All great. That is a good video actually, thanks.
I just point out to you, that last year America imported from China 440 billion dollars worth of goods.
America only sold China 122 billion dollars worth.
Your video only shows a factory of Americans, making footballs which are used in America.
I don’t have any issue with that.
I have an issue with the massive imbalance in global trade we are currently experiencing with China.
We bought 318 billion dollars more from China, then we sold last year.
That is a huge problem for America.
We’ll get to that and I’ll prove to you that the “balance of trade” is an invention of socialists, central planners and mercantilists, but we’ll cover that in the future.
Right now the important thing is that you understand the division of labor. Did you notice that each worker had a specialty? They did one job over and over again. The labor was divided to all their benefits.
What the division of labor does is allow specialization, skill development, and saves time which is the same as saving money. That makes total sense correct?
It wouldn’t make sense to instead have each worker produce one football starting with one and then doing each job until they had six in a box, would it?
This factory example with one worker per process/skill makes complete sense to you, correct?