Question
Below is the question I am answering. Globalization and international trade provide many benefits to the U.S. economy, the U.S. population, and you as an
Below is the question I am answering.
"Globalization and international trade provide many benefits to the U.S. economy, the U.S. population, and you as an individual. Using the economic theories discussed in this module, explain one advantage of globalization to the U.S. economy, one advantage to the U.S. population, and one advantage to you. Include at least one graph to illustrate each of the advantages you discuss. Be sure to include source information for your graphs. "
This is my response to the advantages however I am having a hard time trying to graph these advantages as asked for in the problem above. Could someone please help me graph what low unemployment, high wages, and low product costs. I believe that is what the question is asking for unless i am not understanding the question correctly. Thank you for the help!!
Free trade agreements can be extremely beneficial for not only the economy but for the population as well. In the 1990's the U.S. negotiated and signed the North American Free Trade Agreement. This agreement was between the United States, Mexico, and Canada. There were plenty of people who feared that signing a free trade agreement with Mexico would lead to the elimination of jobs. However, for the next 6 hears after signing the NAFTA, there was the lowest unemployment rates and rapid job growth the U.S. has ever seen (Greenlaw, 2019).
Trade could potentially affect wages both positively and negatively. Workers who find themselves in industries that are in competition with imported products could be impacted negatively with their wages. However, as globalization continues to expand and international trade becomes larger, those workers in industries that are associated with selling in global markets will find that there is a demand for their labor so trade will raise their wages (Greenlaw, 2019)
Globalization creates an advantage for me by allowing companies to produce products at a lower cost. It also allows for global competition which keeps prices down and creates a variety of options for consumers to choose from. This will let me have multiple options to choose from when purchasing a product and it keeps the product cost low.
I really need help with the graph portion please!!!
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