S E15: International Trade - Cars from Corn
Think Like An Economist
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Imports Help Us Pay Less for Things
Economists tend to focus on the fact that trade makes the pie bigger. But we also have to think about the size of the slices and who gets them. Imports help us pay less for things because it empowers consumers to seek out a better deal from abroad. When we open up the economy to imports, prices go down and consumers benefit. Domestic producers and therefore domestic workers, can lose out.
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