4.1
What is absolute advantage?
A tax on imports.
Historically, NC was known for our Big 3 Industries. Can you name them?
What happened in 1990 that drastically affected the US textiles industry?
NAFTA wiped out restrictions.
What option was selected by the committee?
Protect US workers.
What is comparative advantage?
The ability of a country to produce a good or service at a lower opportunity cost.
Limits on amounts of goods imported.
Currently, however, we’ve evolved into more of a Big 5. Any guesses?
Banking, Technology, Pharmaceuticals, Food Processing, Vehicle Parts
What percent of US textiles are currently made in the US ?
2%
What option did the best job of presenting they're point.
Work for Free and Fair Market.
What are the benefits of globalization?
Increased communication, trade, standard of living, and wages.
What is outsourcing?
When did the Textiles industry start in North Carolina?
What percent of US textiles were made in the US in the 1980s?
70%
What did the Values option team forget to focus on?
Values in the US
What are the costs of globalization?
Income inequality, loss of jobs, and increase of power to large companies.
What replaced NAFTA?
USMCA
When did the Furniture industry start in North Carolina?
After the Civil War.
What was the US textile industry like in the 1960s?
95% made in the US. People spent 10% of their income on clothes.
What were the 4 options?
Keep the US on top
Protect US workers
Put values first
Work for Free and Fair trade
What is a trade balance?
The difference between imports and exports.
What is the World Trade Organization?
Intergovernmental organization that regulates and facilitates international trade.
When did the Tobacco industry start in North Carolina??
1600s
What happened in the 1970s that started outsourcing of US textiles?
The opening of textile mills in China.
Does trickle down economics work?
No