Microeconomics
Look anywhere around your home or office and you are sure to find products from every corner of the world. Even products that may be labeled as "Made in (fill in the blank)" are generally assembled from components made in many other countries. The grocery store is another excellent place to observe the phenomenon of global trade. Let's discuss this!
- Identify one product in your home that is made elsewhere. Why was this product imported? (Hint: think comparative advantage and mutual gains from trade)
- Some oppose free trade. What are their reasons and how does this apply to the product you identified in our first prompt?
- If a trade restraint (i.e. a quota or tariff) were imposed on the product you identified what affect do you think this would have had on you and your purchase?