Outcomes

In this lesson you will learn to...

  • 12.3.3 Identify and examine various international trading agreements, trading blocs, and emerging trading partners (NAFTA, EU, ASEAN, etc.).

Specific Curriculum Outcomes

  • Students will be expected to demonstrate an understanding of why individuals, businesses, and governments trade goods and services, including the following delineations:
    • Drawing on examples describe how economies are interdependent.
    • Describe the reasons for trade among and within nations.
    • Explain the benefits of trade among individuals, regions, and countries.
    • Define absolute advantage, comparative advantage and specialization. Through the use of a case study or a situation, assess which nation has the absolute and/or comparative advantage in producing a product.
    • Using examples, explain how most trade occurs because of a comparative advantage in the production of a particular good or service.
    • Explain ways of developing and expanding domestic and international trade.
    • Analyze and predict trade patterns in relation to partners, proximity, and history.
  • Students will be expected to demonstrate an understanding of and the rationale for barriers to trade, including the following delineations:
    • Define barriers to trade (quotas, tariffs, etc.).
    • Identify and explain the rationale for and the effects of barriers and restrictions on domestic and international trade.
  • Students will be expected to demonstrate an understanding of emerging world trading patterns, including the following delineations:
    • Define free trade.
    • Evaluate the arguments for and against free trade.
    • Identify and examine various international trading agreements, trading blocks, and emerging trading patterns (NAFTA, EU, ASEAN, etc.).
  • Students will be expected to demonstrate an understanding of the intricacies of exchange rates and financing international trade, including the following delineations:.
    • Define an exchange rate.
    • Analyze what determines an exchange rate.
    • Predict how changes in exchange rates impact the purchasing power of people in Canada and other countries.
    • Explain the difference between balance of trade and balance of payments.
    • Distinguish between imports and exports.
    • Distinguish between visible and invisible imports.

Prerequisites

There is no prerequisite content for this lesson.