International Economics

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• Countries engage in international trade for two basic reasons, each of which contributes to their gains from trade. First, countries trade because they are different from each other. Nations, like individuals, can benefit from their differences by reaching an arrangement in which each does the things it does relatively well. Second, countries trade to achieve economies of scale in production. That is, if each country produces only a limited range of goods, it can produce each of these goods at a larger scale and hence more efficiently than if it tried to produce everything. The opportunity cost of roses in terms of computers is the number of computers that could have been produced with the resources used to produce a given number of roses. We therefore have an essential insight about compa... (查看原文)

  Leiras 2012-04-29 20:29:18

• unit labor requirement, the number of hours of labor required to produce (查看原文)

  Leiras 2012-04-29 20:29:18

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