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Review Chapter 19 and 20 before attempting this week’s discussion
Specialization and Trade: Crash Course Economics #2 (Links to an external site.) [00:09:03] (opens in a new window)
Globalization and Trade and Poverty: Crash Course Economics #16 (Links to an external site.) [00:09:01] (opens in a new window)
Microeconomic concepts are also applicable to international trade. In microeconomics, people always seeking to gain the most possible outcome while giving up fewer resources. People are rational in their choices (choose the best option available) and people are self-interested (choose what gives them the ultimate satisfaction). Similarly, countries trade with one another for economic reasons. Protectionism occurs when a country tries to limit goods being imported into the country, or only allows trading under fairer conditions. It seeks to limit unfair competition from foreign industries. For instance, the United States may feel that Japan or China are undervaluing their own currencies to make exports cheaper, and imposes tariffs on certain goods imported to the country in the case of China and limit imports of certain goods in the case of Japan in the 80s.
Consider the global economy, select a country, and identify a good or a service that you believe gives the country a comparative advantage in producing the good or service.
Discuss the factors that you believe gives the country such an advantage.
In addition, is it better for a country to export more or to import more? Provide your rationale.
Do you think tariffs help or hurt the US economy? Provide your rationale.
Initial Post: 125 words minimum
Citation Requirement: Minimum of one scholarly, peer-reviewed source properly cited and referenced.
The textbook can be used as a reference in addition to one scholarly, peer-reviewed article.
Online sources (e.g., Wikipedia, vlog, blogs) are not scholarly or authoritative sources.
Post at least two substantive responses to your colleagues. Responses could include suggestions for further resources, questions of clarification, or providing context and insight. Avoid simple posts of agreement; if you agree, explain why, and then thoughtfully further the conversation.
Posts need to be made in at least two separate days.
LINK TO WEBSITE: https://openstax.org/books/principles-microeconomics-2e/pages/preface