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ECON 2610 Week One Class Notes

by: Alexandra Tilton

ECON 2610 Week One Class Notes Econ 2610

Marketplace > University of Denver > Economcs > Econ 2610 > ECON 2610 Week One Class Notes
Alexandra Tilton
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About this Document

International Economics Week One Class Notes
International Economics
Daniel Zuchegno
Class Notes
International, Economics, trade, Profits, global




Popular in International Economics

Popular in Economcs

This 5 page Class Notes was uploaded by Alexandra Tilton on Sunday January 10, 2016. The Class Notes belongs to Econ 2610 at University of Denver taught by Daniel Zuchegno in Summer 2015. Since its upload, it has received 72 views. For similar materials see International Economics in Economcs at University of Denver.


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Date Created: 01/10/16
ECON 2610:
 International Economics Class Notes Fri. 1/08 Job and Trade Correlation • Most popular majors = highest paid jobs = most valuable exports • Majors: • Accounting Engineering (Computer, Civil, Chemical, etc.) • • Finance • Relation to Trade • These majors (and some others) are more popular and higher paid, but also relate to what the U.S. exports the most • Patterns of Global Trade from International Monetary Fund • Global pattern of trade: • Trade is increasing •Integration of emerging market economies •Integration of growing economies (Chile, Argentina, etc.) •Growth in non commodity exports • Growing role of supply chains •No longer producing goods in just one country •Transportation is easier and cheaper •Communication is much less complicated Pag▯ of ▯5 • Example: More products (liquor example) used to be made in pieces by different countries, but now they are made by one country then exported • Vertical Supply Chain: supplies for goods are produced in many different places • Regional production networks: location-based production groups • Advanced Countries vs. Emerging Market Economies • Advance Countries: more capable of creating pieces for a product and exporting them • Emerging Market Economy: countries that import a large percentage of their exported products • Asian Supply Chain vs. North American Supply Chain • Asia: more diverse supply chain that is more subject to disruptions should one component fail North America: less dispersed and therefore less in • danger of getting disruptions due to failures in foreign components • Exports of Key Players in International Trade • United States (and others): Percent of world trade decreased from 1970 to 2010 • Mexico (and others): Percent of world trade increased from 1970 to 2010 • A Flat World, a Level Playing Field, a Small World, or None of the Above?… • Transportation •Causes the focus to shift from one area to another in terms of business and industry Page▯ of ▯5 • Terms • Resources/Factors of Production/Inputs •Three Factors • Land: Anything given from mother nature • Labor: Human effort • Capital: Man-made inputs •Technology: The limits of how inputs and resources can be combined in order to produce a good or service. Improvements in technology allow for more output with less input •Opportunity Cost: The next best alternative Production: The opportunity cost is the amount of the • other good that was forgone in production • Consumption: The opportunity cost is how many units of the next highest good could I have purchased when instead I purchased good y? •Scarcity: The finite nature of a resource •Production Possibility Frontier: The maximum amount of goods and services a country can produce given the economy’s resources • Will have a slope (MRTS - Marginal Rate of Technical Substitution or Domestic Terms of Trade) on a graph that notates the opportunity cost of producing one good over another • Under and unemployment factors in to this because people aren’t producing at their full capability Page▯ of ▯5 • What conditions must exist in production to yield a PPF that has a constant slope • Two things must exists • They have to be perfect substitutes (no opportunity cost exists vs. an imperfect substitute which gives an opportunity cost) • There has to be constant returns to scale • What conditions must exist in production to yield a PPF that has a downward slope • X = 1Labor/10Capital Y = 10Labor/10Capital • When you move further toward X, cost goes up Y A B X Pag▯ of ▯5 • What will cause a PPF to shift outward? • Increase in input • Improvements in technology • What determines where on the PPF a nation will produce? • The preference of the county and where they place value on different products • If demand is different in another country • Government regulations if they exist • What will allow consumers in a nation to consume beyond their PPF • Trading Pag▯ of ▯5


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