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Economics
Mr. McKalip
UNIT VI INTERNATIONAL TRADE STUDY GUIDE
Dates
11/6/15 - 11/20/15
Textbook
Chapter 15 required
Chapter 4.2 & 4.3 recommended
Chapter 16 suggested
Terms
specialization (chapter 4), absolute advantage (4), comparative advantage (4), global
economy, differentiated products, imports, exports, free trade, protectionism, protective tariff,
import quota, trade embargo, voluntary export restraint (VER), foreign exchange, exchange rate,
“strong” dollar, “weak” dollar, floating exchange rate, fixed exchange rate, balance of trade,
trade surplus, trade deficit, North American Free Trade Agreement (N.A.F.T.A.), World Trade
Organization (WTO), globalization (16)
Concepts (Be able to)
1. Explain why specialization benefits a nation
2. Use the concepts of absolute and comparative advantage to explain why nations should
trade
3. List the top 3 nations the U.S. trades with
4. LIst the major exports and imports of the U.S.
5. Describe how does trade benefit consumers
6. Describe how trade affects workers, both negative and positive
7. Describe the types of trade barriers
8. Identify arguments in favor and against trade barriers
9. Describe how foreign goods are paid for
10. Explain how one nation’s currency is valued against other nations’ currencies
11. Distinguish between balance of trade, trade deficits, and trade surpluses
12. Identify the economic, cultural, and environmental issues involved with globalization
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