Chapter 3 Reflection

1. What are two weaknesses in the buy local argument?

Two weaknesses I found in the buy local argument :

One weakness in the buy local argument is that buying local is an inefficient action to the economy. The video gives an example of how in the past, society was not able to communicate very well because of distance. This lead to inefficient trade because individuals were not able to buy certain products that other countries specialized in.

Another weakness in the buy local argument is that if individuals were to only buy local due to the fact that it is local, it would decrease specialization which ultimately would lead to higher prices and lower variety of choice when trying to buy a product.

1. After watching the video are you still going to make an effort to buy local on occasion?  Why or why not? 

Like it is said in the video, I will try my best to make an effort to buy local if the product is a quality and it is the product that I am looking for. If an individual goes out of their way to purchase a product just because it is local it doesn’t create a healthy economy because the products that are preferred and superior will not receive the revenue.

1. What economic strengths of buy local are not mentioned in the video?

An economic strength that is not mentioned in the video is that when individuals buy local in their community, it helps not only the business that is local but the community as a whole because these businesses can provide sponsorships and give back to the community.

1. From the perspective of Colorado, is trade with Wyoming different from trade with China? Why or why not? Keep in mind that Colorado doesn’t trade with Wyoming.  Individuals in Colorado purchase items produced in Wyoming (coal probably. :-))

From the perspective of Colorado, trade with Wyoming is completely different from trading with China. The difference comes to imports and exports from the United States economy and the Chinese economy. If Colorado were to trade with Wyoming it is similar to buying local but in the country rather than international. This helps the United States economy.