Imports, Exports, and Exchange Rates: Crash Course Economics

The video explores international trade, highlighting its role in the global economy. It discusses the US as a major importer and exporter, with Canada as its largest trading partner. The concept of net exports is explained, along with trade deficits and their implications. The video delves into comparative advantage, showing why countries import goods. It examines the impact of trade on jobs, using NAFTA as a case study. Exchange rates and their effect on trade are analyzed, along with the balance of payments, illustrating the flow of goods and money.

What are some of the criticisms of the World Trade Organization (WTO)?

How do exchange rates affect international trade?

What is the balance of payments and why is it important in international trade?

In what ways can international trade lead to both winners and losers within an economy?