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Lecture Essentials of economics (3/e): Chapter 16 - Brue, McConnell, Flynn

Chapter 16 - International trade and exchange rates. In this chapter we will take a look at some key facts about international trade and then start evaluating international trade using comparative advantage. We will also use demand and supply curves to explain how countries determine which goods they will import, which goods they will export, and the price that is charged for these goods. | Chapter 16 International Trade and Exchange Rates McGraw-Hill/Irwin Copyright © 2014 by The McGraw-Hill Companies, Inc. All rights reserved In this chapter we will take a look at some key facts about international trade and then start evaluating international trade using comparative advantage. We will also use demand and supply curves to explain how countries determine which goods they will import, which goods they will export, and the price that is charged for these goods. Lastly we will look at trade barriers and how they impact the outcomes of international trade. Trade Facts U.S. trade deficit in goods $646 billion in 2010 U.S. trade surplus in services $146 billion in 2010 Canada largest U.S. trade partner Trade deficit with China $273 billion in 2010 Dependence on oil LO1 16- International trade is a key component in most nations’ economies. It is what allows countries to grow. Without it, a nation might not have access to a key resource or a way to exchange its own key resources for other items needed. The U.S. economy has thrived on international trade throughout its history. In one sense, the United States was founded on the very basis of international trade as Christopher Columbus discovered the new world while looking for a new route to engage in international trade. We can understand why Canada is our largest trading partner given the fact that we share a lengthy border that facilitates trade. The trade deficit with China has been decreasing in recent years as their economy grows, providing the citizens with more disposable income with which to purchase imported items coming from the United States. Our dependence on foreign oil still causes concerns in many sectors because if the supply was disrupted for any reason, it could cause severe supply shocks in the economy. Trade Facts Principal U.S. exports include Chemicals Agricultural products Consumer durables Semiconductors Aircraft United States provides about 8.5 percent of world’s exports | Chapter 16 International Trade and Exchange Rates McGraw-Hill/Irwin Copyright © 2014 by The McGraw-Hill Companies, Inc. All rights reserved In this chapter we will take a look at some key facts about international trade and then start evaluating international trade using comparative advantage. We will also use demand and supply curves to explain how countries determine which goods they will import, which goods they will export, and the price that is charged for these goods. Lastly we will look at trade barriers and how they impact the outcomes of international trade. Trade Facts U.S. trade deficit in goods $646 billion in 2010 U.S. trade surplus in services $146 billion in 2010 Canada largest U.S. trade partner Trade deficit with China $273 billion in 2010 Dependence on oil LO1 16- International trade is a key component in most nations’ economies. It is what allows countries to grow. Without it, a nation might not have access to a key resource or a way to exchange its own key