International Trade Ch. 16

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Presentation transcript:

International Trade Ch. 16 Economics Bennett

Why Trade? Exports (Outgoing – Sell - Supply) Imports (Incoming - Buy - Demand) Absolute Advantage: When a country can produce more of a product than another country Comparative Advantage: When a country can produce a product more Efficiently, or at a lower opportunity cost.

Barriers to Trade Tariff: Quota: A tax placed on an Imported product Quota: Limit on the amount of a good that is allowed in a country Nationalism / Country pride vs. protecting jobs in an economy Personal preference…some people want the cheapest item regardless of how or where it was made Walmart

NAFTA North American Free Trade Agreement CAFTA: Reduced tariffs & promote trade amongst USA, Mexico, & Canada. CAFTA: Central American Free Trade Agreement

Trade Deficits & Surpluses Occurs when a country’s value of imports exceeds the value of their exports. Trade Surplus: Occurs when a country’s value of exports exceeds the value of imports. All dependent on the value of the dollar internationally.