WORLD TRADE AFTER WORLD WAR II: THE EU, NAFTA AND THE WTO LESSON 39
VISUAL 39.1
RANKINGS
OF
SATISFACTION
AFTER
TRADE: A SUMMARY
Total Points
Round 1
Round 2
Round 3
FOCUS: UNDERSTANDING ECONOMICS
IN
UNITED STATES HISTORY ©NATIONAL COUNCIL
ON
ECONOMIC EDUCATION, NEW YORK, NY
463
LESSON 39 WORLD TRADE AFTER WORLD WAR II: THE EU, NAFTA AND THE WTO
VISUAL 39.2
SPECIALIZATION
AND
INTERNATIONAL TRADE
Since World War II, specialization has increased.
• Specialization is a situation in which people produce a narrower
range of goods and services than they consume.
• Specialization increases productivity and overall production, thus
improving people’s standard of living.
• Specialization requires trade and interdependence.
Since World War II, international trade has increased due to:
• Reduced transportation costs.
• Improved communications technology.
• A general decline in tariffs resulting from free-trade agreements.
464
FOCUS: UNDERSTANDING ECONOMICS
IN
UNITED STATES HISTORY ©NATIONAL COUNCIL
ON
ECONOMIC EDUCATION, NEW YORK, NY