Comparative and Absolute Advantage in International Trade

see attachment below for more information.GEL-1.2: Demonstrate college-level communication through the composition of original materials in Standard English.PC-4.1: Assess the value of multiculturalism and diversity in a global environment.

Advantages and Disadvantages of Continued Importation and Acceptance of Foreign-Made Goods into the US Market

Industrialization and the improvement in the trade, as well as the resultant reduction of trade barriers over the past decades, have seen significant changes within the industrial and trading sectors globally. Other countries such as Japan and India have joined the US in becoming economic powerhouses. In these countries, the access to cheap labor is high as workers are willing to work for more extended hours and at relatively lower wages given that the employment rules in these countries are not as strict as in the United States. The production of goods in these countries is relatively cheaper compared to the U.S. hence the need for America to import these cheaply produced goods (Olivei, 2002). The American works are not willing to work for reduced wages as well as in substandard environments………

 APA 1055 words