Question: This week, in Chapter 9, we learned about international trade. International trade is often a contentious issue with loud vocal opponents and proponents of trade. Interestingly, we don't witness the same passion when discussing trade among individuals or states. The same economic analysis, however, can be applied to individuals within a community or between states and regions within a country. Even more, the benefits that individuals and states reap from trading with each other are the same benefits countries reap from trade. This week discussion will explore these similarities.
In the main discussion post respond to the following questions:
• If the state you live in were cut off (economically) from the rest of the country and world, what do you think would happen to your quality of life? Consider the following questions as you draft your response (you do not need to respond directly to them). Would you be able to buy all the foods and products you currently enjoy? Would the price of certain products increase or decrease? Would you have the same variety of products (cell phones, TVs, cars, etc.)? Remember, you are cut-off from everyone outside your state, so everything you consume must come from within your state. That is, there is no cross-state or international trade.
• Can you think of an example or examples currently or historically of countries that have been more or less cut off from trading with the rest of the world? How does the quality of life compare in these countries as compared to those with more open trade?