Are you for or against free trade? Are you for or against NAFTA? What is the eco

Question

Are you for or against free trade? Are you for or against NAFTA? What is the economic basis for trade? Explain the underlying facts that support free trade and give an example of a good that you purchased recently that is based on resource differences. What are some examples of goods that the United States has comparative advantage in producing? Take a look at the tag of the shirt/dress/pants that you are wearing today. Where was it made? Anyone wearing Made in U.S.A. items of clothing today? We sometimes hear people say Buy American. Why don't we? What is the basis of international trade? What are the benefits and the costs? Under what conditions would you advocate for trade restrictions?

Explanation / Answer

Free Trade- is a policy adopted by some international countries in which there is no restriction on Import from any country or Export to any country. I am in favor of free trade as to some extent it is good.

NAFTA- The full form is 'North American free trade agreement'. NAFTA is an agreement signed by Mexico, Canada and U.S that regulates the trade between these three countries. It establishes the rules of commerece between these countries. NAFTA has eliminated almost all the tariffs and non-tariff barriers to free trade. As the NAFTA is formed, the trade and investment activities have increased in North America.

Underlying Facts- The facts, people are buying from the place that is having comparative advantage in producing that product/material, that is why the product is available on chepaer rates there. I have not purchased any product based on that so far.

Example of Goods- US has comparative advantage in Medicines in Pharma industry,

I am wearing shirt made in China, No I don't see anyone wearing any items that is made in U.S.A.

Basis of International trade are Cost benefit, because there are no or less tariff barrires in free trade so goods is available at cheaper rates that gives benefits to the customers.

Yes, I would like to go with trade restriction as it helps consumers from harmful products and goods.

Related Questions

Navigate

• Browse (All)
• Browse A
• Subjects

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.