Download The Unit Organizer

COURSE OUTLINE
Unit 1: Fundamentals of Economics
Economics and Choice
 Chapter 1:The Economic Way of
Thinking
 Chapter 2: Economic Systems
 Chapter 3: The American Free
Enterprise
Unit 2: Microeconomics
Market Economies at Work
 Chapter 4: Demand
 Chapter 5: Supply
 Chapter 6: Demand, Supply, and
Prices
 Chapter 7: Market Structures
Unit 3:
Types of Business Organizations
 Chapter 8: Types of Business
Organizations
Unit 4: Macroeconomics
Money and Banking
 Chapter 10: Money
Unit 5:
Measuring and Monitoring Economic
Performance
 Chapter 12: Economic Indicators
and Measurements
 Chapter 13: Facing Economic
Challenges
Unit 6:
The Role of Government in the
Economy
 Chapter 14: Government, State,
Local Revenue and Spending
 Chapter 15: Using Fiscal Policy
 Chapter 16: The Federal Reserve
and Monetary Policy
Unit 7:
The Global Economy
 Chapter 17: International Trade
Unit 8:
Personal Finance
 Chapter 11: Financial Markets
CP Economics Organizer
Chapter 17: International Trade
The Big Picture:
Nations are better off if they specialize in what their resources support and trade for what they need. Trading is beneficial not only when a nation has an
absolute advantage in producing something (the ability to produce it more efficiently than another country), but even when it has a comparative advantage (the
ability to produce it at a lower opportunity cost than that of another country). When nations trade according to the law of comparative advantage, they are better
off economically than they would be without trade. The imports they buy and the exports they sell have an impact on the national economy. Imports tend to
lower the price of goods by making more available. Exports tend to raise domestic prices but also pump money into business for expanding, which in turn
creates new jobs. Nonetheless, almost all nations have some kind of trade barriers, measures that limit free trade between nations. These include quotas, tariffs,
voluntary export restraints, embargoes, and such informal trade barriers as licenses and government regulations. These barriers are usually aimed at protecting
domestic industries, especially “infant” industries, from competition. They result in higher prices for consumers and also prevent domestic industries from
developing the competitive edge that would increase their efficiency. They also tend to make countries less interdependent, which some regard as important to
national security. The Mechanics of Foreign Trade Foreign exchange markets have developed to enable international trade. In these markets, currencies of
different countries are bought and sold. The foreign exchange rate is the price of a currency in the currencies of other nations. Nations with a favorable balance
of trade have a trade surplus; that is, they export more than they import. A trade deficit is the result of a nation that imports more than it exports. Many nations
are entering into trade associations and agreements, including the European Union, NAFTA, Mercosur in South America, APEC for nations on the Pacific Rim,
and COMESA for nations in Eastern and Southern Africa. The World Trade Organization, with about 150 member nations, helps negotiate trade agreements
and lower barriers. Multinational corporations are also expanding global economic ties.
Unit Pacing:
Homework
_____-- Unit Benchmark #3 TEST
____ – Read p. 510-515
_____– International Trading Goods and
Services
____—Read p. 515-518
_____ – International Trading Goods and
Services Cont’d
_____—Trade Barriers
_____— Exchange Rates
_____—RETEACHING ACTIVITIES
Sections 1-3 and NCEE Students
Activities.
_____—Chapter 17 Vocabulary Quiz and
TEST
Key Terms and Phrases:
(Reading Assignments)
____—Read p. 520-524
____—Read p. 526-530
____— Read p. 510530
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
Economic Interdependence
Specialization
Resources
Absolute Advantage
Comparative Adv.
Exports/Imports
Trade Barrier
Quota
Dumping
Tariff
Revenue Tariff
Protective Tariff
13.
14.
15.
16.
17.
18.
19.
20.
21.
22.
23.
Embargo
VER
Trade War
Protectionism
Outsourcing
Infant Industries
NAFTA
Trade Surplus/Deficit
Currency
Depreciate
Appreciate
Essentials Question:
GPS
1. Examine the difference between absolute and comparative advantage.
2. Describe protectionism and the arguments for it.
3. Describe how nations determine the value of their currency in a world market.
1. SSEIN1
2. SSEIN3
Course Website: http://vhs.gocats.org/apps/pages/index.jsp?uREC_ID=549730&type=u&pREC_ID=826211
Show What You Know!
Milestone Practice Questions
_____________________________________________________________________________________________________________
_____________________________________________________________________________________________________________
_____________________________________________________________________________________________________________
_____________________________________________________________________________________________________________
_____________________________________________________________________________________________________________
_____________________________________________________________________________________________________________
_____________________________________________________________________________________________________________
_____________________________________________________________________________________________________________
_____________________________________________________________________________________________________________
_____________________________________________________________________________________________________________
_____________________________________________________________________________________________________________
_____________________________________________________________________________________________________________
_____________________________________________________________________________________________________________
_____________________________________________________________________________________________________________
_____________________________________________________________________________________________________________
_____________________________________________________________________________________________________________
_____________________________________________________________________________________________________________
_____________________________________________________________________________________________________________
_____________________________________________________________________________________________________________
_____________________________________________________________________________________________________________
_____________________________________________________________________________________________________________
_____________________________________________________________________________________________________________
_____________________________________________________________________________________________________________
_____________________________________________________________________________________________________________
_____________________________________________________________________________________________________________
_____________________________________________________________________________________________________________
___________________________________________________