Economics - TRADE - INTERNATIONAL TRADE - EXPORTS & IMPORTS - Globalization

Economics

International Trade

Exports and Imports

Free Trade and Trade Barriers

This learning package focuses on the basics of international trade. It is easy to implement as a lesson or as self-guided work. The material is sequenced, scaffold, and simplified in order to enhance overall learning comprehension.

Objectives: Students will be able to:

· Define key terms related to international trade:

free trade, trade barriers, absolute advantage, displacement of workers, trade deficit, international trade, globalization, exports, imports, and trade surplus

· Explain why international trade has significantly increased overtime.

· Identify the causes of globalization.

· Describe the benefits of international trade.

· Describe the possible negative impacts of international trade.

· Evaluate trade deficits and trade surpluses.

· Explain how absolute and comparative advantages influence what countries export.

· Compare and contrast free trade, protectionism, and trade barriers.

· Explain the role of trade agreements and the World Trade Organization (WRTO).

· Analyze U.S. trade deficits.

Other helpful learning materials:

The Federal Budget, National Debt

FEDERAL RESERVE, MONETARY POLICY, Money Supply

BUYING A CAR, Personal Finance

Supply and Demand, Equilibrium, Surplus, Shortage, Fixed Prices

Scarcity, Opportunity, Factors of Production, Needs and Wants

Thank You

Feedback is Greatly Appreciated

Michael K. Powell