Global Trade

Dr. Forrester discusses the basics of economics, focusing on global trade. The video covers the history of trade, from ancient times to modern global trade, highlighting the benefits and challenges. It explains how global trade allows access to products not available locally and discusses the economic opportunities it creates. The video also addresses the disadvantages, such as supply and demand issues and geopolitical conflicts. Overall, global trade is presented as a positive force in the world economy.

Which of the following terms is NOT discussed in the introduction to economics?

• Inflation

• Producer

• Consumer

• Supply

What is one of the main benefits of global trade mentioned in the video?

• Higher prices for local goods

• Access to products not available locally

• Increased local production

• Reduced need for transportation

Why does the United States import oil from other countries?

• To support foreign economies

• To increase local oil prices

• To meet the high demand for oil

• To reduce global oil supply

What is a potential disadvantage of global trade?

• Increased local employment

• Decreased variety of products

• Stable product prices

• Supply disruptions due to conflicts

Which of the following is NOT listed as a product commonly traded globally?

• Vehicles

• Electronics

• Medical equipment

• Textiles