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1Theopportunitycostofproducingsomethingmeasuresthecostofnotbeingabletoproducesomethingelsebecauseresourceshavealreadybeenused.2Acountrywithacomparativeadvantageinproducingagoodusesitsresourcesmostefficientlywhenitproducesthatgoodcomparedtoproducingothergoods.3Laborproductivity:thenumberofunitsofoutputthataworkercanproduceinonehour.4Theproductionpossibilityfrontier(PPF)ofaneconomyshowsthemaximumamountofagoodsthatcanbeproducedforafixedamountofresources.5Relativewagesarethewagesofthedomesticcountryrelativetothewagesintheforeigncountry.6Defineanisovaluelineasalinerepresentingaconstantvalueofproduction,7Stolper-Samuelsontheorem:iftherelativepriceofagoodincreases,thentherealwageorreallending/rentingrateofthefactorusedintensivelyintheproductionofthatgoodincreases,whiletherealwageorreallending/rentingrateoftheotherfactordecreases.8theRybczynskitheorem：Ifweholdoutputpricesconstantastheamountofafactorofproductionincreases,thenthesupplyofthegoodthatusesthisfactorintensivelyincreasesandthesupplyoftheothergooddecreases.9LeontieffoundthatU.S.exportswerelesscapital-intensivethanU.S.imports,eventhoughtheU.S.isthemostcapital-abundantcountryintheworld:Leontiefparadox.10Consumerpreferencesarerepresentedbyindifferencecurves:combinationsofgoodsthatmakeconsumersequallysatisfied(indifferent).11Thechangeinwelfare(income)whenthepriceofonegoodchangesrelativetothepriceofanotheriscalledtheincomeeffect.12Thesubstitutionofonegoodforanotherwhenthepriceofthegoodchangesrelativetotheotheriscalledthesubstitutioneffect.13ThetermsoftradereferstothepriceofexportsrelativetothepriceofimportsGrowthisusuallybiased:itoccursinonesectormorethanothers,causingrelativesupplytochange.14Export-biasedgrowthisgrowththatexpandsacountry’sproductionpossibilitiesdisproportionallythatcountry’sexportsector.15Import-biasedgrowthisgrowththatexpandsacountry’sproductionpossibilitiesdisproportionallyinthatcountry’simportsector16Immiserizinggrowth：export-biasedgrowthbypoornationswouldworsentheirtermsoftradesomuchthattheywouldbeworseoffthaniftheyhadnotgrownatall.16Importtariffsaretaxesleviedonimports17Exportsubsidiesarepaymentsgiventodomesticproducersthatexport.18Externaleconomiesofscaleoccurwhencostperunitofoutputdependsonthesizeoftheindustry19Internaleconomiesofscaleoccurwhenthecostperunitofoutputdependsonthesizeofafirm.20Amonopolyisanindustrywithonlyonefirm.21Anoligopolyisanindustrywithonlyafewfirms.22Averagecostisthecostofproduction(C)dividedbythetotalquantityofproduction(Q).AC=C/Q23Marginalcostisthecostofproducinganadditionalunitofoutput.24MonopolisticcompetitionisamodelofanimperfectlycompetitiveindustrywhichassumesthatA：Eachfirmcandifferentiateitsproductfromtheproductofcompetitors.B：Eachfirmignorestheimpactthatchangesinitspricewillhaveonthepricesthatcompetitorsset:eventhougheachfirmfacescompetitionitbehavesasifitwereamonopolist.25Supposenowthattheglobalclothindustryisdescribedbythemonopolisticcompetitionmodel.Becauseofproductdifferentiation,supposethateachcountryproducesdifferenttypesofcloth.Becauseofeconomiesofscale,largemarketsaredesirable:theforeigncountryexportssomeclothandthedomesticcountryexportssomecloth.Tradeoccurswithintheclothindustry:intra-industrytrade26AccordingtotheHeckscher-OhlinmodelorRicardianmodel,countriesspecializeinproduction.Tradeoccursonlybetweenindustries:inter-industrytradeInaHeckscher-Ohlinmodelsupposethat:Thecapitalabundantdomesticeconomyspecializesintheproductionofcapitalintensivecloth,whichisimportedbytheforeigneconomy.Thelaborabundantforeigneconomyspecializesintheproductionoflaborintensivefood,whichisimportedbythedomesticeconomy.27Dumpingisthepracticeofchargingalowerpriceforexportedgoodsthanforgoodssolddomestically28Dumpingisanexampleofpricediscrimination:thepracticeofchargingdifferentcustomersdifferentprices29Specializedequipmentorservicesmaybeneededfortheindustry,butareonlysuppliedbyotherfirmsiftheindustryislargeandconcentrated30Laborpooling:alargeandconcentratedindustrymayattractapoolofworkers,reducingemployeesearchandhiringcostsforeachfirm.31Knowledgespillovers:workersfromdifferentfirmsmaymoreeasilyshareideasthatbenefiteachfirmwhenalargeandconcentratedindustryexists32Dynamicincreasingreturnstoscaleexistifaveragecostsfallascumulativeoutputovertimerises.33economicgeographyreferstothestudyofinternationaltrade,interregionaltradeandtheorganizationofeconomicactivityinmetropolitanandruralareas34Aspecifictariffisleviedasafixedchargeforeachunitofimportedgoods35Anadvaloremtariffisleviedasafractionofthevalueofimportedgoods36Theeffectiverateofprotectionmeasureshowmuchprotectionatarifforothertradepolicyprovidesdomesticproducers37Consumersurplusmeasurestheamountthatconsumersgainfrompurchasesbythedifferenceinthepricethateachpaysfromthemaximumpriceeachwouldbewillingtopay38Producersurplusmeasurestheamountthatproducersgainfromasalebythedifferenceinthepriceeachreceivesfromtheminimumpriceeachwouldbewillingtosellat39Anexportsubsidycanalsobespecificoradvalorem：Aspecificsubsidyisapaymentperunitexported.Anadvaloremsubsidyisapaymentasaproportionofthevaluee