All of the SR bands were on the chart before price bounced at the white arrowed points (i.e. no re-painting. And the parameters (see below).
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Hi I'm Adriene Hill and I'm Jacob Clifford and welcome to Crash Course Economics.Today we're going to talk about international trade. So we all know our stuff is from everywhere.Bangladesh, China, Vietnam, China again,but what does it actually tell us about the global economy or the US economy?And who's is benefitting from all this trade. And who's gonna clean all this up?[Theme Music]International trade is the lifeblood of the global economy. Basically when a goodor service is produed in, let's say, Brazil and sold to a person or business in theUS, that counts as an export for Brazil and as an import from US. As you mightexpect, the United States is the world's largest importer because Americans lovetheir stuff. In 2014 Americans import over two trillion dollars worth of stuff,like oil cars and clothing from countries all over the world. And if youlook around your local big box store, it feels like everything is made in China.And we do import a lot of things from China but in terms of both imports, andexports our largest trading partner's not China, it's Canada. The US and Canada tradeover six hundred billion dollars worth of goods and services each year.The US imports a lot from Canada but exports almost as much. In fact, the United States isthe world's second-largest exporter. It sells high-tech things likepharmaceuticals, jet turbines, generators and aircraft to countries all over the world.It also exports intellectual goods like Kanye West albums and Pixar movies aswell as bulk commodities like corn, oil and cotton. The annual difference betweena country's exports and imports is called net exports. So if Brazil exports 250billion dollars worth of goods and imports 200 billion that its net exportsare fifty billion. That means Brazil has a trade surplus. In 2014, net exports inthe usmore negative 722 billion dollars. That's what you call a trade deficit.Some people assume that having a trade deficit is inherently bad. Why does theUS import nearly all of clothing? Why can't we clote ourselves?US producers could easily make more than enough clothing to keep all of usdressed. But they don't because they focus on other things that they're better atproducing. The US buys clothes from other countries because we can get themcheaper than if we made them here. This is the value of international trade. Itdoesn't make sense to make everything on your own if you can trade with othercountries that have a comparative advantage. It's worth mentioning herethat these savings sometimes come with other costs, especially for the peoplewho are producing these goods overseas. Unsafe and unfair working conditions, andenvironmental degradation can be ugly side effects ofinternnational trade. And we're gonna talk about that. For today though let's get a handleon trade deficits. It can seem like exporting would make a country wealthywhile importing would make it poor. After all, if we buy products produced in othercountries than were shipping jobs overseas, right? Well only to an extent.Imagine that I have a choice of buying an American made TV or a TV made inMalaysia. Because of lower labor costs in Malaysia the imported TV cost 0 lessthan the American made one. So I buy the imported TV. That may cost jobs at a TVfactory in the US but I saved 0 by buying the imported TV. And what am Igonna do with those 0? I'm gonna spend them on something I couldn't haveafforded if I bought the US TV. Like maybe taking my
family out to a baseball gameor to a restaurant. That creates jobs in those industries that wouldn't haveexisted if I'd bought the more expensive TV. Economic theory suggests thatinternational trade reshuffles jobs from one sector of the economy to another, likefrom the TV factory to the restaurant. But the quality of these jobs can bemarkedly different. The guy assembling TVs at the US factory was probablymaking a lot more at his manufacturing job before he got reshuffled to the burritoassembly line at Chipotle. Which is just to say all this is really complicatedand what is good in the aggregate is not necessarily good for individuals. Forexample, look at the North American Free Trade Agreement or NAFTA. It wasestablished in 1994 to drop trade barriers between Canada, the UnitedStates and Mexico. Critics point out that NAFTA significantly increased US tradedeficits and they say it decreased the number of manufacturing jobs in manystates, as companies moved out of the US. Proponents of free trade point out thatthe US economy boomed in the 1990's, creating millions of jobs including manufacturing jobs, and that free tradehas decreased the prices of all sorts of consumer goods, from vegetables to cars. So despite the factthat some workers and industries were clearly hurt, economist would tell usNAFTA's had a net positive impact on all three countries. By the way, you knowThought café, the makers of the Thought Bubble? They're Canadian. Thesegraphics are imported. The debate over the value of specific trade agreementscontinues. But it's unlikely that the world's largest economies will return tostrict protectionism. Protectionist policy, like placing high tariffs onimports and limiting the number of foreign goods, usually hurts an economymore than it helps. There are now several organizations designed to eradicateprotectionism, most notably the World Trade Organization or WTO. The WTO has beeneffective in getting countries to agree to specific rules and help settledisputes but it's also been accused of favouring rich countries and not doingenough to protect the environment or workers. Trade between countries dependson the demand for a country's goods, political stability and interest rates,but one of the most important factors is exchange rates. Basically this is howmuch your currency is worth when you trade it for another country's currency.And let's engage in some foreign trade now by going to the Thought Bubble. Suppose theUS-Mexico exchange rate is 15 pesos to the dollar. If an American's on vacation in Mexico and wants tobuy some sunscreen that cost 60 pesos, they'll have to trade four dollars for pesos. Likewise if someone fromMexico is on vacation in the US and wants to buy a t-shirt she will need to exchange 300 pesos fordollars. Now one let's think about what happens if the exchange rate goes up to twentypesos per dollar. Now to buy that 50 peso sunscreen in mexico it'll cost the Americantourist instead of four. We say that the dollar has appreciated. At the sametime the Mexican tourist who wants to buy the t-shirt will need fourhundred pesos instead of 300. It works the same way with imports and exports.When the dollar appreciates, it gets cheaper for US consumers to importforeign goods, and US exports to other countries get more expensive. US importsrise and export fall. On the other handwhat if the exchange rate fell to 10 pesos per dollar? Now to buy thatsunscreen, the american tourist needs . Each dollar has gotten less powerful. Wesay that the dollar has depreciated.
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