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Ch 5 Global Trade [AP & Reg]

Automobiles financial services comparative advantage

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Unformatted text preview: advantage. Future Golden Knight Maid [Their jobs] With trade, a few people lose a lot, but, [Lower prices & more [Lower choices] c lot of a hoices] people gain a little. Free trade is like improved technology Free [There are some job losses, but many more job gains] [There are losses, gains] Country Country climate climate Comparative advantage due to natural resources & dvantage United States Canada Saudi Arabia France Brazil Israel Mexico Wheat, corn, and cereals Timber Oil Wine Coffee Oranges and grapefruit Tomatoes Country Comparative advantage largely due to physical capital, human capital, and scientific knowledge United States Japan Germany United Kingdom nited Taiwan Switzerland South Korea Aircraft, computers, industrial chemicals, plastics, & chemicals Automobiles, steel, electronics Machine tools, scientific instruments, luxury automobiles Financial services Comparative advantage and differences Textiles in opportunity costs are the basis for Watches specialized production and trade. Ships • Should Wisconsin grow oranges? • Should Florida make cheese? • No & No! [We don’t want the Florida...
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