productivity(Ricardian model),Differences in resources(specific factors model and Heckscher-Ohlin model),The standard trade model is a general model of trade that admits these models as special cases.,IntroductionPrevious trade the,Copyright 2003 Pearson Education,Inc.,Slide 5-,4,A Standard Model of a Trading Economy,The,standard trade model,is built on four key relationships:,Production possibility frontier and the relative supply curve,Relative prices and relative demand,World relative supply and world relative demand,Terms of trade,and national welfare,A Standard Model of a Trading,Copyright 2003 Pearson Education,Inc.,Slide 5-,5,A Standard Model of a Trading Economy,Production Possibilities and Relative Supply,Assumptions of the model:,Each country produces two goods,food(,F,)and cloth(,C,),Each countrys production possibility frontier is a smooth curve(,TT,),The point on its production possibility frontier at which an economy actually produces depends on the price of cloth relative to food,P,C,/,P,F,.,Iso-value lines,Lines along which the market value of output is constant,A Standard Model of a Trading,Copyright 2003 Pearson Education,Inc.,Slide 5-,6,Figure 5-1,:Relative Prices Determine the Economys Output,Q,Isovalue lines,TT,A Standard Model of a Trading Economy,Cloth production,QC,Food production,QF,Figure 5-1:Relative Prices De,Copyright 2003 Pearson Education,Inc.,Slide 5-,7,Figure 5-2,:How an Increase in the Relative Price of Cloth Affects Relative Supply,Q,1,VV,1,(,PC/PF,),1,Q,2,VV,2,(,PC/PF,),2,A Standard Model of a Trading Economy,TT,Cloth production,QC,Food production,QF,Figure 5-2:How an Increase in,Copyright 2003 Pearson Education,Inc.,Slide 5-,8,Relative Prices and Demand,The value of an economys consumption equals the value of its production:,P,C,Q,C,+,P,F,Q,F,=P,C,D,C,+P,F,D,F,=V,The economys choice of a point on the isovalue line depends on the tastes of its consumers,which can be represented graphically by a series of,indifference curves,.,A Standard Model of a Trading Economy,Relative Prices and DemandA St,Copyright 2003 Pearson Education,Inc.,Slide 5-,9,Indifference curves,Each tr
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