Essay on MichaelBrevard ECO3028 12 Week 11

Submitted By Trut-No H
Words: 509
Pages: 3

1. One concept that I found to be important in chapter 32 of the textbook is International Trade. I believe that international trade is important because it allows the exchange of goods and services between many different countries. International trade affects my life because it allows me the chance to purchase items from around the world that would otherwise be unavailable.
2. Comparative Advantage is another concept that I found to be important. I believe comparative advantage is important because it allows me the opportunity to produce something at a lower cost than others. Comparative advantage affects my life by saving me money. I believe it also gives someone the opportunity to make more money off of the items they are producing because they save more money producing it.
3. I found the concept of domestic jobs to be an important concept as well. Without domestic jobs many more people in the U.S. would be without work.
4. Free trade is another important concept I found in chapter 10. With free trade we take the risk of accidentally developing new diseases. Due to genetic engineering many humans and animals could be harmed by tainted food that was meant for their consumption.
5. In chapter ten the Quota system was an important concept I learned about. I found the Quota system to be important to me because it imposes restrictions on what another country can sell in the U.S. I believe having this restriction helps in the long run by saving jobs for U.S workers.
6. I have heard people speak of doing everything in house basically production without trade. This chapter helps me understand that this would lower our production as a whole. This would actually make the economy worse instead of better. I use to believe if we did everything ourselves this would help create more jobs but the lost in profit would actually decrease jobs making things worse.