In this assignment, you will be assessed based on the following Outcomes: GEL-1.02:
Demonstrate college-level communication through the composition of original materials in Standard English. PC-4.1: Assess the value of multiculturalism and
diversity in a global environment. In this assignment, you will conduct the appropriate research to answer the assigned questions and create a 3-4-page expository
research paper. Assignment An effective understanding of economics forms the foundation of every manager’s, entrepreneur’s, bureaucrats, and leader’s ability to analyze business situations and to develop an appropriate response.
The globalization of business is a fact of life for all business professionals. One of the most contentious issues in today’s global business world is the issue of closing local manufacturing facilities, laying off those American workers, and re-opening the same manufacturing facility in an Asian, or other third world country. Look in
your own closet at the clothes you have purchased. Pick any 10 items of clothing and look at the labels in those clothes. Where were they manufactured?
How many of the 10 items were manufactured here in America? If that same exercise had been done 50 years ago, (approximately the 1970s), all the clothes you owned would have been manufactured in textile mills in the Southeastern United States (Georgia, Alabama, Mississippi, North Carolina, South Carolina, etc.).
Look at any 10 items around your home that you have purchased in the last year. Where were they made? How many were made in America, compared to how
many were foreign made? What things does America export to other countries? What things does America import from other countries? How does what you have
learned about Comparative Advantage affect this trade? Currently there is a lot of talk among politicians about imposing tariffs on foreign made products imported
into the U.S. and retaliatory tariffs imposed by foreign countries on U.S. made goods. What is a tariff? Who ultimately pays the tariff? Who gets the proceeds from the tariffs?
What is the money used for? Discuss the advantages and disadvantages to all involved parties (American workers, American consumers, foreign workers, and foreign consumers) of tariffs on imports to the U.S. and retaliatory tariffs imposed by foreign countries on U.S. made goods. In considering the foreign trade issue,
discuss how the background, education and cultures of the people in the U.S. and the cultures in each trading country affects their understanding of the importance
of foreign trade. Discuss the importance of your ability to understand and accept multiple cultural differences in a global context. What recommendations would you suggest to increase American understanding and acceptance of foreign cultures?
Comparative advantage
is a concept in economics that states that countries should specialize in producing goods or services in which they have a lower opportunity cost compared to other countries. It is based on the idea that countries can benefit from trade by focusing on the production of goods or services that they can produce more efficiently or at a lower cost.
In the context of trade, understanding comparative advantage helps in analyzing and determining the patterns of trade between countries. When countries specialize in producing goods or services in which they have a comparative advantage, they can maximize their production efficiency and allocate resources more effectively. This leads to increased productivity, economic growth, and overall welfare.
Comparative advantage affects trade by influencing the types of goods and services that countries export and import. Countries tend to export goods or services in which they have a comparative advantage, as they can produce them more efficiently and at a lower cost. On the other hand, countries import goods or services in which other countries have a comparative advantage.
By embracing comparative advantage, countries can engage in mutually beneficial trade relationships. They can trade goods and services that they can produce more efficiently for those that other countries can produce more efficiently. This allows countries to access a wider variety of goods and services at lower prices, improving consumer welfare and promoting economic growth.
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