4. Notice that there is little mention of the U.S. importing food or agriculture. What does that say about America’s farmers? 5. Why do so many of Mexico’s and Canada’s exports go to the U.S? What problems could that create for their economies? econedlinkwww.econedlink.orgCoppright Council for Economic EduCOUNCIEconcEducaoming and Going: Imports and Exports Throughout the WorldN pnaFurther background:China primarily exports electrical equipment. This would include computers and optical andmedical equipment. It's also a big exporter of low-cost apparel, fabric, and textiles. A lot ofChina's exports are manufactured products made for U.S. companies. These companies payto ship raw materials to China. There the low-cost factory workers process the materialsinto the final product. The top import categories in 2017 were: electrical machinery ($147billion), machinery ($110 billion), furniture and bedding ($32 billion), toys and sportsequipment ($26 billion), and plastics ($16 billion).Almost 75 percent of Canada's exports go to the United States. Canada has abundantsupplies of oil, gas, and uranium. Its main exports include oil, vehicles and wood. The topimport categories in 2017 were: mineral fuels ($73 billion), vehicles ($56 billion), machinery($21 billion), special other (returns) ($14 billion), and plastics ($11 billion).Mexico sends even more of its exports to the United States (78 percent). Mexico's No. 1export is manufactured products, for many of the same reasons as China. Its main exportsare vehicles, machinery (including computers), oil and furniture and bedding. The topimport categories in 2017 were: vehicles ($84 billion), electrical machinery ($62 billion),machinery ($54 billion), optical and medical instruments ($14 billion), and mineral fuels($11 billion).Japan's biggest export to the United States is fuel-efficient and reliable automobiles, likeToyotas and Hondas. It also supplies machinery, medical instruments, and aircraft parts.The top import categories in 2017 were: vehicles ($51 billion), machinery ($31 billion),electrical machinery ($17 billion), optical and medical instruments ($6.7 billion), and aircraft($4.0 billion).Germany's biggest export to the United States is high-end automobiles, like BMW, Porsche,and Mercedes-Benz. It also exports pharmaceuticals, machinery, and equipment. Germanyexported more to the U.S. than any other country it trades with. In 2017 the top importcategories were: 20% vehicles, 9.3% packaged medicines, and 4.9% vehicle parts. Anincreasing number of German cars are being assembled in the U.S.The U.S. exports a lot of soybeans, meat and poultry to the world. America is the numberone producer of civilian aircraft and aircraft engines. The U.S. exports a lot of auto parts,engines and car tires to assembly plants in other countries (Canada and Mexico mostly). Inaddition, the U.S. exports crude oil, fuel and other petroleum products like chemicals.• The U.S. is both an importer and exporter of crude oil for two reasons. First, not all crudeoil is the same and some of the crude produced in the U.S. is better suited for products inother countries. Second, not all of the U.S. produced petroleum products can get to allparts of the U.S. efficiently. The oil is refined in the middle of the country but pipelinesdon't always reach the coasts (especially Florida, New England and Oregon).(Source: U.S. Census)econedlinkwww.econedlink.orgCopyright Council for Econamic FduCOUNCIoming and Going: Imports and Exports Throughout the WorldЕсonEducaNeeDirections: Use your understanding of specialization and comparative advantage to answer thefollowing questions.1. Why does China specialize in making low cost apparel and the U.S. specialize in civilianaircraft?

Question

4. Notice that there is little mention of the U.S. importing food or agriculture.  What does that say about America’s farmers?  5. Why do so many of Mexico’s and Canada’s exports go to the U.S?  What problems could that create for their economies? econedlinkwww.econedlink.orgCoppright Council for Economic EduCOUNCIEconcEducaoming and Going: Imports and Exports Throughout the WorldN pnaFurther background:China primarily exports electrical equipment. This would include computers and optical andmedical equipment. It's also a big exporter of low-cost apparel, fabric, and textiles. A lot ofChina's exports are manufactured products made for U.S. companies. These companies payto ship raw materials to China. There the low-cost factory workers process the materialsinto the final product. The top import categories in 2017 were: electrical machinery ($147billion), machinery ($110 billion), furniture and bedding ($32 billion), toys and sportsequipment ($26 billion), and plastics ($16 billion).Almost 75 percent of Canada's exports go to the United States. Canada has abundantsupplies of oil, gas, and uranium. Its main exports include oil, vehicles and wood. The topimport categories in 2017 were: mineral fuels ($73 billion), vehicles ($56 billion), machinery($21 billion), special other (returns) ($14 billion), and plastics ($11 billion).Mexico sends even more of its exports to the United States (78 percent). Mexico's No. 1export is manufactured products, for many of the same reasons as China. Its main exportsare vehicles, machinery (including computers), oil and furniture and bedding. The topimport categories in 2017 were: vehicles ($84 billion), electrical machinery ($62 billion),machinery ($54 billion), optical and medical instruments ($14 billion), and mineral fuels($11 billion).Japan's biggest export to the United States is fuel-efficient and reliable automobiles, likeToyotas and Hondas. It also supplies machinery, medical instruments, and aircraft parts.The top import categories in 2017 were: vehicles ($51 billion), machinery ($31 billion),electrical machinery ($17 billion), optical and medical instruments ($6.7 billion), and aircraft($4.0 billion).Germany's biggest export to the United States is high-end automobiles, like BMW, Porsche,and Mercedes-Benz. It also exports pharmaceuticals, machinery, and equipment. Germanyexported more to the U.S. than any other country it trades with. In 2017 the top importcategories were: 20% vehicles, 9.3% packaged medicines, and 4.9% vehicle parts. Anincreasing number of German cars are being assembled in the U.S.The U.S. exports a lot of soybeans, meat and poultry to the world. America is the numberone producer of civilian aircraft and aircraft engines. The U.S. exports a lot of auto parts,engines and car tires to assembly plants in other countries (Canada and Mexico mostly). Inaddition, the U.S. exports crude oil, fuel and other petroleum products like chemicals.• The U.S. is both an importer and exporter of crude oil for two reasons. First, not all crudeoil is the same and some of the crude produced in the U.S. is better suited for products inother countries. Second, not all of the U.S. produced petroleum products can get to allparts of the U.S. efficiently. The oil is refined in the middle of the country but pipelinesdon't always reach the coasts (especially Florida, New England and Oregon).(Source: U.S. Census)econedlinkwww.econedlink.orgCopyright Council for Econamic FduCOUNCIoming and Going: Imports and Exports Throughout the WorldЕсonEducaNeeDirections: Use your understanding of specialization and comparative advantage to answer thefollowing questions.1. Why does China specialize in making low cost apparel and the U.S. specialize in civilianaircraft?

Accepted Answer

As economies and societies developed, the study of economics got more complicated. Hence, as a…