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05 absolute and-comparative-advantage-1
- 10. Icelandic industries Iceland's aluminium
- 11. Key theory
- 15. So how does this link to International trade?
- 18. Your go… On your whiteboard Write UK on one side France on the other
- 19. Question… The UK and France have identical resources. Using all of these resources they can produce either cars or computers, or some combination of the two as shown above. TASK: Assuming constant returns to scale, state which country has an ABSOLUTE ADVANTAGE in the production of cars and computers in each of the above situations.
- 20. Question… The UK and France have identical resources. Using all of these resources they can produce either cars or computers, or some combination of the two as shown above. TASK: Assuming constant returns to scale, state which country has an ABSOLUTE ADVANTAGE in the production of cars and computers in each of the above situations. Absolute advantage with cars Absolute advantage with computers
- 21. Question… The UK and France have identical resources. Using all of these resources they can produce either cars or computers, or some combination of the two as shown above. TASK: Assuming constant returns to scale, state which country has an ABSOLUTE ADVANTAGE in the production of cars and computers in each of the above situations. Absolute advantage with cars Absolute advantage with computers
- 22. Question… The UK and France have identical resources. Using all of these resources they can produce either cars or computers, or some combination of the two as shown above. TASK: Assuming constant returns to scale, state which country has an ABSOLUTE ADVANTAGE in the production of cars and computers in each of the above situations. Absolute advantage with cars Absolute advantage with computers
- 23. Question… The UK and France have identical resources. Using all of these resources they can produce either cars or computers, or some combination of the two as shown above. TASK: Assuming constant returns to scale, state which country has an ABSOLUTE ADVANTAGE in the production of cars and computers in each of the above situations. Absolute advantage with cars Absolute advantage with computers
- 24. Question… The UK and France have identical resources. Using all of these resources they can produce either cars or computers, or some combination of the two as shown above. TASK: Assuming constant returns to scale, state which country has an ABSOLUTE ADVANTAGE in the production of cars and computers in each of the above situations. Absolute advantage with cars Absolute advantage with computers 20
- 32. So what if they ‘traded? Each country specialises in what they are good at…. Absolute advantage…
- 36. The next stage
- 41. Or put it in another way