International Trade
Executive Summary
The purpose of this paper is to prepare a speech that will be provided to a number of reporters that are not well versed with economics. In this paper I will put emphasis on international trade and foreign exchange rates and how those affect the GDP, domestic markets, and students. I will also outline some of the benefits on goods and services that are imported from other countries and how those contribute to our economy in the United States.
International Trade to GDP
In order to understand international trade it is important to recognize what the effects of international trade have on the GDP, domestic markets and university students. International trade is essentially when two or more countries exchange goods and services. Many countries export their goods and services to other countries and in turn may also import goods and services from other countries into their own.
There have been exceptional achievements with technology, which have made it much easier to trade on an international level. The communication, as a result of these technology advancements, has improved exponentially and it has truly simplified this process. With that being said it can be confirmed that international trade has a profound effect on the GDP, domestic markets and even university students like me.
There are many countries that are rich in technology, like China and Japan, and others that have bountiful natural resources, like Iraq, that have a weighty impact on us specifically. The U.S. is one of the largest contributors to international trade and in fact our GDP is overwhelmingly impacted because we are huge import consumers. We rely heavily on products from other countries and import much more than what we export. This not only impact our GDP, thus lowering it since we are importing more than exporting, and also has an impact on our domestic markets because we are purchasing more from countries abroad. For a university student considering opening a
The purpose of this paper is to prepare a speech that will be provided to a number of reporters that are not well versed with economics. In this paper I will put emphasis on international trade and foreign exchange rates and how those affect the GDP, domestic markets, and students. I will also outline some of the benefits on goods and services that are imported from other countries and how those contribute to our economy in the United States.
International Trade to GDP
In order to understand international trade it is important to recognize what the effects of international trade have on the GDP, domestic markets and university students. International trade is essentially when two or more countries exchange goods and services. Many countries export their goods and services to other countries and in turn may also import goods and services from other countries into their own.
There have been exceptional achievements with technology, which have made it much easier to trade on an international level. The communication, as a result of these technology advancements, has improved exponentially and it has truly simplified this process. With that being said it can be confirmed that international trade has a profound effect on the GDP, domestic markets and even university students like me.
There are many countries that are rich in technology, like China and Japan, and others that have bountiful natural resources, like Iraq, that have a weighty impact on us specifically. The U.S. is one of the largest contributors to international trade and in fact our GDP is overwhelmingly impacted because we are huge import consumers. We rely heavily on products from other countries and import much more than what we export. This not only impact our GDP, thus lowering it since we are importing more than exporting, and also has an impact on our domestic markets because we are purchasing more from countries abroad. For a university student considering opening a
References: Colander, D.C. (2010). Macroeconomics. (8th ed.). Boston, MA: McGraw-Hill/Irwin. United States Department of Labor. (n.d.). Bureau of Labor Statistics. Retrieved from http://www.bls.gov/eag/eag.us.htm. Trading Economics. (2012). United States Consumer Confidence. Retrieved from http://www.tradingeconomics.com/united-states/consumer-confidence. CBS NEWS. (n.d.). US Consumer Spending Up, but Income Lags. Retrieved from http://www.cbsnews.com/8301-500395_162-57406993/us-consumer-spending-up-but-income-lags/. Appelbaum, B. (March 2012). The New York Times: As Fed Officials Prepare to Meet, They Await Clearer Economic Signals. Retrieved from http://www.nytimes.com/2012/03/12/business/as-fed-meeting-nears-it-awaits-clearer-economic-signals.html?ref=interestrates.