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- University College London (UCL)
Lecture slides of international trade module
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International TradeBA Course
UCL, SSEES
Lecture 5: The Standard Trade Model
Idil Uz Akdogan
i.akdogan@ucl.ac.uk
,Lecture Overview
• Relative supply and relative demand
• The terms of trade and welfare
• Effects of economic growth, import tariffs, and export subsidies
, Introduction
• The standard trade model combines ideas from the Ricardian m
the Specific Factors model, and the Heckscher- Ohlin model.
1. Differences in labor, labor skills, physical capital, land and
technology between countries cause productive differences,
leading to gains from trade.
2. These productive differences are represented as difference
production possibility frontiers, which represent the productive
capacities of nations.
3. A country’s PPF determines its relative supply curve.
4. National relative supply curves determine world relative su
which along with world relative demand determines an equilib
under international trade.
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