what is the sale price of an item that is $179.99 and is 15% off?
TRANSCRIPT
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Bell Ringer
What is the sale price of an item that is $179.99 and is 15% off?
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Bell Ringer Answer
$179.99 * 0.15 (15%) = $26.9985 -> $27.00
$179.99 - $27.00 = $152.99
The sale price of the item would be $152.99
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Agenda
Bell RingerFashion and Economics LectureQuizlets Flash Cards
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Learning Targets
Explain how globalization has affected the fashion industry.
Describe the impact of the fashion industry on the US and world economies.
Explain the relationship between supply and demand.
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Vocabulary
Globalization ImportsExportsBalance of TradeSupplyDemandProfitTrade Quotas
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Globalization
The increasing integration of the world economy. Countries are no longer limited by their own
borders. Citizens of most countries are able to shop for and enjoy products from around the world.
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Apparel ShoppingCountry Shopping Trips per Year Average Spent Per Year
United States 22 $1,044
United Kingdom 18 $1,144
Germany 16 $1,312
Hong Kong 16 $1,260
Korea 15 $520
Taiwan 11 $1,000
France 11 $856
Ital 11 $852
Japan 8 $884
Brazil 7 $776
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Global Competition
Globalization has created increased competition between countries in the manufacturing sector on fashion. Countries with lower wages have an advantage
over countries with high wages.Many foreign governments offer incentives,
such as favored status and tax exemptions to make their country more appealing to manufacturers/
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Global Competition
Average Cost to Make a T-Shirt in America: $11
Average Cost to Make a T-shirt in China: $2
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The Balance of Trade
Textiles and trade have been a major issue in US trade arrangements with a number of countries and regions. Trade involves imports, exports, and exchanges
for money.
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The Balance of Trade
Imports Goods that come into a country from foreign sources or goods that a country buys from other countries.
The United States is the largest consumer market of apparel goods in the world, yet only 3% of our apparel in made in the United States.
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The Balance of Trade
Exports Goods that a country sends to a foreign source or goods that a country sells to other countries.
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The Balance of Trade The relationship between a country’s imports and exports,
and it affects the economic health of a country. A trade deficit occurs when a country imports more goods
than it exports. The United States has a large trade deficit US exports of $183.3 billion and imports of $225.3 billion
resulted in a goods and services deficit of $42.0 billion. A trade surplus occurs when a country sells more goods to
other countries than it buys. China has a trade surplus. China reported a trade surplus equivalent to 26.7 Billion USD in
August of 2012.
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Trade Agreements and Restrictions
Free trade exists when a government allows products to move freely across its borders.
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NAFTA and WTO
The North American Free Trade Agreement is between the US, Canada, and Mexico. Enables free trade by eliminating or reducing
tariffs, or fees, for trading goods.The World Trade Organization is an
international organization that promotes and enforces trade laws and regulations. 145 member countries
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Impacts on Domestic Economy
US consumers spend $275 billion every year on apparel.
Includes: $3 billion on slacks or pants $5.7 billion on shirts or blouses $370 million in sweaters
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Textile Industry Impact
Approximately 1 million employees work in the US textile segment representing 6% of all US manufacturing industries.
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Supply and Demand
The law of supply and demand affects pricing in the fashion industry.
Supply Quantity of product offered for sale at all possible prices.
Demand The consumer’s willingness and ability to buy and/or use products.
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Supply and Demand
If supply is up and the demand is low then the price will decrease.
If the supply is low and the demand is high then the price will increase.