International Trade And The Global Economy
Overzicht
Look at the label in whatever you are wearing. Then think about where the cotton was grown, where the thread was spun, where the dye came from, which port the container left from and which shipping line carried it. A single shirt may have crossed four borders before it reached you, and at every crossing somebody had to change one currency into another at a rate nobody set on purpose.
This lesson explains why countries trade at all, what free trade means and what the serious arguments against it are, and how a free-trade agreement changes the calculation for its members. You will learn how an exchange rate is determined by exactly the same supply and demand analysis you used for oranges, and work out what happens to consumers and producers when a currency rises or falls. Then you will look at globalisation itself: what has driven it, who has gained, who has paid, and the moral and environmental questions the specification asks you to weigh.
Doelstellingen
- Benefits of trade to countries
- Exports and imports
- Free-trade
- Free-trade agreements
- Exchange rates
- How exchange rates are determined
- The effects of changes in the exchange rate on consumers and producers
- Main features of globalisation
- Benefits and drawbacks of globalisation to producers, workers and consumers in developed countries
- Benefits and drawbacks of globalisation to producers, workers and consumers in less developed countries
- Moral, ethical and sustainability considerations
Mindmap
Dit onderwerp is in kaart gebracht zodat je ziet hoe de ideeen samenhangen.
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Lesnotitie
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Lesevaluatie
Gefeliciteerd met het voltooien van de les op International Trade And The Global Economy. Nu je de sleutelconcepten en ideeën, het is tijd om uw kennis op de proef te stellen. Deze sectie biedt een verscheidenheid aan oefeningen vragen die bedoeld zijn om uw begrip te vergroten en u te helpen uw begrip van de stof te peilen.
Je zult een mix van vraagtypen tegenkomen, waaronder meerkeuzevragen, korte antwoordvragen en essayvragen. Elke vraag is zorgvuldig samengesteld om verschillende aspecten van je kennis en kritisch denkvermogen te beoordelen.
Gebruik dit evaluatiegedeelte als een kans om je begrip van het onderwerp te versterken en om gebieden te identificeren waar je mogelijk extra studie nodig hebt. Laat je niet ontmoedigen door eventuele uitdagingen die je tegenkomt; beschouw ze in plaats daarvan als kansen voor groei en verbetering.
- What is a tariff? A. A limit on the quantity of a good that may be imported B. A subsidy paid to exporters C. A tax on imported goods D. An agreement to remove trade barriers Answer: C
- A country's currency appreciates. What is the most likely effect? A. Exports become cheaper abroad and imports become dearer at home B. Exports become dearer abroad and imports become cheaper at home C. Both exports and imports become cheaper D. Neither exports nor imports change in price Answer: B
- A machine costs $500. The exchange rate is 1 dollar to 90 rupees. What is the price in rupees? A. 5.6 rupees B. 590 rupees C. 4,500 rupees D. 45,000 rupees Answer: D
- Which of the following has contributed most directly to the growth of globalisation? A. Higher tariffs on imported goods B. Restrictions on the movement of workers C. The standardisation of container shipping D. The withdrawal of countries from trade agreements Answer: C
- Which of the following is an argument AGAINST free trade? A. Consumers gain a wider choice of goods B. Domestic industries that cannot compete may shrink, causing unemployment C. Firms gain access to larger markets and economies of scale D. World output rises as countries specialise Answer: B
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