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Fashion and Economics

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... organization that promotes trade laws and regulations Works to reduce barriers in trade International Fashions Fashions produced in China with fabric made in ... – PowerPoint PPT presentation

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Title: Fashion and Economics


1
Fashion and Economics
2
Globalization
Country Trips/YR /YR
US 22 1044
UK 18 1144
Germany 16 1312
Hong Kong 16 1260
Korea 15 520
Taiwan 11 1000
France 11 856
Italy 11 852
Japan 8 884
Brazil 7 776
  • The increasing integration of the world economy
  • Check your
  • labels.where
  • are your clothes
  • from?

3
Global Competition
  • Increased competition among countries
  • Labor is a major component of production
  • Government incentive

4
Balance of Trade
  • Import goods that come into a country from
    foreign sources or goods that a country buys from
    another country
  • Export goods that a country sends to a foreign
    source or goods that a country sells to other
    countries
  • Balance of Trade relationship between a
    countrys imports and exports

5
Balance of Trade
  • Trade deficit more imports than exports
  • Trade Surplus country sells more goods than it
    buys or imports
  • US has a large trade deficit
  • Japan has a large trade surplus

6
Trade Agreements
  • NAFTA North American Free Trade Agreement
  • Between US, Mexico, and Canada
  • Designed to eliminate or reduce tariffs (fees)
    for trading goods
  • WTO World Trade Organization
  • International organization that promotes trade
    laws and regulations
  • Works to reduce barriers in trade

7
International Fashions
  • Fashions produced in China with fabric made in
    India with buttons from Bali
  • Designed by a designer in France
  • Modeled on runways in Milan and Paris
  • Purchased in NYC to wear to a trendy party

8
What do you think the effect of the Internet has
had on international fashion?
9
Supply and Demand
  • Supply is the quantity of product offered for
    sale at all possible prices
  • Demand is the consumers willingness and ability
    to buy and/or use products
  • Interaction between these 2 factors cause
    surplus, shortage, or equilibrium
  • Supply and demand play a major role in the
    pricing of a product

10
Profit
  • Money a business makes after all costs and
    expenses are paid
  • The motivation to do business
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