Econ 503 Week 8 Notes
Econ 503 Week 8 Notes ECON 503 001
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This 2 page Class Notes was uploaded by Tulsi on Monday October 17, 2016. The Class Notes belongs to ECON 503 001 at University of South Carolina taught by William Hauk in Fall 2016. Since its upload, it has received 3 views. For similar materials see International Trade Economics in Economics at University of South Carolina.
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Date Created: 10/17/16
Week 8 Tuesday, October 11, 201:18 PM Offshoring of intermediate goods and services Offshoring: when a firm moves part of its production process overseas Outsourcing: when a firm contracts with another firm to make an intermediate good that it formerly made itself Firm's Value Chain (Ranked by Order of Production) 1) R and D (research and development) 2) Component production 3) Assembly 4) Marketing and sales Ranked by skill intensity 1) Assembly 2) Component production 3) Marketing and sales 4) R and D Home Skilled wage premium q/w Supply Demand H/L (high skilled/low skilled) Offshoring of intermediate goods and services Skill-biased technological change Week 8 Page 1 R&D PPF Isoquant: combinations of intermediate goods that can produce a given level of final output Component Week 8 Page 2