- High School
- You don't have any recent items yet.
- You don't have any courses yet.
- You don't have any books yet.
- You don't have any Studylists yet.
- Information
Kami Export - 05.04 Why Do Countries Trade
High school - us, recommended for you, students also viewed.
- Kami Export - Madison Lusinger - Other Indicators
- - What is a Mixed Economy
- Untitled document - yes
- Copy of Interactive Notebook 2
- Copy of Compare Command and Market Economies
Related documents
- Problem set 6 - PDF Noter
- Problem set 3 - PDF Noter
- Problem set 4 - PDF Noter
- Problem set 5 - PDF Noter
- Problem set 2 - PDF Noter
- Problem set 1 - PDF Noter
Preview text
05 why do countries trade maryjanne.
- Use the chart in the lesson to identify one developing country (choose Country A or Country B) and one developed country (choose Country C or Country D) to compare to the United States. Use the tables below to record data from the chart in the lesson for each country. Then respond to the analysis questions.
Additional research is not required to complete this assignment. Please use only the information provided in the chart in the lesson for countries A, B, C, D, and the United States.
Table 1: Identify one developing country (A or B) and one developed country (C or D) along with the United States. Complete a trade analysis for agricultural products.
Corn Citrus Number of additional worker hours to produce one unit of citrus instead of one unit of corn
United States 2 m 8 2
Developing Country 4 8 4
Developing Country 6 10 2
Table 2: Identify one developing country and one developed country along with the United States. Complete a trade analysis for industrial products.
Apparel Computer Software
Number of additional worker hours to produce one unit of computer software instead of apparel
United States 2 4 2
Developing Country 6 12 8
Developing Country 8 m 8 2
- Analysis—Using the data you collected, answer each of the following analysis questions in well-written paragraphs in your own words. A. Identify an example of absolute advantage relative to the United States from your data tables. Be sure to identify which country has absolute advantage (United States or country A, B, C, D), the product, and data to support your claim. Tip: When considering absolute and comparative advantage, worker hours to produce one unit is a reflection of productivity. An example of absolute advantage is the shorter amount of time it takes the United States to produce corn, citrus, apparel and computer software than developing countries. Absolute advantage is a country that uses less resources than another country to produce a product. B. Identify an example of comparative advantage relative to the United States from your data tables. Be sure to identify which country has comparative advantage (United States or country A, B, C, D), the product, and data to support your claim. The US
also has comparative advantage because it takes other countries 6 hours or more to produce one unit of citrus, while it only takes the US 4 hours. C. Explain why most trade occurs because of comparative advantage. Be sure to provide examples from the data tables or from the lesson to support your answer. Most trade occurs because of comparative advantage, because when a country trades with another country that specializes in a product, both countries will benefit.
- Multiple Choice
Subject : Economics
- More from: Economics Standard 999+ Documents Go to course
IMAGES
COMMENTS
According to my chart we can tell right off the bat that the United States have a comparative advantage over the other two countrys. For example, the United States takes only about 2 hours to produce citrius will it takes 3 to 5 hours for the other countryes to produce citrus. The united States dominates in both absolute and comaraptive advantage.
Karisha Anders. Most trade occurs because of comparative advantage, because when a country trades with another country that specializes in a product, both countries will benefit. The US also has comparative advantage because it takes other countries 6 hours or more to produce one unit of citrus, while it only takes the US 4 hours.
C. Most trade happens because of comparative advantage; this is due to the fact that some countries produce faster and more cost efficiently than others. Naturally the country with higher efficiency in a specific resourse will then specialize respectively. This is what trade depends on. This also benefits each country within the trade agreement ...
5.04 05.04 why do countries trade? the data you recorded, answer each of the following analysis questions in wellwritten paragraphs in your own words. a. Skip to document. ... Assignments. 100% (9) 2. 03.05 Getting the Most for Your Money. Basic Economics. Assignments. 100% (5) 1. 01.03 Create a T-Chart - 1.03 t chart. Basic Economics. Assignments.
C. Explain why most trade occurs because of comparative advantage. Be sure to provide examples from the data tables or from the lesson to support your answer. Most trade occurs because of comparative advantage, because when a country trades with another country that specializes in a product, both countries will benefit.
Most trade occurs because of comparative advantage due to the fact that every country trading with another country efficient in any specific production of goods will benefit. It takes a shorter amount of time to produce corn, citrus, apparel and computer software in the United States than in other countries. Also, absolute advantage is when a ...
Increased competition - Lead to firms becoming more efficient, to lower costs of products. Therefore consumers benefit from cheaper goods and services, and also more choice. More efficient allocation of resources - When there is free trade, countries will produce what they have a comparative advantage in and so the world's resources will be ...
The Graphs. Comparative advantage is the ability of individual or group to carry out a particular economic activity ( making a specific product) more efficiently than other countries. Most trade occurs because of comparative advantage due to the fact that every country trading with another country efficient in any specific production of goods ...
5.04 Why Do Countries Trade. export. Click the card to flip 👆. transporting a good or service to another country in a business transaction. Click the card to flip 👆. 1 / 3.
5.04: Why Do Countries Trade? Term. 1 / 4. Specialization. Click the card to flip 👆. Definition. 1 / 4. Focusing on specific products for production in higher quantities. Click the card to flip 👆.