February 2016
Intermediate to advanced
504 pages
20h 37m
English
Content preview from Economics, 11th Edition
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CHAPTER 16International Trade
Economic activity is highly globalized. In today's world, it is not unusual to hop a plane to do business in Singapore; for a middle-level corporate manager to work closely with subsidiaries around the world; or to furnish our homes with rugs, art, and furniture from Africa, South America, or Asia. One way to quickly see how globalized economic activity has become is to open your closet and scan the labels on your clothes showing where they were manufactured.
International economics is about the movement of goods and services as well as financial transactions among nations. Medical and disaster aid, military activity, overseas investments, and the import and export of goods such as oil, wine, grain, and automobiles are all relevant to international economics.
This chapter introduces some important topics that relate to international trade or the movement of goods and services between nations. It begins with an overview of U.S. international trade, including major traded products and important trading partners. Comparative advantage, a basic theory that underlies international trade, the great debate in ...
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