Labor Productivity and Comparative Advantage: The Ricardian Model
|
|
- Jocelin Lang
- 6 years ago
- Views:
Transcription
1 Study Abroad (UAB) International Economics Labor Productivity and Comparative Advantage: The Ricardian Model Professor: Alicia Gómez Tello
2 Contents Introduction The Concept of Comparative Advantage A One-Factor Economy Production Possibilities Relative prices and Supply Trade in a One-Factor World Determining the Relative Price After Trade The Gains from Trade A Note On Relative Wages Box: Do Wages Reflect Productivity? Misconceptions About CA Productivity and Competitiveness The Pauper Labor Argument Exploitation Empirical Evidence 2
3 Introduction Countries engage in international trade for two main reasons: Countries are different from each other (topics 3 5) Each does the things it does relatively well Important concept: Comparative advantage Economies of scale in production (topic 6) If each country produces only a limited range of goods Large scale of production efficiency In the real world, patterns of international trade reflect the interaction of both those motives. 3
4 Contents Introduction The Concept of Comparative Advantage A One-Factor Economy Production Possibilities Relative prices and Supply Trade in a One-Factor World Determining the Relative Price After Trade The Gains from Trade A Note On Relative Wages Box: Do Wages Reflect Productivity? Misconceptions About CA Productivity and Competitiveness The Pauper Labor Argument Exploitation Empirical Evidence 4
5 Important concept. The Concept of Comparative Advantage P. Samuelson: An economic principle that is undeniably true yet not obvious to intelligent people. February 1996: Republican presidential candidate P. Buchanan stopped at a nursery to buy a dozen roses for his wife. In a speech her denounced the growing imports of flowers into the United States mostly from South America. Roses need specific conditions to grow. Trade-off: In order to produce roses, the U.S. economy must produce fewer of other things The opportunity cost of good 1 (e.g., flowers) in term of good 2 is the number of good 2 that could have been produced with the resources used to produce a given number of good 1 (roses). 5
6 The Concept of Comparative Advantage Imagine that with a specific number of resources the United States and Columbia can produce roses or computers: Roses Computers United States 10,000, ,000 Colombia 10,000,000 30,000 United States: The opportunity cost of 10 million roses is 100,000 computers. The opportunity cost of 100,000 computers is 10 million roses. Colombia: The opportunity cost of 10 million roses is 30,000 computers. The opportunity cost of 30,000 computers is 10 million roses. 6
7 The Concept of Comparative Advantage The difference in opportunity costs offer the possibility of a mutually beneficial arrangement of world production. Let the United States stop growing winter roses (and uses the resources to produce computers). Let Colombia stop producing computers (and uses the resources to grow roses). Result: The world is producing just as many as roses as before, but it is now producing more computers. International trade allows each country to specialize in producing the good in which it has a comparative advantage. 7
8 The Concept of Comparative Advantage A country has a comparative advantage (CA) on producing a good if the opportunity cost of producing that good in terms of other goods is lower in that country than it is in other countries In this example, Colombia has a CA in winter roses and the United States has a CA in computers. Important statement: Trade between two countries can benefit both countries if each country exports the goods in which it has a comparative advantage. This is a statement about possibilities, not about what will actually happen. Will the United States and Colombia actually end up producing the goods in which each has a CA? Will the trade between them actually make both countries better off? 8
9 The Concept of Comparative Advantage In this chapter we will develop a model of international trade originally developed by the British economist David Ricardo, who introduced the concept of CA in the early 19 th century. Ricardian model: International trade is solely due to international differences in the productivity of labor. 9
10 Contents Introduction The Concept of Comparative Advantage A One-Factor Economy Production Possibilities Relative prices and Supply Trade in a One-Factor World Determining the Relative Price After Trade The Gains from Trade A Note On Relative Wages Box: Do Wages Reflect Productivity? Misconceptions About CA Productivity and Competitiveness The Pauper Labor Argument Exploitation Empirical Evidence 10
11 One-Factor Economy Assumptions: 1. Two economies: Home and Foreign(*) 2. Two goods: wine and cheese. 3. One factor of production: labor The supply of labor in each country is constant. Labor is mobile across industries, but internationally immobile. 4. Technology is summarized by labor productivity in each industry. Productivity (units per hour) Labor productivity varies across countries. Labor productivity in each country is constant. 5. Perfect competition Competitive wages Workers can work in the industry that pays the highest wage. 11
12 One-Factor Economy Unit labor requirement (al): The constant number of hours of labor required to produce one unit of output. alc is the unit of labor requirement for cheese in the Home country. alw is the unit of labor requirement for wine in the Home country Labor requirement Labor productivity A = 1/a Cheese (a) alc = 1 (b) ALC = 1/1 = 1 Wine (c) alw = 2 (d) ALW = ½ = 0.5 (a) 1 hour of labor produces one pound of cheese. (b) 1 pound of cheese is produced in one hour of labor. (c) 2 hours of labor produce one gallon of wine. (d) 0,5 gallon of wine is produced in one hour of labor. A high unit labor requirement means low labor productivity. a A 12
13 One-Factor Economy Production Possibilities The production possibilities frontier (PPF) of an economy shows the maximum amount of goods that can be produced for a fixed amount of resources. The PPF on the Home country is: where a LC Q C a LW Q W L (3.1) Variable Definition Example alc Labor requirement for each pound of cheese. 1 hour QC Total pounds of of cheese produced. Max: L/aLC = 1000 pounds alw Labor required for each gallon of wine produced. 2 hours QW Total gallons of wine produced. Max: L/aLW = 500 gallons L Total amount of labor resource hours 13
14 One-Factor Economy Production Possibilities Figure 3.1: Home s production possibility frontier Q W L a LW a LC - QC alw (3.1') a - a LC LW *This figure has been extracted from Krugman et al (2012), page
15 One-Factor Economy Production Possibilities Figure 3.1 The line PF shows the maximum amount of cheese Home can produce given any production of wine, and vice versa. When the PPF is a straight line, the opportunity cost of a pound of cheese in terms of wine is constant. Opportunity cost: Numbers of gallons of wine the economy would have to give up in order to produce an extra pound of cheese. To produce another pound: Each of these person-hours could in turn have been used to produce: alc person-hours 1/aLW gallons of wine Opportunity cost (cheese in terms of wine): alc/alw = ½ = 0.5 The opportunity cost of each pound of cheese is half a gallon of wine. 15
16 One-Factor Economy Relative Prices and Supply Supply decision (perfect competition) To maximize profits: q* MC = MR = price Labor (the only factor of production) is crucial to determine the supply. Labor moves to the sector which pays the highest wage. wage (1h) = productivity x price The wage is equal the value of what a workers can produce in an hour. There are no profits. Example: Productivity (units/h) A = 1/a Price ($/units) P Wage ($/h) Cheese (C) Wine (W) ½ 7 7/2 = 3.5 Workers will do better by producing cheese, and the economy as a whole will specialize in cheese production. But what if the cheeses prices drop to $3? 16
17 One-Factor Economy Relative Prices and Supply Workers compare: wagec versus wagew wagec > wagew PC/aC > PW/aW PC/PW > ac/aw Specialization: cheese wagec < wagew PC/aC < PW/aW PC/PW < ac/aw Specialization: wine wagec = wagew PC/aC = PW/aW PC/PW = ac/aw Both godos will be produced. What is the significance of a ac/aw? Crucial preposition (relationship between prices and production): The economy will specialize in the production of cheese if the relative price of cheese exceeds its opportunity cost in terms of wine, and it will specialize on the production of wine if the relative price of cheese is less than its opportunity cost in terms of wine. In the absence of international trade Home would have to produce both goods. The relative prices of goods are equalto their relative unit labor requirements. 17
18 Contents Introduction The Concept of Comparative Advantage A One-Factor Economy Production Possibilities Relative prices and Supply Trade in a One-Factor World Determining the Relative Price After Trade The Gains from Trade A Note On Relative Wages Box: Do Wages Reflect Productivity? Misconceptions About CA Productivity and Competitiveness The Pauper Labor Argument Exploitation Empirical Evidence 18
19 Assumption 1: two economies Trade in a One-Factor World Home variables: alc, QC, alw, QW, and L Foreign variables: a*lc, Q*C, a*lw, Q*W, and L* The unit labor requirement can follow any pattern, for instance: a LC a LW a * LC a * LW (3.2) a LC a * LC a LW a * LW (3.3) (3.2): The ratio of the labor required to produce a pound of cheese to that required to produce a gallon of wine is lower in Home than it is in Foreign. (3.3): Home s relative productivity in cheese is higher than it is in wine. A * LC A * LW (3.3)' Ratio of labor requirements opportunity costs CA LC According to (3.2) and (3.3): Home has a CA in cheese. A A LW 19
20 Trade in a One-Factor World Important point: The condition under which Home has this CA involves all four unit labor requirement, not just two. Imagine we know that alc < a*lc, but alw and a*lw are unknown variables. Then, we say that Home has an absolute advantage in producing cheese. We cannot determine thee pattern of trade from absolute advantage only. One of the most important sources of error in discussing international trade is to confuse CA with absolute advantage. 20
21 Trade in a One-Factor World Numerical example Cheese Wine Opportunity cost (cheese in terms of wine) Home alc=1h, A=1 pound alw=2h, A=1/2 gallon ½ Foreign a*lc=6h, A=1/6 pound a*lw=3h, A=1/3 gallon 6/3 = 2 Absolute advantage versus comparative advantage: Home Foreign Cheese Absolute advantage CA Wine Absolute advantage CA 21
22 Trade in a One-Factor World Given L and a in the two countries, we can draw the PPF for each country. Figure 3.1 for Home and Figure 3.3 for Foreign Home has a lower opportunity cost in producing cheese (in terms of wine) than Foreign. The opportunity cost is the slope of the PPF. Then, Foreign s frontier is steeper than Home s. 22
23 Trade in a One-Factor World Figure 3.2: Foreign s production possibility frontier a - a * LC * LW *This figure has been extracted from Krugman et al (2012), page
24 In the absence of trade, relative prices are determined by labor requirements. [PC/PW]H = alc/alw [PC/PW]F = a*lc/a*lw Trade in a One-Factor World One we allow for the possibility of international trade, however, prices will no longer be determined purely by domestic considerations If [PC/PW]H < [PC/PW]F To ship cheese from Home to Foreign. Eventually Home will export enough cheese and Foreign enough wine to equalize the relative price [PC/PW]. But what determines the level at which that price settles? 24
25 Trade in a One-Factor World Determining the Relative Price After Trade Prices of internationally traded goods, like other prices, are determined by supply and demand. Partial equilibrium analysis: single market General equilibrium analysis: linkages between both markets (cheese and wine) One useful way to keep track of two markets at once is to focus on the relative supply and demand (that is, on the number of pounds of cheese supplied or demanded divided by the number of gallon of wine supplied or demanded). See Figure
26 Trade in a One-Factor World Determining the Relative Price After Trade Figure 3.3: World relative supply and demand *This figure has been extracted from Krugman et al (2012), page
27 Figure 3.3 Trade in a One-Factor World Determining the Relative Price After Trade It shows world supply and demand for cheese relative to wine as functions of the price of cheese relative to that of wine. Relative demand curve (RD) Relative supply curve (RS) World general equilibrium: RD=RS Relative supply curve RS The striking feature of this figure is the funny shape of RS curve: It is a step with a flat section linked by a vertical section. Remember that according to (3.2) Home has a CA in cheese. a LC a LW a * LC a * LW 27
28 Trade in a One-Factor World Determining the Relative Price After Trade Figure 3.3 (cont.) (1) If PC/PW < alc/alw (< a*lc/a*lw) Both Home and Foreign will specialize in wine production. There will no be cheese production. PC/PW < alc/alw PC/aLC < PW/aLW PCAC < PWAW wagec < wagew (2) If PC/PW = alc/alw (< a*lc/a*lw) Workers in Home can earn exactly the same amount making either cheese or wine. Home will be willing to supply any relative amount of two goods. Flat section (3) If alc/alw < PC/PW < a*lc/a*lw Home will specialize in the production of cheese. QC = L/aLC Foreign will continue to specialize in producing wine. Q*W = L*/a*LW (4) If alc/alw < PC/PW = a*lc/a*lw Foreign workers are indifferent between producing cheese and wine. Flat section (5) If PC/PW > a*lc/a*lw: Both Home and Foreign will specialize in cheese production. There will no be wine production. 28
29 Figure 3.3 (cont.) Relative demand curve RD Trade in a One-Factor World Determining the Relative Price After Trade Downward slope: substitution effects As the relative price of cheese rises, consumers will tend to purchase less cheese and more wine. Relative demand for cheese falls Equilibrium: Intersection RS and RD Point 1 alc/alw (=1/2) < PC/PW < a*lc/a*lw (=4) Each country specializes in the production of the good in which it has a CA. Home produces only cheese and Foreign produces only wine. Point 2 PC/PW = alc/alw Home must be producing both some wine and some cheese. The relative supply of cheese (Q ). Foreign does specialize completely in producing wine (the good in which it has a CA). For the moment, let s leave aside the possibility that one of the two countries does not completely specialize. Point 1 29
30 Trade in a One-Factor World Determining the Relative Price After Trade The normal result of trade is that the price of a traded good (cheese) relative to another good (wine) ends up somewhere in between its pretrade levels in the two countries. Convergence in relative prices Each country specializes in the production of that good in which it has relatively lower unit labor requirement. 30
31 Trade in a One-Factor World The Gains from Trade Assumption 4: Labor productivity varies across countries. Countries whose relative labor productivities differ across industries will specialize in the production of different goods. Specialization Gains from trade (1) Trade as an indirect method of production Home could produce wine directly: 1 hour of labor: 1/aLW gallons of wine (i.e., ½ gallons of wine) But trade with Foreign allows it to produce wine by producing cheese and then trading these cheese for wine. 1 hour of labor: 1/aLC pounds of cheese (i.e., 1 pound of cheese). This cheese can be traded for wine. Each pound trading for PC/PW gallons: (1/aLC)(PC/PW) gallons of wine Units: PC ($/pound), PW ($/gallon) This will be more wine than the hour could have produced directly as long as: (1/aLC)(PC/PW) > 1/aLW PC/PW > alc/alw 31
32 Trade in a One-Factor World The Gains from Trade Assumption 4: Labor productivity varies across countries. Countries whose relative labor productivities differ across industries will specialize in the production of different goods. Specialization Gains from trade (2) To examine how trade affects each country s possibilities for consumption. Autarky: consumption possibility frontier = PPF Home (solid line PF in Figure 3.4a). Foreign (solid line in P*F* in Figure 3.4b) Free trade Home s consumption possibilities (colored line TF in Figure 3.4a) Foreign s consumption possibilities (colored line T*F in Figure 3.4b) Trade has enlarged the range of choice, and therefore it must make residents of each country better of. 32
33 Trade in a One-Factor World Determining the Relative Price After Trade Figure 3.4: Trade expands consumption possibilities *This figure has been extracted from Krugman et al (2012), page
34 Trade in a One-Factor World A Note on Relative Wages Remember: alc/alw < PC/PW < a*lc/a*lw Specialization Sector in which the country specializes Labor requeriments Productivity Home Cheese a=1 h/pound A=1 pound/h Foreign Wine a=3 h/gallon A=1/3 gallon/h Each worker should earn The value of one pound of cheese per hour. The value of 1/3 of a gallon of wine per hour To convert these numbers into dollar figures, we need to know the prices of cheese and wine. PC PW PC/PW wageh wagef Relative wages /3=4 12/4=3 Home is six times as productive as Foreign in cheese. Home is one-and-a-half times as productive in wine. BUT Home end up with a wage rate three times as high as Foreign s. 34
35 Trade in a One-Factor World A Note on Relative Wages The relative wage is between the relative productivities that each country end up with a cost advantage in one good. wage wage * a a * LW LC P P C W wage 3 wage * Cost advantage in the sector Reason Productivity Wage Home Cheese high high Foreign Wine low low 35
36 Box Do Wages Reflect Productivity? In our numerical example we assume that the relative wage of the two countries reflects the ratio of Home to Foreign wages is in a range that gives each country a cost advantage in one of the two goods. wage wage * a a * LW LC P P C W This is a necessary implication of our theoretical model. But rapid increases in productivity in emerging economies like China had worried some Western observes, who argue that these countries will continue to pay low wages even as their productivity increases putting high-wage countries at cost disadvantage. What is the evidence? 36
37 Box Do Wages Reflect Productivity? The figure compares estimates of productivity with estimates of wage rates. Year: 2007 Measures: percentages of U.S. levels. Productivity: GDP per workers measured in U.S. dollars. Wage rates: Wages in manufacturing. Real or nominal variables? Source: International Monetary Funds, Bureau of Labor Statistics, and the Conference Board. *This figure has been extracted from Krugman et al (2012), page
38 Box Do Wages Reflect Productivity? If wages were exactly proportional to productivity, all the points would lie along the 45-degree line. The fit is not bad: A country s wage rate is strongly proportional to the country s productivity. China We are considering all manufactures. Theory of CA: Countries export the goods in which they have relatively high productivity. South Korea In 1975 South Korean wages were only 5 percent those of the United States. But when South Korea s productivity rose, so did its wage rate. In short, the evidence strongly supports economic models: productivity increases are reflected in wage increases. 38
39 Contents Introduction The Concept of Comparative Advantage A One-Factor Economy Production Possibilities Relative prices and Supply Trade in a One-Factor World Determining the Relative Price After Trade The Gains from Trade A Note On Relative Wages Box: Do Wages Reflect Productivity? Misconceptions About CA Productivity and Competitiveness The Pauper Labor Argument Exploitation Empirical Evidence 39
40 Misconceptions About CA We have developed the simplest of all models of international trade. Even though the Ricardian one-factor model is far too simple to be a complete analysis of either the causes or the effects of international trade, a focus on relative labor productivities can be a very useful tool for thinking about trade issues. This simple model is a good way to deal with several common misconception about international trade. 40
41 Misconceptions About CA Productivity and Competitiveness Myth 1: Free trade is beneficial only if your country is strong to stand up to foreign competition. Even an unproductive country benefits from free trade by avoiding the high cost for goods it would otherwise have to produce domestically. High costs derive from inefficient use of resources. Essential point of Ricardo s model: gains from trade depend on comparative rather absolute advantage. CA: specializing in industries that use resources most efficiently. It is always tempting to suppose that the ability to export depends in your country having absolute advantage in productivity. The competitive advantage of an industry depends not only on its productivity relative to the foreign industry, but also on the domestic wage rate relative to foreign wage rate. 41
42 Misconceptions About CA The Pauper Labor Argument Myth 2: Foreign competition is unfair and hurts other countries when it is bases onlow wages. Argument used by labor unions seeking protection from foreign competition. High wage countries Trade may reduce wages for some workers Distribution of income. Trade benefits consumers and other workers. In our example: Home is more productive than Foreign in both industries. Foreign has a lower cots of wine production (due to low wages). All what matter to Home is that it is cheaper in term of its own labor to produce cheese and trade it for wine than to produce wine for itself. 42
43 Misconceptions About CA Exploitation Myth 3: Trade exploits a country and makes it worse off if its workers receive much lower wages than workers in other nations. Are low-wage workers and their country worse off exporting goods based on low wages than they would be if they refused to enter into such demeaning trade? What is the alternative? Let s see our example: Cheese Wine Other variables Home alc=1h, A=1 pound alw=2h, A=1/2 gallon PC/PW=1 Foreign a*lc=6h, A=1/6 pound a*lw=3h, A=1/3 gallon wageh=3wagef Foreign export wine (3h of work) and import cheese (1h of work). Thanks to the free trade Foreign can get 1 pound of cheese with 3 hours of works. In autarky it had needed 6 hours of work to produce that pound of cheese. 43
44 Contents Introduction The Concept of Comparative Advantage A One-Factor Economy Production Possibilities Relative prices and Supply Trade in a One-Factor World Determining the Relative Price After Trade The Gains from Trade A Note On Relative Wages Box: Do Wages Reflect Productivity? Misconceptions About CA Productivity and Competitiveness The Pauper Labor Argument Exploitation Empirical Evidence 44
45 Empirical Evidence on the Ricardian Model Is the Ricardian model a good fit to the real world? Does the Ricardian model make accurate predictions about actual international trade flows? The answer is YES. Although, the model makes misleading prediction: 1) Extreme degree of specialization. 2) Countries as a whole will always gain from trade. International trade has strong effects on income distribution. 3) It does not take into account: Differences in resources among countries (Topic 4). Economies of scale (Topic 6) Transport costs and nontraded goods 45
46 Empirical Evidence on the Ricardian Model Two principal implications: 1) Productivity differences play an important roles in international trade. 2) It is comparative rather than absolute advantage that matters. Several classic tests of the Ricardian model, performed using data from the early post-wwii period, compared British with American productivity and trade. British labor productivity was lower than American productivity in almost every sector. The United States had an absolute advantage in everything. Nevertheless, the amount of overall British exports was about as large as the amount of American exports at the time. Britain had a CA in some sectors. 46
47 Empirical Evidence on the Ricardian Model Figure 3.6: Productivity and exports It uses data presented in a paper by Bela Balassa (1963).Year: 1959, manufacturing industries: 26 *This figure has been extracted from Krugman et al (2012), page
48 Figure 3.6 Empirical Evidence on the Ricardian Model x-axis: Ratio of U.S. to British labor productivity (log) y-axis: Ratio of U.S: to British exports (log) The scatterplot lies quite close to an upward-sloping line. The higher the relative productivity in the U.S. industry, the more likely U.S. rather than U.K. firms would export in that industry. The evidence confirms the basic that trade depends on comparative, not absolute advantage. U.S: industry had much higher labor productivity than British economy on average about twice high. Commonly held misconception: Having high productivity in an industry compares with that of foreigner is not enough to ensure that a country will export that industry s products. The relative productivity must be high compared with relative productivity in other sectors. 48
49 Empirical Evidence on the Ricardian Model More recent evidence on the Ricardian model had been less clear-cut. In the world economy of the 21 st century, countries often do not produce goods for which they are at comparative disadvantage, so there is no way to measure their productivity in those sector. The emergence of China as an export powerhouse in some industries. Chinese labor productivity in manufacturing, although rising, remain very low by American or European standard. In some industries, however, the Chinese productivity disadvantage in not as large as it is on average and in these industries, China has become one of the world s largest produces and exporters. 49
50 Empirical Evidence on the Ricardian Model Table 3.3: China versus Germany, 1995 *This table has been extracted from Krugman et al (2012), page
51 Empirical Evidence on the Ricardian Model Table 3.3 All manufacturing Apparel (clothing) -On average, Chinese productivity was only 5 percent that of Germany. -Total Chinese manufacturing output was almost 30 percent less than Germany s total manufacturing production. - Chinese productivity was closer to German levels. - Total China s appeal industry was eight times the size of Germany s apparel industry. -China still had an absolute disadvantage in clothing production. - But because China s relative productivity in apparel was so much higher than in other industries, China had a strong CA in apparel. 51
52 Empirical Evidence on the Ricardian Model Costinot and Donadlson (2012) Key explanatory variable in Ricardo s theory: relative productivity. Problem: Relative productivity is not always observed. They propose an original empirical strategy to test the Ricardo ideas. Agricultural sector Agronomic model potential productivity Database: 55 countries, 17 crops, year 1989 Identification strategy Parcels of land To compute a potential production (key variables: potential productivity and price) To compare the potential production and the actual production. Main result: They find a positive correlation between two variables. Then, the output predicted by Ricardo s theory of CA agree reasonably well with actual data on worldwide agricultural production. 52
53 Empirical Evidence on the Ricardian Model Example: Productivity wheat Variable: Potential production capacity. Technology: High. Water supply: irrigation. Source: GAEZ project 53
54 Empirical Evidence on the Ricardian Model Example: Productivity citrus Variable: Potential production capacity. Technology: High. Water supply: irrigation. Source: GAEZ project 54
55 Sources Costinot, A. and Donaldson, D. (2012): Ricardo s Theory of Comparative Advantage: Old Idea, New Evidence, American Economic Review: Papers and Proceeding, Vol. 102(3), pp Krugman, Obstfeld, and Melitz (2012): International Economics. Theory & Policy, Addison-Wesley, 9th ed., Chapter 3. 55
Chapter 3: Labor Productivity and Comparative Advantage: The Ricardian Model
Chapter 3: Labor Productivity and Comparative Advantage: The Ricardian Model Krugman, P.R., Obstfeld, M.: International Economics: Theory and Policy, 8th Edition, Pearson Addison-Wesley, 27-53 1 Preview
More informationPreview. Introduction. Chapter 3. Labor Productivity and Comparative Advantage: The Ricardian Model
Chapter 3 Labor Productivity and Comparative Advantage: The Ricardian Model. Preview Opportunity costs and comparative advantage A one-factor Ricardian model Production possibilities Gains from trade Wages
More informationPreview. Introduction (cont.) Introduction. Comparative Advantage and Opportunity Cost (cont.) Comparative Advantage and Opportunity Cost
Chapter 3 Labor Productivity and Comparative Advantage: The Ricardian Model Preview Opportunity costs and comparative advantage A one-factor Ricardian model Production possibilities Gains from trade Wages
More informationChapter 3. Labor Productivity and Comparative Advantage: The Ricardian Model. Pearson Education Limited All rights reserved.
Chapter 3 Labor Productivity and Comparative Advantage: The Ricardian Model 1-1 Preview Opportunity costs and comparative advantage A one-factor Ricardian model Production possibilities Gains from trade
More information1/17/manufacturing-jobs-used-to-pay-really-well-notanymore-e/
http://www.washingtonpost.com/blogs/wonkblog/wp/2013/0 1/17/manufacturing-jobs-used-to-pay-really-well-notanymore-e/ Krugman s Trade Policy History Course: https://webspace.princeton.edu/users/pkrugman/wws%205
More informationChapter 3. Labor Productivity and Comparative Advantage: The Ricardian Model
Chapter 3 Labor Productivity and Comparative Advantage: The Ricardian Model Preview Opportunity costs and comparative advantage A one-factor Ricardian model Production possibilities Gains from trade Wages
More informationPreview. Chapter 3. Labor Productivity and Comparative Advantage: The Ricardian Model
Chapter 3 Labor Productivity and Comparative Advantage: The Ricardian Model Preview Opportunity costs and comparative advantage A one-factor Ricardian model Production possibilities Gains from trade Wages
More informationPreview. Introduction. Chapter 3. Labor Productivity and Comparative Advantage: The Ricardian Model
Chapter 3 Labor Productivity and Comparative Advantage: The Ricardian Model Copyright 2012 Pearson Addison-Wesley. All rights reserved. Preview Opportunity costs and comparative advantage A one-factor
More informationChapter 3 Labor Productivity and Comparative Advantage: The Ricardian Model
Chapter 3 Labor Productivity and Comparative Advantage: The Ricardian Model Introduction Theories of why trade occurs: Differences across countries in labor, labor skills, physical capital, natural resources,
More informationPreview. Introduction. Chapter 3. Labor Productivity and Comparative Advantage: The Ricardian Model
Chapter 3 Labor Productivity and Comparative Advantage: The Ricardian Model 1-1 Preview Opportunity costs and comparative advantage A one-factor Ricardian model Production possibilities Gains from trade
More informationRecent U.S. Trade Patterns (2000-9) PP542. World Trade 1929 versus U.S. Top Trading Partners (Nov 2009) Why Do Countries Trade?
PP542 Trade Recent U.S. Trade Patterns (2000-9) K. Dominguez, Winter 2010 1 K. Dominguez, Winter 2010 2 U.S. Top Trading Partners (Nov 2009) World Trade 1929 versus 2009 4 K. Dominguez, Winter 2010 3 K.
More informationChapter 3. Labor Productivity and Comparative Advantage: The Ricardian Model
hapter 3 Labor Productivity and omparative Advantage: The Ricardian Model Preview Opportunity costs and comparative advantage Production possibilities Relative supply, relative demand & relative prices
More informationChapter 1: The Ricardo Model
Chapter 1: The Ricardo Model The main question of the Ricardo model is why should countries trade? There are some countries that are better in producing a lot of goods compared to other countries. Imagine
More informationInternational Trade CHAPTER 3: THE CLASSICAL WORL OF DAVID RICARDO AND COMPARATIVE ADVANTAGE
International Trade CHAPTER 3: THE CLASSICAL WORL OF DAVID RICARDO AND COMPARATIVE ADVANTAGE INTRODUCTION The Classical economist David Ricardo introduced the comparative advantage in The Principles of
More informationEconomics 452 International Trade Theory and Policy Fall 2013
Name FIRST EXAM Economics 452 International Trade Theory and Policy Fall 2013 WORLD TRADE 1. Approximately what percent of all world production of goods and services is exported to other countries? a.
More informationFIRST MIDTERM EXAM. Economics 452 International Trade Theory and Policy Spring 2011
Name FIRST MIDTERM EXAM Economics 452 International Trade Theory and Policy Spring 2011 WORLD TRADE 1. What is true for the United States with most of its largest trading partners? a. Trade balance is
More informationFIRST MIDTERM EXAM. Economics 452 International Trade Theory and Policy Fall 2010
Name FIRST MIDTERM EXAM Economics 452 International Trade Theory and Policy Fall 2010 WORLD TRADE 1. Which of the following is NOT one of the three largest trading partners of the United States? a. China
More informationEconomics 452 International Trade Theory and Policy Fall 2012
Name FIRST EXAM Economics 452 International Trade Theory and Policy Fall 2012 WORLD TRADE 1. The United States trades (exports plus imports) the third most with a. China b. Canada c. France d. Mexico e.
More informationFIRST MIDTERM EXAM. Economics 452 International Trade Theory and Policy Spring 2010
Name FIRST MIDTERM EXAM Economics 452 International Trade Theory and Policy Spring 2010 WORLD TRADE 1. Which of the following is NOT one of the five largest trading partners of the United States? a. China
More informationMidterm Economics 181 International Trade Fall 2005
Midterm Economics 181 International Trade Fall 2005 Please answer all parts. Please show your work as much as possible. Part I (20 points). Short Answer. Please give a full answer. If you need to indicate
More informationTOPIC 12. Motivation for Trade. Tuesday, March 27, 12
TOPIC 12 Motivation for Trade BIG PICTURE How significant is world trade to the global economy? Why does trade occur and what are the theoretical benefits of trade? How can we motivate prices in international
More informationEconomics 452 International Trade Theory and Policy Spring 2014
pink FIRST EXAM Economics 452 International Trade Theory and Policy Spring 2014 ORLD TRADE 1. The volume of trade between the United States and anada in 2009 was substantially below the level in 2008.
More informationAssignment # 1: Answer key
INTERNATIONAL TRADE Autumn 2004 NAME: Section: Assignment # 1: Answer key Problem 1 The following Ricardian table shows the number of days of labor input needed to make one unit of output of each of the
More informationReading Essentials and Study Guide
Lesson 1 Absolute and Comparative Advantage ESSENTIAL QUESTION How does trade benefit all participating parties? Reading HELPDESK Academic Vocabulary volume amount; quantity enables made possible Content
More informationDemand, Supply and Market Equilibrium. Lecture 4 Shahid Iqbal
Demand, Supply and Market Equilibrium Lecture 4 Shahid Iqbal Markets & Economics A market is a group of buyers and sellers of a particular good or service. The terms supply and demand refer to the behavior
More informationInterdependence and the Gains from Trade. Premium PowerPoint Slides by Ron Cronovich
C H A P T E R 3 Interdependence and the Gains from Trade Economics P R I N C I P L E S O F N. Gregory Mankiw Premium PowerPoint Slides by Ron Cronovich 2009 South-Western, a part of Cengage Learning, all
More informationEconomics Interdependence. Interdependence. Production Possibilities in the U.S. Our Example. Premium PowerPoint Slides by Ron Cronovich
17.8.29 C H A P T E R Interdependence and the Gains from Trade E 3 PRINCIPLES OF Economics I P N. Gregory Mankiw Premium PowerPoint Slides by Ron Cronovich 29 South-Western, a part of Cengage Learning,
More informationEconomics 101 Spring 2016 Answers to Homework #1 Due Tuesday, February 9, 2016
Economics 101 Spring 2016 Answers to Homework #1 Due Tuesday, February 9, 2016 Directions: The homework will be collected in a box before the large lecture. Please place your name, TA name and section
More informationEconomics. Interdependence and the Gains from Trade CHAPTER. N. Gregory Mankiw. Principles of. Seventh Edition. Wojciech Gerson ( )
Wojciech Gerson (1831-1901) Seventh Edition Principles of Economics N. Gregory Mankiw CHAPTER 3 Interdependence and the Gains from Trade In this chapter, look for the answers to these questions Why do
More informationQUESTIONS FOR REFLECTION: VISUAL 4.1 WHY DID THE COLONISTS PROSPER BETWEEN 1585 AND 1763?
VISUAL 4.1 WHY DID THE COLONISTS PROSPER BETWEEN 1585 AND 1763? Gold and silver had not been discovered in colonial America during this period, and there were no spices to trade. England held sway as a
More informationInterdependence and the Gains from Trade
Wojciech Gerson (181-191) Seventh Edition Principles of Macroeconomics N. Gregory Mankiw CHAPTER Interdependence and the Gains from Trade Interdependence One of the Ten Principles from Chapter 1: Trade
More informationEconomics. Interdependence and the Gains from Trade. Interdependence. Interdependence. Our Example. Production Possibilities in the U.S.
Seventh Edition Principles of Economics N. Gregory Mankiw CHAPTER 3 Interdependence and the Gains from Trade Wojciech Gerson (1831 191) In this chapter, look for the answers to these questions Why do people
More informationEconomic Contributions of the Florida Citrus Industry in and for Reduced Production
Economic Contributions of the Florida Citrus Industry in 2014-15 and for Reduced Production Report to the Florida Department of Citrus Alan W. Hodges, Ph.D., Extension Scientist, and Thomas H. Spreen,
More informationJ / A V 9 / N O.
July/Aug 2003 Volume 9 / NO. 7 See Story on Page 4 Implications for California Walnut Producers By Mechel S. Paggi, Ph.D. Global production of walnuts is forecast to be up 3 percent in 2002/03 reaching
More informationWhy Countries Trade: The Theory of Comparative Advantage
Rev. Mar. 9, 2018 Why Countries Trade: The Theory of Comparative Advantage Increasing Trade We live in an increasingly global economy. World merchandise exports as a share of world gross domestic product
More informationInterdependence and the Gains from Trade
9/13/217 N. GREGORY MANKIW PRINCIPLES OF ECONOMICS Eight Edition CHAPTER 3 Interdependence and the Gains from Trade Look for the answers to these questions: Why do people and nations choose to be economically
More informationRed wine consumption in the new world and the old world
Red wine consumption in the new world and the old world World red wine market is expanding. In 2012, the total red wine trade was over 32 billion dollar,most current research on wine focus on the Old World:
More informationEconomic History of the US
Economic History of the US The Colonial Era, 1607-1776 Lecture #3 Peter Allen Econ120 1 Formative Years of Colonial Economies Agriculture, dominant activity Land, resources plentiful Labor, capital scarce
More informationFACTORS DETERMINING UNITED STATES IMPORTS OF COFFEE
12 November 1953 FACTORS DETERMINING UNITED STATES IMPORTS OF COFFEE The present paper is the first in a series which will offer analyses of the factors that account for the imports into the United States
More informationAnswer Key 1 Comparative Advantage
Answer Key 1 Comparative Advantage Econ 101 Professor Guse Al and Carl both like to consume wine and bread and both are capable of producing wine and bread. Carl can make up to 60 loaves of bread per month.
More informationSince the cross price elasticity is positive, the two goods are substitutes.
Exam 1 AGEC 210 The Economics of Agricultural Business Spring 2013 Instructor: Eric Belasco Name Belasco KEY 1. (15 points, 5 points each) The following questions refer to different elasticity measures
More information3. If bundles of goods A and B lie on the same indifference curve, one can assume the individual b. prefers bundle B to bundle A.
1. Indifference curves a. are nonintersecting. b. are contour lines of a utility function. c. are negatively sloped. d. All of the above. 2. For an individual who consumes only two goods, X and Y, the
More informationOutlook for Global Recovered Paper Markets. Global OCC Market. Global ONP Market RISI. Hannah Zhao, Economist, Recovered Paper October 2012
Outlook for Global Recovered Paper Markets Hannah Zhao, Economist, Recovered Paper October 212 Global OCC Market $28 $24 $2 $16 US$ per Tonne % 6 55 5 $12 $8 US West Export (FAS) N. German Export (FAS)
More informationCHAPTER I BACKGROUND
CHAPTER I BACKGROUND 1.1. Problem Definition Indonesia is one of the developing countries that already officially open its economy market into global. This could be seen as a challenge for Indonesian local
More informationThe Financing and Growth of Firms in China and India: Evidence from Capital Markets
The Financing and Growth of Firms in China and India: Evidence from Capital Markets Tatiana Didier Sergio Schmukler Dec. 12-13, 2012 NIPFP-DEA-JIMF Conference Macro and Financial Challenges of Emerging
More informationCanada-EU Free Trade Agreement (CETA)
Canada-EU Free Trade Agreement (CETA) The Issue: Following 5-years of negotiation, CETA was signed in principle on October 18, 2013, and signed officially by Prime Minister Trudeau on October 29, 2016,
More informationand the World Market for Wine The Central Valley is a Central Part of the Competitive World of Wine What is happening in the world of wine?
The Central Valley Winegrape Industry and the World Market for Wine Daniel A. Sumner University it of California i Agricultural l Issues Center January 5, 211 The Central Valley is a Central Part of the
More informationLabor Supply of Married Couples in the Formal and Informal Sectors in Thailand
Southeast Asian Journal of Economics 2(2), December 2014: 77-102 Labor Supply of Married Couples in the Formal and Informal Sectors in Thailand Chairat Aemkulwat 1 Faculty of Economics, Chulalongkorn University
More informationECO231 Chapter 2 Homework. Name: Date:
ECO231 Chapter 2 Homework Name: Date: 1. Specialization and trade can the per-unit cost of production because. A) decrease; it allows for more small-scale production. B) decrease; it creates economies
More informationLecture 3: How Trade Creates Wealth. Benjamin Graham
Lecture 3: How Trade Creates Wealth Today s Plan Housekeeping Reading quiz How trade creates wealth Comparative vs. Absolute Advantage Housekeeping Does everyone have their books and clickers? All clickers
More informationBuying Filberts On a Sample Basis
E 55 m ^7q Buying Filberts On a Sample Basis Special Report 279 September 1969 Cooperative Extension Service c, 789/0 ite IP") 0, i mi 1910 S R e, `g,,ttsoliktill:torvti EARs srin ITQ, E,6
More informationTest Bank for Intermediate Microeconomics and Its Application with CourseMate 2 Semester Printed Access Card 12th edition by Nicholson and Snyder
Test Bank for Intermediate Microeconomics and Its Application with CourseMate 2 Semester Printed Access Card 12th edition by Nicholson and Snyder Link download Test Bank for Intermediate Microeconomics
More informationM03/330/S(2) ECONOMICS STANDARD LEVEL PAPER 2. Wednesday 7 May 2003 (morning) 2 hours INSTRUCTIONS TO CANDIDATES
c PROGRAMA IB DIPLOMA PROGRAMME PROGRAMME DU DIPLÔME DU BI DEL DIPLOMA DEL BI M03/330/S(2) ECONOMICS STANDARD LEVEL PAPER 2 Wednesday 7 May 2003 (morning) 2 hours INSTRUCTIONS TO CANDIDATES! Do not open
More informationChina Coffee Market Overview The Guidance For Selling Coffee In China Published November Pages PDF Format 420
China Coffee Market Overview 2009 2010 The Guidance For Selling Coffee In China Published November 2009 102 Pages PDF Format 420 Order online at: http://www.drinksector.com/basket.asp?idreport=76&basketaction=auto
More informationExchange and Opportunity Cost. Absolute Advantage. Exchange and Opportunity Cost. Comparative Advantage
Comparative : The asis for Exchange Absolute One person has an absolute advantage over another if he or she takes fewer hours to perform a task than the other person Chapter 2: Comparative : The asis for
More informationComparative Advantage. Chapter 2. Learning Objectives
Comparative Advantage Chapter 2 McGraw-Hill/Irwin Copyright 2013 by The McGraw-Hill Companies, Inc. All rights reserved. Learning Objectives 1. Explain and apply the Principle of Comparative Advantage
More informationFlexible Working Arrangements, Collaboration, ICT and Innovation
Flexible Working Arrangements, Collaboration, ICT and Innovation A Panel Data Analysis Cristian Rotaru and Franklin Soriano Analytical Services Unit Economic Measurement Group (EMG) Workshop, Sydney 28-29
More information"Primary agricultural commodity trade and labour market outcome
"Primary agricultural commodity trade and labour market outcomes" FERDI - Fondation pour les Etudes et Recherches sur le Developpement International African Economic Conference 2014 - Knowledge and innovation
More informationOF THE VARIOUS DECIDUOUS and
(9) PLAXICO, JAMES S. 1955. PROBLEMS OF FACTOR-PRODUCT AGGRE- GATION IN COBB-DOUGLAS VALUE PRODUCTIVITY ANALYSIS. JOUR. FARM ECON. 37: 644-675, ILLUS. (10) SCHICKELE, RAINER. 1941. EFFECT OF TENURE SYSTEMS
More informationFood and beverage services statistics - NACE Rev. 2
Food and beverage services statistics - NACE Rev. 2 Statistics Explained Data extracted in October 2015. Most recent data: Further Eurostat information, Main tables and Database. This article presents
More informationChile. Tree Nuts Annual. Almonds and Walnuts Annual Report
THIS REPORT CONTAINS ASSESSMENTS OF COMMODITY AND TRADE ISSUES MADE BY USDA STAFF AND NOT NECESSARILY STATEMENTS OF OFFICIAL U.S. GOVERNMENT POLICY Required Report - public distribution Date: GAIN Report
More informationYour Name: Exam #1: 23 Sep 2003 Econ 200 David Reiley
Your Name: Exam #1: 23 Sep 2003 Econ 200 David Reiley You have 75 minutes to take this exam. There are a total of 100 points possible, plus one 10-point extra-credit question. Please make sure to pace
More informationICC September 2018 Original: English. Emerging coffee markets: South and East Asia
ICC 122-6 7 September 2018 Original: English E International Coffee Council 122 st Session 17 21 September 2018 London, UK Emerging coffee markets: South and East Asia Background 1. In accordance with
More informationMore information at Global and Chinese Pressure Seal Machines Industry, 2018 Market Research Report
Report Information More information at https://www.htfmarketreport.com/reports/1320915 Global and Chinese Pressure Seal Machines Industry, 2018 Market Research Report Report Code: HTF1320915 Pages: 150
More informationAppendix Table A1 Number of years since deregulation
Appendix Table A1 Number of years since deregulation This table presents the results of -in-s models incorporating the number of years since deregulation and using data for s with trade flows are above
More informationSurvival of the Fittest: The Impact of Eco-certification on the Performance of German Wineries. Patrizia Fanasch University of Paderborn, Germany
Survival of the Fittest: The Impact of Eco-certification on the Performance of German Wineries University of Paderborn, Germany Motivation Demand (Customer) Rising awareness and interest in organic products
More informationCoffee (lb/day) PPC 1 PPC 2. Nuts (lb/day) COMPARATIVE ADVANTAGE. Answers to Review Questions
CHAPTER 2 COMPARATIVE ADVANTAGE Answers to Review Questions 1. An individual has a comparative advantage in the production of a particular good if she can produce it at a lower opportunity cost than other
More informationWine-Tasting by Numbers: Using Binary Logistic Regression to Reveal the Preferences of Experts
Wine-Tasting by Numbers: Using Binary Logistic Regression to Reveal the Preferences of Experts When you need to understand situations that seem to defy data analysis, you may be able to use techniques
More informationStructural Reforms and Agricultural Export Performance An Empirical Analysis
Structural Reforms and Agricultural Export Performance An Empirical Analysis D. Susanto, C. P. Rosson, and R. Costa Department of Agricultural Economics, Texas A&M University College Station, Texas INTRODUCTION
More information2016 China Dry Bean Historical production And Estimated planting intentions Analysis
2016 China Dry Bean Historical production And Estimated planting intentions Analysis Performed by Fairman International Business Consulting 1 of 10 P a g e I. EXECUTIVE SUMMARY A. Overall Bean Planting
More information28 TRADE WITHOUT MONEY
28 TRADE WITHOUT MONEY OVERVIEW 1. Absolute advantage means the ability of a country to produce a larger quantity of a good with the same amount of resources as another country. 2. If each country has
More informationChapter 2 Prices, Costs, and the Gains from Trade
Chapter 2 Prices, Costs, and the Gains from Trade TRUE/FALSE 1. The term price as used in microeconomics refers to the absolute price of a commodity. 2. The relative price of bread in terms of wine is
More informationMcDONALD'S AS A MEMBER OF THE COMMUNITY
McDONALD'S ECONOMIC IMPACT WITH REBUILDING AND REIMAGING ITS RESTAURANTS IN SOUTH LOS ANGELES, CALIFORNIA A Report to McDonald's Corporation Study conducted by Dennis H. Tootelian, Ph.D. November 2010
More informationThe Contribution made by Beer to the European Economy. Poland - January 2016
The Contribution made by Beer to the European Economy Poland - January 2016 Europe Economics is registered in England No. 3477100. Registered offices at Chancery House, 53-64 Chancery Lane, London WC2A
More informationOPPORTUNITIES FOR SRI LANKAN VIRGIN COCONUT OIL IN TURKEY
OPPORTUNITIES FOR SRI LANKAN VIRGIN COCONUT OIL IN TURKEY Prepared by: Embassy of Sri Lanka, Turkey June 2017 CONTENTS 1. SUMMARY... 3 2. MARKET DESCRIPTION... 3 3. POSITION OF SRI LANKAN VIRGIN COCONUT
More informationGrape Growers of Ontario Developing key measures to critically look at the grape and wine industry
Grape Growers of Ontario Developing key measures to critically look at the grape and wine industry March 2012 Background and scope of the project Background The Grape Growers of Ontario GGO is looking
More informationDERIVED DEMAND FOR FRESH CHEESE PRODUCTS IMPORTED INTO JAPAN
PBTC 05-04 PBTC 02-6 DERIVED DEMAND FOR FRESH CHEESE PRODUCTS IMPORTED INTO JAPAN By Andreas P. Christou, Richard L. Kilmer, James A. Stearns, Shiferaw T. Feleke, & Jiaoju Ge PBTC 05-04 September 2005
More informationDETERMINANTS OF GROWTH
POLICY OPTIONS AND CHALLENGES FOR DEVELOPING ASIA PERSPECTIVES FROM THE IMF AND ASIA APRIL 19-20, 2007 TOKYO DETERMINANTS OF GROWTH IN LOW-INCOME ASIA ARI AISEN INTERNATIONAL MONETARY FUND Paper presented
More informationSTA Module 6 The Normal Distribution
STA 2023 Module 6 The Normal Distribution Learning Objectives 1. Explain what it means for a variable to be normally distributed or approximately normally distributed. 2. Explain the meaning of the parameters
More informationSTA Module 6 The Normal Distribution. Learning Objectives. Examples of Normal Curves
STA 2023 Module 6 The Normal Distribution Learning Objectives 1. Explain what it means for a variable to be normally distributed or approximately normally distributed. 2. Explain the meaning of the parameters
More informationThailand Packaging Machinery Market. Jorge Izquierdo VP Market Development PMMI
Thailand Packaging Machinery Market Jorge Izquierdo VP Market Development PMMI jizquierdo@pmmi.org www.pmmi.org/global www.pmmi.org/research Today General Economic and Political Highlights Current Packaging
More informationSUPPLEMENTARY SUBMISSION FROM THE SCOTTISH BEER AND PUB ASSOCIATION
SUPPLEMENTARY SUBMISSION FROM THE SCOTTISH BEER AND PUB ASSOCIATION Summary Equivalence in alcohol taxation would undermine public health objectives, and have a negative impact on economic growth and employment.
More informationPeaches & Nectarines and Cherry Annual Reports
THIS REPORT CONTAINS ASSESSMENTS OF COMMODITY AND TRADE ISSUES MADE BY USDA STAFF AND NOT NECESSARILY STATEMENTS OF OFFICIAL U.S. GOVERNMENT POLICY Required Report - public distribution Date: GAIN Report
More informationECONOMIC IMPACTS OF THE FLORIDA CITRUS INDUSTRY IN
ECONOMIC IMPACTS OF THE FLORIDA CITRUS INDUSTRY IN 2007- Mohammad Rahmani and Alan W. Hodges Food and Resource Economics Department Institute of Food and Agricultural Sciences FLORIDA CITRUS INDUSTRY HIGHLIGHTS
More informationPerspective of the Labor Market for security guards in Israel in time of terror attacks
Perspective of the Labor Market for security guards in Israel in time of terror attacks 2000-2004 By Alona Shemesh Central Bureau of Statistics, Israel March 2013, Brussels Number of terror attacks Number
More informationEconomics 101 Spring 2019 Answers to Homework #1 Due Thursday, February 7 th, Directions:
Economics 101 Spring 2019 Answers to Homework #1 Due Thursday, February 7 th, 2019 Directions: The homework will be collected in a box labeled with your TA s name before the lecture. Please place your
More informationThe Development of the Pan-Pearl River Delta Region and the Interaction Between the Region and Taiwan
The Development of the Pan-Pearl River Delta Region and the Interaction Between the Region and Taiwan LIN, Yuh Jiun Associate Research Fellow, Mainland China Division, CIER This paper is divided into five
More informationEZ Stop N Save Convenience Stores
EZ Stop N Save Convenience Stores Case Study Sponsored By: Page1 EZ Stop N Save Convenience Stores Case Logistics You will have 12 minutes to present to the coffee buying team of EZ Stop N Save. You should
More informationFRANCHISING. PRESENTED BY: Beant Singh Roll No MBA I (F)
FRANCHISING PRESENTED BY: Beant Singh Roll No. 120425720 MBA I (F) INTRODUCTION Franchising refers to the methods of practicing and using another person's philosophy of business. The franchisor grants
More informationThe Elasticity of Substitution between Land and Capital: Evidence from Chicago, Berlin, and Pittsburgh
The Elasticity of Substitution between Land and Capital: Evidence from Chicago, Berlin, and Pittsburgh Daniel McMillen University of Illinois Ph.D., Northwestern University, 1987 Implications of the Elasticity
More informationTHE EXPORT PERFORMANCE OF INDONESIAN DRIED CASSAVA IN THE WORLD MARKET
Agricultural Socio-Economics Journal P -ISSN: 1412-1425 Volume 17, Number 3 (2017): 134-139 E-ISSN: 2252-6757 THE EXPORT PERFORMANCE OF INDONESIAN DRIED CASSAVA IN THE WORLD MARKET Nico Adi Putra Hutabarat
More informationThe supply and demand for oilseeds in South Africa
THIS REPORT CONTAINS ASSESSMENTS OF COMMODITY AND TRADE ISSUES MADE BY USDA STAFF AND NOT NECESSARILY STATEMENTS OF OFFICIAL U.S. GOVERNMENT POLICY Required Report - public distribution Date: GAIN Report
More informationPaper Reference IT Principal Learning Information Technology. Level 3 Unit 2: Understanding Organisations
Centre No. Candidate No. Surname Signature Paper Reference(s) IT302/01 Edexcel Principal Learning Information Technology Level 3 Unit 2: Understanding Organisations Wednesday 3 June 2009 Morning Time:
More informationMARKETING TRENDS FOR COCONUT PRODUCTS IN SRI LANKA
,'6 b l\o L( cl/\r!y ~?\ 1IJ7'X ~.fsool- CR Cc~~ ~t).> MARKETING TRENDS FOR COCONUT PRODUCTS IN SRI LANKA 1950-1981 By Sunil Chandra ~~nnapperuma B.A. (Ceylon) A dissertation submitted in partial fulfilment
More informationCONSUMER TRENDS Pulses In India
International Markets Bureau MARKET INDICATOR REPORT DECEMBER 2009 CONSUMER TRENDS Pulses In India Consumer Trends Pulses in India EXECUTIVE SUMMARY While India is the largest producer of pulses in the
More informationRe: Winery-Vineyard Economic Impacts
University of Wisconsin Madison/Extension Office of Steven Deller Department of Agricultural and Applied Economics 515 Taylor Hall 247 Lorch St. Madison, WI 53706 (608) 263-6251 (fax) (608) 262-4376 scdeller@wisc.edu
More informationResults from the First North Carolina Wine Industry Tracker Survey
Results from the First North Carolina Wine Industry Tracker Survey - 2009 Dr. Michael R. Evans Director and Professor of Hospitality and Tourism Management and Dr. James E. Stoddard Professor of Marketing
More informationThe Contribution made by Beer to the European Economy. Czech Republic - January 2016
The Contribution made by Beer to the European Economy Czech Republic - January 2016 Europe Economics is registered in England No. 3477100. Registered offices at Chancery House, 53-64 Chancery Lane, London
More informationChina: The Untapped Freighter Market
China: The Untapped Freighter Market A China USA perspective Marco Bloemen, YDL Management Consultants E: marco@ydl.nl T:+31-3465-64244 Scope of this presentation Macro-economic figures China - USA Air
More informationTHE ECONOMIC IMPACT OF BEER TOURISM IN KENT COUNTY, MICHIGAN
THE ECONOMIC IMPACT OF BEER TOURISM IN KENT COUNTY, MICHIGAN Dan Giedeman, Ph.D., Paul Isely, Ph.D., and Gerry Simons, Ph.D. 10/8/2015 THE ECONOMIC IMPACT OF BEER TOURISM IN KENT COUNTY, MICHIGAN EXECUTIVE
More information