무역원서강독 영어로 문제 및 답변
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무역원서강독 영어로 문제 및 답변한 리포트입니다.
목차
Chapter 3
● Questions for Review
Chapter 9
● Problems and Applications
본문내용
Chapter 3
● Questions for Review
1.Explain how absolute advantage and comparative advantage differ.
∴ Economists use the term absolute advantage when comparing the productivity of one person, firm, or nation to that of another.
Economists use the term comparative advantage when describing the opportunity cost of two producers.
Although it is possivle for one person to have an absolute advantage in both goods (as the rancher does in our example), it is impossible for on person to have a comparative advantage in both goods.
2.Give an example in which one person has an absolute advantage in doing something but another person has a comparative advantage.
∴ The producer who gives up less of other goods to produce Good X has the smaller opportunity cost of producing Good X and is said to have a comparative advantage in producing it. In our example, the farmer has a lower opportunity cost of producing potatoes than does the rancher: An ounce of potatoes costs the farmer only 1/4ounce of meat, but it costs the rancher 1/2ounce of meat. Conversely, the rancher has a lower opportunity cost of producing meat than does the farmer: An ounce of meat costs the rancher 2 ounces of potatoes, but it costs the farmer 4 ounces of potatoes. Thus, the farmer has a comparative advantage in growing potatoes, and the rancher has a comparative advantage in producing meat.
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