Chapter 3 IE

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capital/labor ratio
bắt đầu học
a country’s ratio of capital inputs to labor inputs
distribution of income
bắt đầu học
the distribution of wages earned across a country
dynamic comparative advantage
bắt đầu học
a changing pattern in comparative advantage; governments can establish policies to promote opportunities for changes in comparative advantage over time
economies of scale
bắt đầu học
economies of scale bằng tiếng anh
when increasing all inputs by the same proportion results in a greater proportion of total output
factor-endowment theory
bắt đầu học
asserts that a country exports those goods that use its abundant factor more intensively
factor-price equalization
bắt đầu học
free trade’s tendency to cause cheap factors of production to become more expensive, and the expensive factors of production to become cheaper
Heckscher-Ohlin theory
bắt đầu học
Heckscher-Ohlin theory differences in relative factor endowments among nations underlie the basis for trade
home market effect
bắt đầu học
home market effect
increasing returns to scale
bắt đầu học
when increasing all inputs by the same proportion results in a total output to increase by a greater proportion
industrial policy
bắt đầu học
government policy that is actively involved in creating comparative advantage
interindustry specialization
bắt đầu học
when each nation specializes in a particular industry in which it enjoys a comparative advantage
interindustry trade
bắt đầu học
the exchange between nations of products of different industries
intraindustry specialization
bắt đầu học
the focusing on the production of particular products or groups of products within a given industry
intraindustry trade
bắt đầu học
intraindustry trade two-way trade in a similar commodity
Leontief paradox
bắt đầu học
the phenomenon of exports being less capital intensive than import-competing goods
magnification effect
bắt đầu học
an extension of the Stolper-Samuelson theorem, which suggests that the change in the price of a resource is greater than the change in the price of the good that uses the resource relatively intensively in its production process
product life cycle theory
bắt đầu học
many manufactured goods undergo a predictable trade cycle; during this cycle, the home country initially is an exporter, then loses its competitive advantage vis-à-vis its trading partners, and eventually may become an importer of the commodity
specific factors
bắt đầu học
specific factors factors that cannot move easily from one industry to another
specific-factors theory
bắt đầu học
considers the income-distribution effects of trade when factor inputs are immobile among industries in the short run
Stolper-Samuelson theorem
bắt đầu học
an extension of the theory of factor-price equalization, which states that the export of the product that embodies large amounts of the relatively cheap, abundant resource makes this resource more scarce in the domestic market
theory of overlapping demands
bắt đầu học
nations with similar per capita incomes will have overlapping demand structures and will likely consume similar types of manufactured goods
transportation costs
bắt đầu học
the costs of moving goods from one nation to another

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