Question

Countries are interconnected today as never before. From eating foods from different countries to singing along to songs performed by foreign bands to wearing clothes made in faraway nations, chances are you encounter something or someone from another country on a daily basis. While it may not seem like it as you go about your daily business, governments play a role in your obtaining goods and services from other countries. This unit explores how and why the government might seek to limit or promote trade between countries, as well as other business activities.

Think about the benefits that trade and interconnectedness can bring you as a consumer. Also consider the drawbacks, if any, to this increasing globalization. Should the government care about how much trade the United States undertakes with other countries? When should the government seek to promote trade? When should the government seek to limit trade?

Answer 1

One of the benefits of the interconnectedness is that our products reached other side of the globe along for it to gain more popularity and consequently more consumers. Yes, the government should, we don't want our citizens to be consuming more of the foreign goods and others because this will hurt local producers. 

Answer 2

International trade is necessary for the development of any country. Governments have to be accountable and maintain a balance of intent with different measures and interventions.

Step-by-step explanation:

In a globalised world, interaction with other countries is extremely important. We can either consume goods that are not produced in our country or it would be extremely expensive to obtain them. Trade with other nations helps increase the country's GDP, generates more employment, and increases the profits of companies by entering various international markets.

In terms of international trade governments have to bring a balance, so that their GDP increases exports have to be greater than imports. It has to allow the entrance of foreign goods because if the United States does not do it, the other countries can put restrictions on our goods, harming our GDP, employment and profits.

In general, governments are always in favor of promoting international trade in their products because of the benefits it brings to the country. However, you should be careful not to be too lax in the entry of foreign goods because it could harm domestic goods that are not competitive with foreign ones, resulting in business closures, job losses, and profits. That is why we say how important it is to have a balance in international trade

Have a nice day!