Manufacturing to Services

Economics: Lesson 165 If Americans 'buy Asian,' what can Asian exporters do with the dollars? Politicians have trained the public to believe that a manufacturing country is more wealthy. This is true, and the Industrial Revolution is the perfect example of this. But what happens when a nation gets exceedingly rich? It shifts from manufacturing …

Tariffs, Imports & Exports

Economics: Lesson 65 "Does a tariff on imports also reduce exports?" Tariffs are sales taxes disguised as tools to save jobs. They are used to protect producers from competitive foreign markets and make it more difficult for the country to import foreign goods. This is great for the producers but bad for the customers. Now …