International Trade Discussion

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These videos are lessen than 10 mins to watch Watch the above videos. Once you have done this click on the above link “International Trade” and create a thread with at least one page answering and explaining the following:What is the difference between comparative and absolute advantage?Visit the following World Factbook (Links to an external site.), select two countries of interest to you (other than U.S.), select the economy section, scroll down and locate at least five of the country’s major exports. Are these exports indicative of an absolute or comparative advantage? Using the same World Factbook Website above, what are the major exports for the U.S. Should we expect goods to be the same price all over the world? What factors might make a Big Mac more expensive in one country relative to another?Visit the debt clock website at http://www.usdebtclock.org/ (Links to an external site.) and locate the on the U.S. Trade Deficit? What is the deficit indicated? In percentage terms approximately how much of this deficit is with China? Visit the following Yahoo Currency Exchanger site (Links to an external site.) and determine how much a $200 dress in N.Y. would cost a British visitor in Pounds? What are the benefits of free trade? Protectionism (e.g. tariffs & quotas)? Which position do you lean toward? Explain your perspective and after you post your narrative, reply to at least two other students comments. Explain why you agree, or better yet, find others that take a different position and explain why you disagree. Also, I need help on making a small reply/comment two student’s work (I will provide it)

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#1:
1) The difference between comparative and absolute advantage is with absolute
advantage you can produce more goods or services than a competitor and with
comparative advantage you produce less goods or services.
2) Australia- 5 major exports are coal, iron, gold, natural gas, and uranium. Comparative
advantage
Brazil- 5 major exports are sugar cane, soybeans, milk, oranges, and rice. Comparative
advantage
3) U.S.- Major exports are crude petroleum, refined petroleum, cars and vehicle parts,
integrated circuits, and aircrafts.
4) We should no expect goods to be the same price all over the world. Factors that
might make a Big Mac more expensive in one country is the price of labor and rent in
the country.
5) The U.S. Trade Deficit indicates the balance of goods traded between the U.S. and
foreign countries.
6) 150.36 pounds
7) The benefits of free trade is it allows domestic consumers to buy from abroad just as
freely as they can buy at home. Protetronism is a policy that discriminates between
domestic and foreign goods and services. I lean towards free trade because it allows us
to buy goods and services from anywhere in the world without having to pay.
#2
What is the difference between comparative and absolute advantage?
Absolute advantage is being able to produce the higher quality goods in comparison to
competition. Comparative advantage is being able to produce a good at a lower
opportunity cost in comparison to the competition.
? Visit the following World Factbook
? (Links to an external site.)
?
? (Links to an external site.)
? (Links to an external site.)
?
? , select two countries of interest to you (other than U.S.), select the economy
section, scroll down and locate at least five of the country’s major exports.
Are these exports indicative of an absolute or comparative advantage?
Denmark
cars, refined petroleum, packaged medicines, crude petroleum, broadcasting equipment
(2019)
Thailand
office machinery/parts, cars and vehicle parts, integrated circuits, delivery trucks, gold
(2019)
I think Thailand would have absolute advantage in cars? Not sure if I followed the right
links.
? Using the same World Factbook Website above, what are the major exports
for the U.S.
United states: refined petroleum, crude petroleum, cars and vehicle parts, integrated
circuits, aircraft (2019)
? Should we expect goods to be the same price all over the world? What
factors might make a Big Mac more expensive in one country relative to
another?
Well that depends on a lot. Supply and demand fist and foremost if there is no demand
the price will lower or the item will not be offered anymore. Supply is dependent on if
whichever country can obtain the the necessary materials or make them. How much
that costs them or how much it costs to import the needed goods will reflect upon how
expensive the “Big Mac” is.
? Visit the debt clock website at http://www.usdebtclock.org/
? (Links to an external site.)
?
? (Links to an external site.)
? (Links to an external site.)
?
? and locate the on the U.S. Trade Deficit? What is the deficit indicated? In
percentage terms approximately how much of this deficit is with China?
U.S trade deficit is: 1,070,846,570,000
About 30.5% of the trade deficit is with China.
? Visit the following Yahoo Currency Exchanger site
? (Links to an external site.)
?
? (Links to an external site.)
? (Links to an external site.)
?
? and determine how much a $200 dress in N.Y. would cost a British visitor in
Pounds?
A $200 dress from N.Y. would cost 150.28 pounds.
? What are the benefits of free trade? Protectionism (e.g. tariffs & quotas)?
Which position do you lean toward? Explain your perspective and after you
post your narrative, reply to at least two other students comments. Explain
why you agree, or better yet, find others that take a different position and
explain why you disagree.
Free trade means people will be able to buy more of a product at a lower cost.
Protectionism would impose tariffs upon those who wanted to purchase purchase goods
from elsewhere. Free trade is as the video suggests not a theory it’s proven. The United
States and Hong Kong are great examples of why free trade are good overall. It helps
keep the economy circulating because free trade will allow consumers to pay cheaper
prices for goods they need.

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international trade

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