Chapter 3 Interdependence and the Gains from Trade

This chapter reinforced the term opportunity cost which is what we give up to get something else. I see this in my life as I struggle with time with my family vs. the time to do certain chores and work such as home or vehicle maintenance. These are things I enjoy doing when I have time which was more prevalent before our child. I have a hard time justifying the time away from the family to repair the car versus the cost of the repair by someone other than me.

International trade is older in this Country than the Country itself. Timber and other products were traded and shipped as soon as possible from the "new" world. It has allowed the United States and other countries to have economic advances which has led us to where we are now with trade. There are many horrific situations occurring in the world from the requirements of international trade and these should be a priority to the consumers and producers, however the global benefits the citizens of many countries have experienced, I believe is worth the cost of trading overseas, land and in the sky. Cultural differences and political unrest are factors to be aware of in global markets along with many other vectors.

I'll continue to try and support my local economy as much as possible by shopping local and supporting the local businesses. I'll also always be looking to support companies and products that reflect and magnify my beliefs and opinions. I do not feel overly concerned that TV's produced in South Korea are cheaper than an American made TV if there even is one. We have chose to not produce TV's and compete with other countries but to use our resources elsewhere in the economy.

I am currently shopping for a laptop and honestly where the computer is made is of little relevance to my final decision. The specs, design and price are the biggest deciding factor to me. I just assume that any decent laptop in the price point I want  could not be built in the US at this time. There are a few companies which do manufacture some products here but the vast majority of laptops are made overseas. I could trade my money, less in the terms of specs or design and get something made in the United States but I do not see any benefit from doing this.