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Intro to Microeconomics_Agnello_Date_022510

Intro to Microeconomics_Agnello_Date_022510 - 3 Textile...

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Summary of Trade - Free trade among people is good - Within the family - Within the Country - Between countries (International) - Each trading partner gets better terms trading than by producing goods himself - This argument is generally accepted within a country - Self sufficiency is rarely practiced although some people advocate and even practice it Groups Involved with Trade 1) Consumers in both countries 2) Producers of goods exported 3) Producers of good which compete with imports 1) i.e. Ford and GM in the US 2) Steel companies
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Unformatted text preview: 3) Textile companies 4) Farmers in Europe For Group #3 Trade is bad because it is a threat (both companies and their workers are against trade)- Consumers everywhere gain +- Producers of exports gain +- Producers competing with imports lose - - ______________________________________________- ∑+ The last two bullets cancel each other out because in the long run exports balance imports for each country Even in the short run exports and imports in the world balance each other out...
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