1. What is the sale price of an item that is $179.99 and is 15% off?

2. $179.99 * 0.15 (15%) = $26.9985 -> $27.00 $179.99 - $27.00 = $152.99 The sale price of the item would be $152.99

3. Bell Ringer Fashion and Economics Lecture Quizlets Flash Cards

4. Explain how globalization has affected the fashion industry. Describe the impact of the fashion industry on the US and world economies. Explain the relationship between supply and demand.

5. Globalization Imports Exports Balance of Trade Supply Demand Profit Trade Quotas

6. The increasing integration of the world economy. Countries are no longer limited by their own borders. Citizens of most countries are able to shop for and enjoy products from around the world.

7. CountryShopping Trips per YearAverage Spent Per Year United States22$1,044 United Kingdom18$1,144 Germany16$1,312 Hong Kong16$1,260 Korea15$520 Taiwan11$1,000 France11$856 Ital11$852 Japan8$884 Brazil7$776

8. Globalization has created increased competition between countries in the manufacturing sector on fashion. Countries with lower wages have an advantage over countries with high wages. Many foreign governments offer incentives, such as favored status and tax exemptions to make their country more appealing to manufacturers/

9. Average Cost to Make a T-Shirt in America: $11 Average Cost to Make a T-shirt in China: $2

10. Textiles and trade have been a major issue in US trade arrangements with a number of countries and regions. Trade  involves imports, exports, and exchanges for money.

11. Imports  Goods that come into a country from foreign sources or goods that a country buys from other countries. The United States is the largest consumer market of apparel goods in the world, yet only 3% of our apparel in made in the United States.

12. Exports  Goods that a country sends to a foreign source or goods that a country sells to other countries.

13. The relationship between a country’s imports and exports, and it affects the economic health of a country. A trade deficit occurs when a country imports more goods than it exports. The United States has a large trade deficit US exports of $183.3 billion and imports of $225.3 billion resulted in a goods and services deficit of $42.0 billion. A trade surplus occurs when a country sells more goods to other countries than it buys. China has a trade surplus. China reported a trade surplus equivalent to 26.7 Billion USD in August of 2012.

14. Free trade exists when a government allows products to move freely across its borders.

15. The North American Free Trade Agreement is between the US, Canada, and Mexico. Enables free trade by eliminating or reducing tariffs, or fees, for trading goods. The World Trade Organization is an international organization that promotes and enforces trade laws and regulations. 145 member countries

16. US consumers spend $275 billion every year on apparel. Includes: $3 billion on slacks or pants $5.7 billion on shirts or blouses $370 million in sweaters

17. Approximately 1 million employees work in the US textile segment representing 6% of all US manufacturing industries.

18. The law of supply and demand affects pricing in the fashion industry. Supply  Quantity of product offered for sale at all possible prices. Demand  The consumer’s willingness and ability to buy and/or use products.

19. If supply is up and the demand is low then the price will decrease. If the supply is low and the demand is high then the price will increase.