Our economy will not expand if it does not encourage expansion through import and exports, as well as opportunities to open up to foreign investors. The challenge is to maintain a balance between imports and exports. Any country closing itself out to the opportunities in trade will disable their economy by prohibiting its ability to expand. This is especially true here in the U.S. One prime example of a traded commodity that bears great impact on our economy is oil. It is a vitally important part of any economy and is necessary for providing for a high standard of living.

Oil serves an important purpose in the U.S. We must have oil in order to keep the millions of cars within the U.S. running. Oil is used for ev

The United States economy is very dependent on trade. Our economy can be self-sufficient, but the standard of living we maintain now would drop dramatically. We use the word "can" with great hesitation. Yes it is possible, because it could be done. The reality exists that as a nation we have become very dependent upon the ease and convenience of modern technology, fast good, multiple televisions and a personal automobile. Great sacrifices would be required, sacrifices that we as a nation might break under. Therefore, continued trade is a must. So many things are demanded in our country that we alone cannot provide. From clothing to cars, many products are imported everyday that our economy consumes. True, there are items that we can do without such as certain clothing brands and different types of cars but our standard of living would be lowered if many of these products were taken off the market.

It is not possible for an economy that is self sufficient and solely dependent on itself to sustain a high standard of living. Our economy thrives in the U.S. because we enable expansion through the opening to trade as well as new ideas through our free market economy. We would never have reached this high standard of living without the benefits of trade.

Our standard of living in the United States is based on our ability to purchase any good or service we want, need or desire. There are hundreds of different markets that are not dominant in the U.S. but are prevailing in other countries. A few examples are the car, shoe, clothing, jewelry, and most importantly oil industries. Without trade, we would have very little, if any of the foreign goods and services provided to this country. Can the United States economy maintain its high standard of living if it were self-sufficient? The answer is simply "no," because trade is too important.

The Arctic National Wildlife Refuge in Alaska has been considered by politicians to drill for oil. However, senator John F. Kerry greatly opposes the plans of President Bush because he believes there is a better

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Approximate Word count = 1397
Approximate Pages = 6 (250 words per page double spaced)