Culture and the historical experiences of diverse elders directly impact their experience, expression, understanding of, and beliefs about mental health. This creates unique needs regarding access and barriers to identification and treatment of mental health issues, as well as the need for culturally appropriate and effective education, outreach, and intervention strategies. With diverse older adults poised to comprise a growing number of individuals with mental health needs, the fields of aging and mental health have much to learn to engage and effectively treat these populations now and in the future
The concept of cultural respect has a positive effect on patient care delivery by enabling providers to deliver services that are respectful of and responsive to the health beliefs, practices, and cultural and linguistic needs of diverse patients.
TASMANIAN SCHOOL OF BUSINESS AND ECONOMICS BEA105 International Economics Week 2 The basic theory of trade using supply and demand analysis Overview • Introduction • Demand and Supply – A National Market With No Trade – What happens when we have Open Trade? – International Trade – World Price • International Trade – Two National Markets • Which country gains more? 12/2/21Week 2 The basic theory of trade using supply and demand analysis CRICOS Provider Code 00586B2 Introduction • Why do countries trade? • How do they decide what products to export and what products to import? • How does trade affects – Consumption and production? – The economic well-being of each country? – The distribution of economic well-being? 12/2/21Week 2 The basic theory of trade using supply and demand analysis CRICOS Provider Code 00586B3 Demand and Supply • What has this got to do with international trade? – For nearly a decade we note that prices seem to be getting higher in Australia, but the inflation figures do not seem to reflect this increase. • Why not? And what has changed? – Composition of the basket includes imported and local products so while local products have risen in price imported costs have fallen overall resulting in a small rise. • Why are the domestic and imported prices different? – Demand and supply are not equal through out the world. – Some countries are well endowed, some are rich while others are poor, and some have great culture etc. 12/2/21Week 2 The basic theory of trade using supply and demand analysis CRICOS Provider Code 00586B4 A National Market With No Trade • Demand: – Individuals demand goods – They are willing to pay some price, that price determines how much they consume – Negative relationship between price and quantity 12/2/21Week 2 The basic theory of trade using supply and demand analysis CRICOS Provider Code 00586B5 A National Market With No Trade • Supply: – Firms produce goods – They incur costs to produce goods, they need to be compensated for the costs – Higher prices mean suppliers are willing to sell a greater quantity of goods • And incur the higher costs associated with greater production – Positive relationship between price and quantity 12/2/21Week 2 The basic theory of trade using supply and demand analysis CRICOS Provider Code 00586B6 A National Market With No Trade • Market Equilibrium: – Intersection of demand and supply – Can also show the consumer and producer surplus 12/2/21Week 2 The basic theory of trade using supply and demand analysis CRICOS Provider Code 00586B7 P Q CS PS Ss Dd Pe Qe What happens when we have Open Trade? • Currently we have an equilibrium price of Pe and the equilibrium quantity is Qe • What happens to the size of consumer and producer surpluses – when market price increases? – When either the elasticity of demand or supply changes? 12/2/21Week 2 The basic theory of trade using supply and demand analysis CRICOS Provider Code 00586B8 International Trade – World Price • Law of one price – Without transport costs and trade restrictions there is a free- trade equilibrium - the world price or international price. – Often set by the world’s cheapest producer. 12/2/21Week 2 The basic theory of trade using supply and demand analysis CRICOS Provider Code 00586B9 P Pw Sw Dw World Market P Pw DD World Price for a small country Questions 1. When trade opens up, all consumers are made better off. – True or False? Explain. 2. Which of the following is not likely to promote free trade in refrigerator between countries? A. Pre-trade refrigerator prices that are equal across countries. B. Profit-seeking refrigerator arbitrageurs. C. Refrigerator supply differences between countries. D. Refrigerator demand differences between countries. 3. Within each country who are the gainers and losers from opening trade? 12/2/21Week 2 The basic theory of trade using supply and demand analysis CRICOS Provider Code 00586B10 International Trade – Two National Markets • Let us consider Australia and the Rest of the World as two markets – Australia starts as a closed economy with an equilibrium price/quantity – Next, they open up to the world economy, where the world price is below the local price • What happens next? 12/2/21Week 2 The basic theory of trade using supply and demand analysis CRICOS Provider Code 00586B11 International Trade – Two National Markets 12/2/21Week 2 The basic theory of trade using supply and demand analysis CRICOS Provider Code 00586B12 Effects of free trade on production, consumption and price What will be the free trade equilibrium price – known as the world price? The AUS Market International Market The Rest of the World’s Market International Trade – Two National Markets Effects of free trade on production, consumption and price 12/2/21Week 2 The basic theory of trade using supply and demand analysis CRICOS Provider Code 00586B13 Effects of Trade Price Qty Ss Qty Dd AUS ROW International trade – Two National Markets 12/2/21Week 2 The basic theory of trade using supply and demand analysis CRICOS Provider Code 00586B14 Group Surplus with trade Surplus with no trade Net effect of trade Consumers Producers AUS as a whole Welfare effects of free trade on AUS (who is the importer) International Trade – Two National Markets 12/2/21Week 2 The basic theory of trade using supply and demand analysis CRICOS Provider Code 00586B15 Effects of free trade on production, consumption and price What will be the free trade equilibrium price – known as the world price? The AUS Market International Market The Rest of the World’s Market P P P Q Q Q P0 P0 Wp International trade – Two National Markets 12/2/21Week 2 The basic theory of trade using supply and demand analysis CRICOS Provider Code 00586B16 Group Surplus with trade Surplus with no trade Net effect of trade Consumers Producers Rest of the world as a whole Welfare effects of free trade on the rest of the world (who are the exporters) Which country gains more? • The analysis shows that each country gains from international trade. • However, the gains to the countries generally are not equal. • The gains from opening the trade are divided in direct proportion to the price changes that trade brings to both sides. • If a nations' price changes x percent of the free trade price and the price in the rest of the world changes y percent of the free trade price 12/2/21Week 2 The basic theory of trade using supply and demand analysis CRICOS Provider Code 00586B17 Nation's gain Rest of World's gain x y = Which country gains more? • Question: – If prior to trade, the price of a refrigerator in the AUS is $700 and in the rest of the world is $300. If trade is open and the world price for refrigerator is $350. Which country gains more from free trade? 12/2/21Week 2 The basic theory of trade using supply and demand analysis CRICOS Provider Code 00586B18 Which country gains more? 1. The side with the less elastic trade curve (import demand or export supply) gains more. – Why? 2. If export supply is less price elastic than import demand, then the A. importing country will not want to trade. B. exporting country will not want to trade. C. exporting country will receive the largest share of the gains from trade. D. importing country will receive the largest share of the gains from trade. 12/2/21Week 2 The basic theory of trade using supply and demand analysis CRICOS Provider Code 00586B19 Which country gains more? 1. The side with the less elastic trade curve (import demand or export supply) gains more. – Why? 12/2/21Week 2 The basic theory of trade using supply and demand analysis CRICOS Provider Code 00586B20 Which country gains more? 12/2/21Week 2 The basic theory of trade using supply and demand analysis CRICOS Provider Code 00586B21 P P P Q Q Q Pe Pe Pe Sx Sx Sx Dm Dm Dm Which country gains more? 1. If export supply is less price elastic than import demand, then the A. importing country will not want to trade. B. exporting country will not want to trade. C. exporting country will receive the largest share of the gains from trade. D. importing country will receive the largest share of the gains from trade. 12/2/21Week 2 The basic theory of trade using supply and demand analysis CRICOS Provider Code 00586B22 Conclusion • In this lecture we have covered the following: – Introduction – Demand and Supply • A National Market With No Trade • What happens when we have Open Trade? – International Trade – World Price – International Trade – Two National Markets – Which country gains more? 12/2/21Week 2 The basic theory of trade using supply and demand analysis CRICOS Provider Code 00586B23