Name _____________________________________ Block ____
Economics: Unit 5 Portfolio
International Concepts
Explain why individuals, businesses, and governments trade goods and services.
a. Define and distinguish between absolute advantage and comparative advantage. (8pts)
b. Explain that most trade takes place because of comparative advantage in the production of a good or service. (8pts)
c. Explain the difference between balance of trade and balance of payments. (8pts)
Explain why countries sometimes erect trade barriers and sometimes advocate free trade.
a. Define trade barriers as tariffs, quotas, embargoes, standards, and subsidies. (8pts)
b. Identify costs and benefits of trade barriers over time. (8pts)
c. List specific examples of trade barriers. (8pts)
d. List specific examples of trading blocks such as the EU, NAFTA, and ASEAN. (8pts)
e. Evaluate arguments for and against free trade. (8pts)
Explain how changes in exchange rates can have an impact on the purchasing power of individuals 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. (8pts)
b. Locate information on exchange rates. (8pts)
c. Interpret exchange rate tables. (8pts)
d. Explain why, when exchange rates change, some groups benefit and others lose. (8pts)
International Concepts Review Points __________ out of 100
Name _______________________________________ Block ____
The directions and grading rubric on this page outlines ALL of your assignments for the first unit of study in American
Government. You will turn in all of these assignments on THE DAY THAT YOU TAKE THE UNIT TEST. Listen in class for
portfolio announcements and periodic “checks” to ensure that are completing your work in a timely manner. Also, listen
out for quizzes!
This portfolio will be divided into 5 sections. The entire section must be complete in order to receive ALL of the points
for that section. Directions for each specific assignment will be explained on the individual assignment. Note: Some
sections include more than 1 assignment. The sections are:
Section 1: Essential Vocabulary
Section 2: Simulation Activities
Section 3: Class work/Homework
Section 4: Formulate conclusions
Section 5: Formal Assessment
Section 6: Unit 7-8 Study Guide
Grading Rubric:
Section
1. Essential Vocabulary
Chapters 17 / Unit Vocabulary
Point
value
10
2. Simulation Activities
Why Do Nations Trade?
10
Simulation Activities
Budget Activity
10
Simulation Activities
What effect does trade have on GDP?
10
To Trade or Not to Trade Brochure
10
Class work and Homework
Exchange Rates Worksheet
10
4. Formulate
conclusions/Assessments
Formulate
conclusions/Assessments
5. Formal Assessment
Exchange Rate Webquest
10
International Trade Essential Questions/Concepts
10
Using Trade Barriers
10
Unit 7-8 Study Guide
10
3. Class work and Homework
6. Study Guide
Assignment
Portfolio Total points = __________ out of 100
Points
earned