Econ
Why do Nations Trade?
To Get More Stuff....Someone else can do it at a cheaper price than you can produce it....This means you can get more stuff...
A good sent somewhere else is a
Export
Which stuff does the U.S. Produce
Entertainment, Jeans, Machinery, Technology, Agriculture, Movies....
A good bought from another country is called a
import
What's another reason Nations Trade?
They have limited resources and can only produce certain things....
What are some examples of Trade Barriers
Tariff, Quota, Embargo
Anyone know a Key Concept that allows you to get more through trade, where you produce what you are good at and trade for the rest....
Specialization/Comparative Advantage....
A country imposes trade barriers to promote
Protectionism
When you have a comparative advantage, do you produce at a low or high opportunity Cost
A low-----
You are giving up less...
Reasons for Protectionism
Protect domestic jobs, infant industries, and national security...