Unit 6: International Economics
The following resources are provided to you to supplement the information and activities that we will use in class.
Learning Goals:
Why do countries trade with each other?
What is the Difference between absolute and comparative advantage and how do we determine what, if anything should be traded?
What are the most common types of trade barriers and why do countries sometimes choose to use them?
What is the purpose of trading blocs such as USMCA, EU, TPP, ASEAN?
What impacts can changes in exchange rates have on the purchasing power of groups in the United States and in other countries?
Why do countries trade with each other?
What is the Difference between absolute and comparative advantage and how do we determine what, if anything should be traded?
What are the most common types of trade barriers and why do countries sometimes choose to use them?
What is the purpose of trading blocs such as USMCA, EU, TPP, ASEAN?
What impacts can changes in exchange rates have on the purchasing power of groups in the United States and in other countries?
Absolute & Comparative Advantage |
trade barriers and free trade |
Foreign Exchange PPT |
Comparative Advantage Handout |
International Trade Booklet |
Globalization Booklet |
International Trade Study Guide |
Econ Teacher Notes |
International Trade Videos
Curriculum Standards
SSEIN1 Explain why individuals, businesses, and governments trade goods and services.
a. Define and distinguish between absolute advantage and comparative advantage.
b. Explain that most trade takes place because of comparative advantage in the production of a good or service.
c. Define balance of trade, trade surplus, and trade deficit.
SSEIN2 Explain why countries sometimes erect trade barriers and sometimes advocate free trade.
a. Define trade barriers such as tariffs, quotas, embargoes, standards, and subsidies.
b. Identify costs and benefits of trade barriers to consumers and producers over time.
c. Describe the purpose of trading blocs such as the EU, NAFTA, and ASEAN.
d. Evaluate arguments for and against free trade.
SSEIN3 Explain how changes in exchange rates can have an impact on the purchasing power of groups in the United States and in other countries.
a. Define exchange rate as the price of one nation’s currency in terms of another nation’s currency.
b. Interpret changes in exchange rates in regard to appreciation and depreciation of currency.
c. Explain why some groups benefit and others lose when exchange rates change.
SSEIN1 Explain why individuals, businesses, and governments trade goods and services.
a. Define and distinguish between absolute advantage and comparative advantage.
b. Explain that most trade takes place because of comparative advantage in the production of a good or service.
c. Define balance of trade, trade surplus, and trade deficit.
SSEIN2 Explain why countries sometimes erect trade barriers and sometimes advocate free trade.
a. Define trade barriers such as tariffs, quotas, embargoes, standards, and subsidies.
b. Identify costs and benefits of trade barriers to consumers and producers over time.
c. Describe the purpose of trading blocs such as the EU, NAFTA, and ASEAN.
d. Evaluate arguments for and against free trade.
SSEIN3 Explain how changes in exchange rates can have an impact on the purchasing power of groups in the United States and in other countries.
a. Define exchange rate as the price of one nation’s currency in terms of another nation’s currency.
b. Interpret changes in exchange rates in regard to appreciation and depreciation of currency.
c. Explain why some groups benefit and others lose when exchange rates change.