International Economics at Universität Bonn

Flashcards and summaries for International Economics at the Universität Bonn

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Unit Labor Requirement

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Gains from Trade

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Trade in the Heckscher-Ohlin Model
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Efficient Use of Factors

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International Labor Mobility

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Heckscher-Ohlin Theorem:

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Heckscher-Ohlin theory
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Exemplary flashcards for International Economics at the Universität Bonn on StudySmarter:

Alternative explanation for increasing income inequality:

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Terms of Trade

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Biased Growth effects

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Rybczynski theorem:
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When do external economies of scale (Größenvorteile) occur?

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Exemplary flashcards for International Economics at the Universität Bonn on StudySmarter:

International Economics

Unit Labor Requirement
number of hours of labor required to produce one unit of output

International Economics

Gains from Trade
Without trade, the economy’s output of a good must equal its consumption. International trade allows the mix of cloth and food consumed to differ from the mix produced.

International Economics

Trade in the Heckscher-Ohlin Model
Trade leads to convergence of output prices: relative price of cloth rises in the labour abundant (home) country and the other way around Trade affects the distribution of income, even in the long run: Owners of a countrys abundant factors gain from trade but owners of a country scarce factores lose Trade also leads to convergence of factor prices: due to convergence of output prices and free movement of factors within a country. trade os a substitute for international factor movements

International Economics

Efficient Use of Factors
Representative food producer chooses combination of labor and capital that minimizes cost of production:

International Economics

International Labor Mobility
workers migrate until wages have equalized →marginal product of labor (MPL) equalizes

International Economics

Heckscher-Ohlin Theorem:
Country exports the good whose production is intensive in the factor that is abundant in the country.

International Economics

Heckscher-Ohlin theory
Countries have different relative abundance of factors of production. Trade occurs due to these differences in resources.

International Economics

Alternative explanation for increasing income inequality:
Increase in relative productivity of industries using skilled labor (e.g. computer technology)

International Economics

Terms of Trade
The terms of trade refers to the price of exports relative to the price of imports. Example: when a country exports cloth and the relative price of cloth increases, the terms of trade rise. Higher relative price for exports means that the country can afford to buy more imports →increase in the terms of trade increases a country’s welfare.

International Economics

Biased Growth effects
Growth biased towards cloth increases relative supply of cloth and (in equilibrium) reduces the relative price of cloth

International Economics

Rybczynski theorem:
As the amount of a factor of production increases, the supply of the good that uses this factor intensively increases and the supply of the other good decreases.

International Economics

When do external economies of scale (Größenvorteile) occur?
when cost per unit of output depends on the size of the industry.

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