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The Global Economy
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Transcript
Why do States and Nations Trade?
Create Jobs
If we sell more goods globally we will need MORE WORKERS to produce those goods.
CREATE
Fun Fact: It is estimated that 8500 manufacturing jobs are supported by every $1 billion in US exports
OBTAIN GOODS
to OBTAIN goods and services which can't be produced, or produced easily/cheaply.
OBTAIN
Fun Fact: Coffee can only be grown 15 degrees above/below the equator- outside the US.
BUY GOODS
To BUY GOODS at a lower cost or lower opportunity cost.
BUY
Fun Fact: Some Robinson Sweatshirts are made in Honduras
SELL GOODS
To SELL goods and services to other countries
SELL
Fun Fact: The US and Virginia's biggest export partner is Canada
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