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02 comparative advantage PPT

02 comparative advantage PPT - Barick Chung Econ 1001e Econ...

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1 15:49:02 1 Barick Chung (鍾子毅) Employment: 2012-present Teaching Consultant, School of Economics and Finance, HKU 2006-2012 Instructor, Department of Economics, Chinese University of Hong Kong Education: 2003-2007 Ph.D. (Business) Indiana University - Bloomington 1987-1991 BS.Sc. (Economics) Chinese University of Hong Kong Research paper: Chung, Barick, "Two Level Price Discrimination and Vertical Relationship" (March 05, 2012). Available at SSRN: http://ssrn.com/abstract=1997070 . Homepage: http://alumni.cuhk.edu.hk/~barick/ . 15:49:02 2 Econ 1001e / Econ 1210cd Introduction to Economics I Barick Chung School of Economics and Finance 2859-1034 K. K. Leung Building 1116 [email protected] 15:49:02 3 Mark Skousen, 2007, The Big Three in Economics , pp. 5 internet photo http://www.aps.org/publications/apsnews/199603/back-page.cfm accessed 20100807 ©1995 - 2011, AMERICAN PHYSICAL SOCIETY APS encourages the redistribution of the materials included in this newspaper provided that attribution to the source is noted and the materials are not truncated or changed. 15:49:02 4 Why not do everything on our own? Should Joe Jamail write his own will? Jamail is the most renowned trial lawyer in American History He is listed 195 on the Forbes list of the 400 richest Americans, with net assets over $1 billion. Should Ms. Wu Yi do her own household chores? W ú Y í ( 吴仪 or 吳儀 ) was one of four vice-premiers of the State Council of the People's Republic of China from 2003 - 2008. In 2007, Forbes magazine considers her the second most powerful woman in the world. She knows how to do household chores. Brief description and picture taken from http://en.wikipedia.org/wiki/Wu_Yi 15:49:02 5 (1) Trade makes people better off when preferences differ. (2) Trade increases productivity through specialization and the division of knowledge. (3) Trade increases productivity through specialization according to comparative advantage. three benefits of trade 15:49:02 6 (1) People have different preference Sep 1995, Pierre Omidyar
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