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I’m studying for my Economics class and need an explanation.
The United States imports a lot of different things from foreign countries. As we learned in this section, we only import things if the price on the world market is lower than the price at which it could be produced here at home. Consumers love low prices, and consumer’s surplus increases the lower the price is. On the other hand, if we did produce these things here at home, more people would have jobs in the United States…
Would you be willing to pay higher prices so that more people could have jobs? Why or why not?
Would I pay higher prices so more people could have jobs? Absolutely. I often find myself paying more anyways and not really being in money-saving mode. The way I look at this is if more people have jobs, the more will be contributed to our economy. If I’m willing to spend more, I give job opportunities to more people, who will contribute to our economy by being able to spend more money. My answer may have been different if I was on a strict budget but I feel that it is important to lower our unemployment even if it’s just a small amount. The lower our unemployment is, the better our country does economically and as a whole.