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Word Count: 1,230
More than ever manufacturing is backbone of every country In particular textile industry plays a major role behind countries economical activities As the world is becoming a global village it is becoming highly difficult for the western countries where the standard of living is high to meet the manufacturing cost of the eastern country such as South Asia or far eastern countries therefore western countries such as EU members have started to buy the finished products from far eastern countries instead of buying the raw materials On 1st of January 2005 the quotas from the intentional trading were lifted which gave far eastern countries to trade freely and have stronger relationships with EU retailers Further on on 10 of June EU and China agreed to a deal that will manage the growth of cheap Chinese textile imports to EU till 2008 however these restrictions have left millions of products stranded on the ports of European countries wwwasianewsit In this essay I will be focusing on how the effect of cheap imports from china will affect various markets in EU In order to do so I will be looking at the main concepts of micro-economics and how they are effected with in the market also I will be looking at the macro-economic factor such as unemployment that will be affected by so called the Bra War Demand is known as the desire to purchase the good or service supported by the fact of having ability and willingness to pay for the product and this is derived by two factors that are income and changes in prices In this essay I will be outlining the price factor The graph shown in the figure 1 shown below identifies the demand curve by showing that if customers start consuming up to a point where the price and satisfaction are equivalent then any reduction in price will result in increase in the quantity for example if the retailers in
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